Power Integrations announced financial results for the quarter ended June 30, 2018. Net revenues for the second quarter were $109.5 million, an increase of six percent from the prior quarter and an increase of two percent from the second quarter of 2017. Net income for the quarter was $15.4 million or $0.51 per diluted share, compared to net income of $0.46 per diluted share in the prior quarter and $0.46 per diluted share in the second quarter of 2017. Cash flow from operations was $26.7 million for the quarter.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the second quarter of 2018 was $22.2 million or $0.74 per diluted share, compared with $0.67 per diluted share in the prior quarter and $0.69 per diluted share in the second quarter of 2017.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Revenues and earnings increased significantly compared to the prior quarter, and we generated strong cash flow while returning nearly $35 million to stockholders. While some customers have begun to express caution in light of global trade issues, we expect third-quarter sequential revenue growth consistent with recent seasonality. Meanwhile, InnoSwitch™-3 products are winning designs across a broad range of applications, and the next phase of growth in rapid-charging applications is taking shape as USB PD technology approaches mass adoption."
"We also achieved an important operational milestone in the second quarter with the announcement of AEC-Q100 automotive certification for our SCALE-iDriver® gate-driver products. Electric-vehicle makers want safe, reliable power-conversion products for drivetrain, charging and other high-voltage applications in the car, and we are encouraged by the response of automotive customers."
- Power Integrations repurchased approximately 434,000 shares of its common stock during the second quarter, utilizing $30.1 million. The company had $11.0 million remaining on its repurchase authorization at quarter-end.
- The company paid a dividend of $0.16 per share on June 29, 2018. A dividend of $0.16 per share is scheduled to be paid on September 28, 2018, to stockholders of record as of August 31, 2018.
- Power Integrations was issued nine U.S. patents during the second quarter of 2018.
The company issued the following forecast for the third quarter of 2018:
- Revenues are expected to be $114 million plus or minus $3 million.