Power Integrations Q1 revenue $106.3M, down 42% YoY; sees Q2 rebound to $122M

POWER INTEGRATIONS INC

2023-Q1 EPS reported $0.12 revenue$106,297,000

GAAP EPS $0.12 ($0.77 YoY); non-GAAP EPS $0.25 ($0.93 YoY); revenue fell 15% QoQ and 42% YoY.
Q2 guidance: revenue $122M ±$5M; GAAP gross margin ~51.5%; non-GAAP gross margin ~52%.
Dividend maintained at $0.19/share; payable June 30 to holders of record May 31, 2023.
CEO cites 'revenues have bottomed' and cyclical recovery; orders improving; distributor inventories reduced.
Introduced first 900V GaN ICs for EV and industrial; gaining share in motor-drive and automotive.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

POWER INTEGRATIONS INC reported the quarter ended March 31, 2023 results: revenue $106.3 million, net income $6.9 million or $0.12 per diluted share, EPS $0.12 per diluted share. Guidance reaffirmed.

Period: the quarter ended March 31, 2023
Revenue: $106.3 million
Net income: $6.9 million or $0.12 per diluted share
EPS: $0.12 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Power Integrations Reports First-Quarter Financial Results Revenues were $106.3 million; GAAP earnings were $0.12 per diluted share; non-GAAP earnings were $0.25 per diluted share

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Source: SEC EDGAR

accession 0001157523-23-000742

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