Power Integrations Inc. (POWI) Thursday reported first-quarter profit of $10.90 million or $0.37 per share, up from $7.46 million from $0.25 per share in the comparable quarter last year.
Adjusted earnings for the quarter was $14.01 million or $0.47 per share. On average, eight analysts polled by Thomson Reuters expected the company to earn $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues increased to $77.04 million from $71.77 million last year. Analysts expected revenues of $79.57 million.
Gross margin improved to 51.7 percent from 48.2 percent last year. Adjusted margin was 52.9 percent.
Looking ahead to the second quarter, the company has forecast revenues in the range of $79 million to $85 million. Analysts currently expect revenues of $83.19 million for the second quarter.
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