Power Integrations Reports Fourth-Quarter and Full-Year Financial Results
Power Integrations (Nasdaq: POWI) reported a strong fourth quarter for 2020 with net revenues of $150.7 million, a 32% increase year-over-year. Net income for the quarter was $27.3 million, or $0.45 per diluted share. Full-year revenues rose 16% to $488.3 million, with net income of $71.2 million. The company anticipates flat revenue for Q1 2021, with expected GAAP gross margin around 48% and non-GAAP gross margin at approximately 49%. A quarterly dividend has been increased to $0.13 per share.
- Fourth quarter 2020 net revenues of $150.7 million, up 32% year-over-year.
- Full-year 2020 net revenues of $488.3 million, up 16% compared to 2019.
- Net income for Q4 2020 was $27.3 million, compared to $2.64 per share in Q4 2019.
- Dividend increased to $0.13 per share.
- Net income per share decreased significantly from $3.24 in 2019 to $1.17 in 2020.
- Non-GAAP net income per share declined from $3.69 in 2019 to $1.70 in 2020.
Insights
Analyzing...
Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2020. Per-share measures for all periods have been adjusted for the 2:1 stock split effected as a stock dividend in August 2020.
Net revenues for the fourth quarter of 2020 were
In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the fourth quarter of 2020 was
Full-year net revenues were
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Fourth-quarter revenues came in well above our expectations driven by broad-based demand. All four major end-market categories grew at double-digit rates compared to the prior quarter, and distribution sell-through once again exceeded sell-in. We achieved revenue growth of 16 percent in 2020—far above the rate of the analog semiconductor industry—and we are well positioned for continued growth in 2021.”
Power Integrations paid a cash dividend of
Financial Outlook
The company issued the following forecast for the first quarter of 2021:
- Revenues are expected to be flat compared to the fourth quarter of 2020, plus or minus five percent.
- GAAP gross margin is expected to be approximately 48 percent, and non-GAAP gross margin is expected to be approximately 49 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.6 percentage points from amortization of acquisition-related intangible assets and 0.4 percentage points from stock-based compensation.)
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GAAP operating expenses are expected to be approximately
$44.5 million ; non-GAAP operating expenses are expected to be approximately$37.5 million . (Non-GAAP expenses are expected to exclude approximately$6.8 million of stock-based compensation and$0.2 million of amortization of acquisition-related intangible assets.)
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: { "@context": "https://schema.org", "@type": "FAQPage", "name": "Power Integrations Reports Fourth-Quarter and Full-Year Financial Results FAQs", "mainEntity": [ { "@type": "Question", "name": "What were Power Integrations' Q4 2020 earnings results?", "acceptedAnswer": { "@type": "Answer", "text": "Power Integrations reported Q4 2020 net revenues of $150.7 million and net income of $27.3 million, or $0.45 per diluted share." } }, { "@type": "Question", "name": "How did Power Integrations perform in 2020?", "acceptedAnswer": { "@type": "Answer", "text": "In 2020, Power Integrations achieved net revenues of $488.3 million, a 16% increase from 2019, with net income of $71.2 million." } }, { "@type": "Question", "name": "What is the dividend for Power Integrations?", "acceptedAnswer": { "@type": "Answer", "text": "Power Integrations increased its quarterly dividend to $0.13 per share, payable on March 31, 2021." } }, { "@type": "Question", "name": "What is Power Integrations' outlook for Q1 2021?", "acceptedAnswer": { "@type": "Answer", "text": "The company expects Q1 2021 revenues to be flat compared to Q4 2020, with GAAP gross margin around 48%." } } ] }
