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Power Integrations Reports Fourth-Quarter Financial Results
GAAP earnings were $0.77 per diluted share including tax benefit; non-GAAP earnings were $0.54 per diluted share; revenues were $93.3 million
Repurchased 488K shares in the quarter; quarterly dividend rises to $0.17 per share
SAN JOSE, Calif.--(BUSINESS WIRE)--February 7, 2019--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2018. Net revenues for the fourth quarter were $93.3 million, down 15 percent from the prior quarter and down 14 percent from the fourth quarter of 2017. Net income was $22.7 million or $0.77 per diluted share, including a tax benefit reflecting the revision of prior estimates of the transition tax from the 2017 U.S. tax legislation. This compares to net income of $0.59 per diluted share in the prior quarter and a net loss of $0.57 per share in the fourth quarter of 2017, in which the company incurred a charge associated with the tax legislation. Cash flow from operations was $18.3 million for the fourth quarter.
For the full year, net revenues were $416.0 million, a decrease of four percent compared to 2017. GAAP net income for the full year was $70.0 million or $2.32 per diluted share, compared to $0.90 per diluted share in 2017. Cash flow from operations for the full year was $84.0 million.
In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets, the tax effects of these items, and the above-mentioned tax benefit and charge associated with the 2017 tax legislation. Non-GAAP net income for the fourth quarter of 2018 was $15.9 million or $0.54 per diluted share, compared with $0.77 per diluted share in the prior quarter and $0.74 per diluted share in the fourth quarter of 2017. Non-GAAP net income for the full year was $81.7 million or $2.71 per diluted share, compared to $2.84 per diluted share in 2017.
The following information was filed by Power Integrations Inc (POWI) on Thursday, February 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.