Power Integrations Inc. (POWI) has reported a decline in profits for the first quarter of the year compared to the same period last year, despite beating Street estimates.
The company's profits were declared at $3.95 million, equivalent to $0.07 per share, which is less than last year's first-quarter earnings of $6.88 million or $0.12 per share.
However, when certain items were excluded, Power Integrations Inc. registered an adjusted profit of $10.49 million or $0.18 per share.
Analysts had anticipated a profit of $0.12 per share on average according to data collected by Thomson Reuters. Generally, analyst's predictions ignore special items.
The company's quarterly revenue decreased by 13.7% from $106.30 million last year to $91.69 million this year.
To compile the first-quarter financial performance of Power Integrations Inc. in terms of GAAP:
- The earnings were $3.95 million, compared to $6.88 million last year.
- The earnings per share (EPS) were $0.07, down from $0.12 last year.
- The revenue was $91.69 million, a decrease from $106.30 million last year.
The company's guidance for next quarter's revenue is estimated at $100 million to $110 million.