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Mar 31, 2024
Power Integrations Q1 2024 Earnings Report
Power Integrations' first quarter results for 2024 were announced, featuring revenues of $91.7 million, GAAP EPS of $0.07, and non-GAAP EPS of $0.18.
Key Takeaways
Power Integrations reported a net revenue of $91.7 million for Q1 2024, which is up 2% from the previous quarter but down 14% compared to Q1 2023. The company's GAAP net income was $4.0 million, or $0.07 per diluted share, while non-GAAP net income was $10.5 million, or $0.18 per diluted share. Orders have improved due to normalization of supply-chain inventories, and the company anticipates sequentially higher revenues in Q2.
Net revenues for Q1 2024 were $91.7 million, a 2% increase from the prior quarter but a 14% decrease from Q1 2023.
GAAP net income was $4.0 million, or $0.07 per diluted share, compared to $0.12 per diluted share in Q1 2023.
Non-GAAP net income was $10.5 million, or $0.18 per diluted share, compared to $0.25 per diluted share in Q1 2023.
Cash flow from operations for Q1 2024 was $15.9 million.
Revenue by Segment
Forward Guidance
The company expects sequentially higher revenues in the second quarter, accompanied by a further increase in gross margin driven by the dollar/yen exchange rate and higher manufacturing utilization.
Positive Outlook
- Revenues are expected to be $105 million plus or minus $5 million.
- GAAP gross margin is expected to be between 52.5 percent and 53.0 percent
- Non-GAAP gross margin is expected to be between 53.5 percent and 54.0 percent.
- GAAP operating expenses are expected to be between $54.5 million and $55 million.
- Non-GAAP operating expenses are expected to be between $44.5 million and $45 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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