Thursday, Synaptics Inc. (SYNA), a human interface solutions developer, reported a decline in first quarter profit hurt primarily by higher operating expenses, despite an increase in revenues. Earnings, on adjusted basis, and revenue, however, came in ahead of the analysts' estimates. The company also provided revenue guidance for the second quarter, while reaffirming its full year 2010 revenue outlook.
The Santa Clara, California-based company reported first-quarter net income of $9.80 million or $0.27 per share, compared to net income of $12.71 million or $0.36 per share in the same quarter last year.
On a non-GAAP basis, net income was $17.25 million or $0.48 per share, compared to net income of $17.87 million or $0.50 per share in the previous year quarter. Non-GAAP net income excluded non-cash charges for interest expense, share-based compensation, an investment write down, and a one-time income tax charge.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter was $119.59 million, up 3% from $115.86 million in the comparable quarter last year. Analysts expected the company to report revenue of $116.39 million for the quarter.
Research and development expenses increased to $19.98 million from $15.81 million in the previous year quarter. Total operating expenses were $33.74 million, up from $30.38 million a year ago.
Operating income for the quarter was $14.58 million, down from $16.22 million in the prior year quarter.
Looking ahead to second quarter, the company expects to report revenue in the range of $128 million - $134 million. Analysts currently anticipate the company to report revenue of $137.11 million for the quarter.
For the full year 2010, the company reaffirmed its previous revenue guidance range of $495 million - $525 million. Analysts currently anticipate the company to report revenue of $507.54 million for the full year 2010.
SYNA closed Thursday's regular trading at $23.66, up $0.93 or 4.09%, on a volume of 2.68 million shares on the Nasdaq. In the after hours, the stock is up $2.54 or 10.74%, trading at $26.20.
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