{"id":728971,"date":"2023-02-06T16:04:45","date_gmt":"2023-02-06T21:04:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/power-integrations-reports-fourth-quarter-and-full-year-financial-results-3\/"},"modified":"2023-02-06T16:04:45","modified_gmt":"2023-02-06T21:04:45","slug":"power-integrations-reports-fourth-quarter-and-full-year-financial-results-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/power-integrations-reports-fourth-quarter-and-full-year-financial-results-3\/","title":{"rendered":"Power Integrations Reports Fourth-Quarter and Full-Year Financial Results"},"content":{"rendered":"

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Power Integrations Reports Fourth-Quarter and Full-Year Financial Results<\/b><\/p>\n

Quarterly revenues were $124.8 million; GAAP earnings were $0.40 per diluted share; non-GAAP earnings were $0.48 per diluted share<\/i><\/p>\n

$18.7 million used for share repurchases in the fourth quarter with $81.3 million remaining on authorization at quarter-end; quarterly dividend rising by six percent to $0.19 per share<\/i><\/p>\n

SAN JOSE, Calif.–(BUSINESS WIRE<\/a>)–
\nPower Integrations (NASDAQ: POWI<\/a>) today announced financial results for the quarter and year ended December 31, 2022. Net revenues for the fourth quarter were $124.8 million, down 22 percent compared to the prior quarter and down 28 percent from the fourth quarter of 2021. Net income for the fourth quarter was $22.8 million or $0.40 per diluted share compared to $0.80 per diluted share in the prior quarter and $0.66 per diluted share in the fourth quarter of 2021. Cash flow from operations for the fourth quarter was $24.1 million.\n<\/p>\n

\nFor the full year, net revenues were $651.1 million dollars, down seven percent from the prior year. Net income for 2022 was $170.9 million or $2.93 per diluted share, compared to $2.67 per diluted share in the prior year. Cash flow from operations for the full year was $215.3 million.\n<\/p>\n

\nIn addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, net other operating expenses of $1.1 million in the second quarter of 2022 stemming from a patent-litigation settlement and an offsetting recovery from the liquidation of SemiSouth Laboratories, and the tax effects of these items. Non-GAAP net income for the fourth quarter of 2022 was $27.9 million or $0.48 per diluted share compared to $0.84 per diluted share in the prior quarter and $0.83 per diluted share in the fourth quarter of 2021. Full-year non-GAAP net income was $191.9 million or $3.29 per diluted share compared to $3.26 per diluted share in the prior year. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.\n<\/p>\n

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\nCommented Balu Balakrishnan, president and CEO of Power Integrations: \u201cOur results and outlook reflect weaker demand across most end-markets, as well as excess inventory in the supply chain. However, distribution inventory decreased in the fourth quarter, with further improvement to come in the months ahead, and we expect revenues to bottom in the first quarter. While the demand environment remains uncertain, we are well positioned for a recovery with a strong pipeline of design activity and a broad range of growth drivers including our highly integrated GaN products, motor-drive, renewable energy, EVs and advanced charging for mobile devices.\u201d\n<\/p>\n

Additional Highlights<\/b><\/p>\n