Power Integrations Q1 revenue climbs 3% to $164.3M, EPS $0.63
Power Integrations reported Q1 revenue of $164.3 million, a 3% increase from $159.6 million a year earlier, and non-GAAP net income of $40.8 million, or $0.63 per diluted share. The company projected second-quarter revenue between $165 million and $175 million, citing continued strength in automotive and industrial end markets.
1. Q1 Financial Results
Power Integrations delivered Q1 revenue of $164.3 million, up 3% year-over-year, driven by higher shipments of power-management ICs. Non-GAAP net income reached $40.8 million, or $0.63 per diluted share, compared with $38.5 million, or $0.60 per share, in the prior-year quarter.
2. Market Segment Performance
Revenue from automotive power solutions rose 8% to $45.2 million as electric vehicle adoption expanded, while industrial applications increased 5% to $72.4 million on strength in factory automation. Consumer electronics sales dipped 2% to $46.7 million as inventory levels normalized after chip shortages.
3. Q2 Guidance and Outlook
Management expects Q2 revenue between $165 million and $175 million and non-GAAP gross margin near 50%. Planned capital expenditures of $10 million will support capacity expansion for high-voltage product lines.