Power Integrations Reports Second Quarter Financial Results

Power Integrations Reports Second Quarter Financial Results

Financial Outlook
The company paid a cash dividend of $0.13 per share on June 30, 2021. A dividend of $0.13 per share will be paid on September 30, 2021 to stockholders of record as of August 31, 2021.
The company issued the following forecast for the third quarter of 2021:

Additional Highlights

Commented Balu Balakrishnan, president and CEO of Power Integrations: “We achieved record sales in the second quarter, and our revenues for the first half of 2021 are up 63 percent from a year ago. This growth reflects significant market-share gains and the impact of secular trends such as energy efficiency, electrification, advanced charging for mobile devices, and smarter homes, buildings and appliances.”

Power Integrations repurchased approximately 335,000 shares of its common stock during the quarter for $26.4 million. The company had $64.9 million remaining on its repurchase authorization at quarter-end.
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 second quarter of 2021 was $50.8 million or $0.83 per diluted share compared with $0.76 per diluted share in the prior quarter and $0.33 per diluted share in the second quarter of 2020. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

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: http://www.directeventreg.com/registration/event/8646289. A live webcast of the call will also be available on the investor section of the company’s website, http://investors.power.com.
GAAP operating expenses are expected to be between $47.5 million and $48 million; non-GAAP operating expenses are expected to be between $38.5 million and $39 million. Non-GAAP expenses are expected to exclude approximately $8.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.

GAAP gross margin is expected to be approximately 51 percent, and non-GAAP gross margin is expected to be approximately 51.5 percent. The difference between the expected GAAP and non-GAAP gross margins is approximately equally attributable to amortization of acquisition-related intangible assets and stock-based compensation. Revenues are expected to decrease by three percent compared to the second quarter of 2021, plus or minus five percent.

The News Highlights

  • Power Integrations Reports Second Quarter Financial Results
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
COVID cases rise in Mills County |  News
COVID cases rise in Mills County | News
In terms of vaccination, Lynes says the vaccine is doing its job in preventing severe illness and potential death. As of Thursday, Mills County’s 14-day ...
Jobs -Car wash And Beer
Jobs -Car wash And Beer
The Labor Market Information Center has published 2020 rankings for the largest employers in North Dakota. The top ten largest employers include: Sanford ...
Financial Raffle for Acquisition of Alto Vencap |  Taiwan News
Financial Raffle for Acquisition of Alto Vencap | Taiwan News
Raffles Financial Pte Ltd is the operating subsidiary of Raffles Financial Group Limited. Raffles Financial Group is listed on the ...
The student who stole the laptop was expelled from KNUST
The student who stole the laptop was expelled from KNUST
The decision has been confirmed by the school after the student stole two laptops from the school’s main library on different occasions. Dwumah Ramsay ...
Why Alan Wake Has Endured
Why Alan Wake Has Endured
Alan Wake sitting at a large desk, his back to the camera, a mountain is seen in the window. Time to set the scene…. The Development of Alan Wake Chances ...
The Apple Watch 7 release date has been pushed back, as have all of the other speculations we’ve been hearing
The Apple Watch 7 release date has been pushed back, as have all of the other speculations we’ve been hearing
There are also new colors for the aluminum case: blue, green, midnight (black), starlight (a gold-silver blend), and product red. You can add still more ...
BBA pushes for regulatory clarity of cryptography in Massachusetts
BBA pushes for regulatory clarity of cryptography in Massachusetts
Related: Massachusetts regulator seeks to revoke Robinhood’s broker-dealer license The crypto regulatory toolkit comes as Massachusetts lawmakers are ...
France seeks European support after surprise in submarine deal
France seeks European support after surprise in submarine deal
French Foreign Minister Jean-Yves Le Drian, in New York to represent France at the U.N. General Assembly, is expected to give a news conference Monday to ...
The new NSO Zero-Click Attack bypasses all iPhone security to gain secret access to your data
The new NSO Zero-Click Attack bypasses all iPhone security to gain secret access to your data
This was discovered by Citizen Lab (highlighted by Techcrunch), a Toronto-based watchdog group, who analyzed the activist’s iPhone 12 Pro and found traces ...
POLITICAL ROUNDUP: Culver and Pemberton want politics outside of health |  News
POLITICAL ROUNDUP: Culver and Pemberton want politics outside of health | News
“My exact comment to him was, ‘If you’ve got a health board or a medical board, you would sure want some doctors, nurses and somebody in the field. For the ...
Show next
Compsmag - Latest News from tech, business and health
Logo