Silicon Motion Technology Corp. Q3 Profit Decreases, misses estimates

Silicon Motion Technology Corp. (SIMO) revealed earnings for third quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings totaled $42.89 million, or $1.29 per share. This compares with $55.42 million, or $1.58 per share, in last year's third quarter.

Excluding items, Silicon Motion Technology Corp. reported adjusted earnings of $51.16 million or $1.53 per share for the period.

Analysts on average had expected the company to earn $1.86 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 1.3% to $250.8 million from $254.2 million last year.

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

-Earnings (Q3): $42.89 Mln. vs. $55.42 Mln. last year.
-EPS (Q3): $1.29 vs. $1.58 last year.
-Analyst Estimates: $1.86
-Revenue (Q3): $250.8 Mln vs. $254.2 Mln last year.

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