Power Integrations reported its financial results for the second quarter that ended June 30, 2019. Net revenues for the quarter were $102.9 million, up 15% from the previous quarter and down 6% from the second quarter of 2018.The company posted a net income of $10.8 million or $0.37 per diluted share compared to $0.25 per share in the previous quarter and $0.51 in the second quarter of 2018. The company posted cash flow of $19.4 million for the second quarter.
In addition to providing its GAAP results, the company revealed certain non-GAAP measures that exclude stock-based compensation, including the amortization of acquisition-related intangible assets, and the tax effects of these items. Non-GAAP net income for the second quarter of 2019 reached $16.7 million or $0.56 per diluted share, compared with $0.41 per diluted share in the previous quarter and $0.74 per diluted share in the second quarter of 2018.
The company paid a dividend of $0.17 per share on June 28, 2019.
Also, a dividend of $0.17 per share will be paid on September 30, 2019, to stockholders of record as of August 30, 2019.
“We saw strong sequential revenue growth in the second quarter driven by new fast-charging designs for smartphones as well as growth in appliances and high-power gate drivers for renewable-energy and power-grid applications. While trade issues continue to be a source of uncertainty, we are encouraged by recent trends in bookings and distribution sell-through, and we expect a return to year-over-year growth in the third quarter,” commented Balu Balakrishnan, president and CEO of Power Integrations.
The company expects revenues to be $114 million ±$3 million. GAAP gross margin is forecast to be between 50.5% and 51%. Non-GAAP gross margin is expected to be between 51.5% to 52%.
Power Integrations projects GAAP operating expenses to be between $42.5 million and $43 million; non-GAAP operating expenses are forecasted to be between $36.5 million and $37 million. (Non-GAAP expenses are expected to exclude about $5.6 million of stock-based compensation and $0.4 million of amortization of acquisition-related intangible assets.)