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Power Integrations Announces Fourth Quarter Financial Results
ower Integrations (Nasdaq stock code: POWI) Recently, the financial results for the quarter and year ended December 31, 2018 were announced. Net income in the fourth quarter was US $93. 3 million, down 15% from the previous quarter and 14% from fourth quarter of 2017. Net income was US $22. 7 million or diluted earnings per share of 0. US $77, including tax incentives that reflect the revision of previous estimates of transitional taxes in US tax laws in 2017. In contrast, diluted earnings per share in the previous quarter were 0. $59, with a net loss of 0. Per share in fourth quarter of 2017. 57 US dollars, of which the company bears the expenses related to tax legislation. Operating cash flow in the fourth quarter was US $18. 3 million.
The annual net income is 4. US $11. 6 billion, down 4% from 2017. GAAP net income for the year was US $70 million or diluted earnings per share. $32, compared with 0. 2017 Diluted earnings per share. $90. It is 84 million US dollars for the whole year.
In addition to GAAP performance, the company also provides some non-GAAP indicators, excluding stock-based compensation, amortization of intangible assets related to acquisition, the tax impact of these projects and the above-mentioned tax incentives and fees related to 2017. Tax legislation. Non-GAAP net income in the fourth quarter of 2018 was US $15. 9 million or diluted earnings per share of 0. $54, compared with 0. 5% Diluted earnings per share in the previous quarter. $77, diluted earnings per share in fourth quarter of 2017. 74 dollars. Non-GAAP net income is US $81. 7 million or diluted earnings per share for the full year. $71, compared with diluted earnings per share of 2. In 2017. $84.
Balu Balakrishnan, president and chief executive officer of Power Integrations, commented: our fourth quarter results and first quarter outlook reflect the current slowdown in demand across the industry. Nevertheless, we are ready to take advantage of a series of long-term opportunities in the coming year, including providing faster charges for mobile devices, energy efficiency, smart homes and appliances, renewable energy, battery-powered tools and transportation. Our new BridgeSwitch™ IC has expanded our opportunities in electrical appliances and other motor drive applications, adding about US $0. 5 billion to our addressable market.
Power Integrations bought back about 488,000 common shares in the fourth quarter, using US $28. 8 million. At the end of the quarter, the company's repurchase authorization was still available for $51. 2 million.
The company paid 0. Per share on December 31, 2018. A dividend of $16. The company's board of directors has announced a quarterly share of 0. In 2019. The dividend of US $17, the first of which is planned to be paid to shareholders as of March 29 on February. 28.
The company released the following forecast for first quarter of 2019:
Revenue is expected to be $90 million plus or minus $3 million.
GAAP gross profit margin is expected to be about 51%. Non-us gaap gross profit margin is expected to be about 52%. ( It is expected that the difference between the gross profit margin of GAAP and non-GAAP will be amortized by intangible assets related to the acquisition by about 0. 7 percentage points and stock-based compensation 0. 3 percentage points. )
GAAP operating expenses are expected to be between US $41 million and US $41. 5 million; Non-GAAP operating expenses are expected to be between US $35 million and US $35. 5 million. ( Non-GAAP fees are expected to exclude about US $5. 5 million in stock compensation and US $500 thousand in amortization of intangible assets related to the acquisition. )