Power Integrations increases quarterly revenue
Power Integrations has announced financial results for the quarter ended September 30, 2023. Net revenues for the third quarter were $125.5 million, up two percent compared to the prior quarter and down 22 percent from the third quarter of 2022.
Net income for the third quarter was $19.8 million or $0.34 per diluted share compared to $0.26 per diluted share in the prior quarter and $0.80 per diluted share in the third quarter of 2022. Cash flow from operations for the third quarter was $26.7 million.
In addition to its GAAP results, the company provided non-GAAP measures that exclude stock-based compensation, amortisation of acquisition-related intangible assets and the related tax effects.
Non-GAAP net income for Q3 2023 was $26.6 million or $0.46 per diluted share compared to $0.36 per diluted share in the prior quarter and $0.84 per diluted share in Q3 2022.
Balu Balakrishnan, chairman and CEO of Power Integrations, said: “Our results and forecast reflect the broad-based demand weakness and elevated supply-chain inventories cited by many of our peers this quarter. Notwithstanding the uncertain short-term outlook, our products are winning in the market, design activity remains healthy, and we are making excellent progress on growth initiatives such as EVs, efficient drivers for brushless DC motors, and our proprietary GaN technology.
“We took the next step on our GaN roadmap last month with the introduction of InnoSwitch ICs incorporating a 1250V PowiGaN switch. This breakthrough not only extends the efficiency benefits of GaN to a wider range of applications but also demonstrates that GaN will be a more cost-effective alternative to SiC in the years ahead.”
Tor the fourth quarter of 2023 revenues are expected to be $90 million plus or minus $5 million; gross margins are expected to be similar to the third-quarter levels; GAAP operating expenses are expected to be approximately $50 million; and non-GAAP operating expenses are expected to be approximately $42.5 million. Non-GAAP expenses are expected to exclude about $7.5 million of stock-based compensation.