Silicon Motion Technology Corp. Q1 Profit Increases, beats estimates

Silicon Motion Technology Corp. (SIMO) released a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $54.50 million, or $1.60 per share. This compares with $34.40 million, or $0.98 per share, in last year's first quarter.

Excluding items, Silicon Motion Technology Corp. reported adjusted earnings of $58.95 million or $1.72 per share for the period.

Analysts on average had expected the company to earn $1.53 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 32.7% to $242.0 million from $182.4 million last year.

Silicon Motion Technology Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $54.50 Mln. vs. $34.40 Mln. last year.
-EPS (Q1): $1.60 vs. $0.98 last year.
-Analyst Estimate: $1.53
-Revenue (Q1): $242.0 Mln vs. $182.4 Mln last year.

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