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Dec 31, 2022
Power Integrations Q4 2022 Earnings Report
Power Integrations' fourth-quarter results declined due to weaker demand and excess inventory, but distribution inventory decreased.
Key Takeaways
Power Integrations reported Q4 2022 net revenues of $124.8 million, a 28% decrease from Q4 2021. GAAP earnings per diluted share were $0.40, while non-GAAP earnings per diluted share were $0.48. The company used $18.7 million for share repurchases during the quarter and increased its quarterly dividend by six percent to $0.19 per share.
Q4 revenues were $124.8 million, a 28% decrease year-over-year.
GAAP EPS was $0.40, down from $0.66 in Q4 2021.
Non-GAAP EPS was $0.48, compared to $0.83 in Q4 2021.
The company repurchased $18.7 million worth of shares and authorized a dividend increase to $0.19 per share.
Revenue by Segment
Forward Guidance
The company expects revenues to be $105 million plus or minus $5 million for the first quarter of 2023.
Positive Outlook
- Distribution inventory decreased in the fourth quarter.
- Further improvement is expected in the months ahead.
- Revenues are expected to bottom in the first quarter.
- The company has a strong pipeline of design activity.
- The company benefits from a broad range of growth drivers.
Challenges Ahead
- Weaker demand across most end-markets.
- Excess inventory in the supply chain.
- The demand environment remains uncertain.
- GAAP gross margin is expected to be approximately 53 percent.
- GAAP operating expenses are expected to be between $49 million and $49.5 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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