Power Integrations today announced financial results for the quarter ended March 31, 2018. Net revenues for the quarter were $103.1 million, a decrease of five percent from the prior quarter and a decrease of two percent from the first quarter of 2017. Net income for the quarter was $14.2 million or $0.46 per diluted share, compared to a net loss of $0.57 per share in the prior quarter and net income of $0.47 per diluted share in the first quarter of 2017. Cash flow from operations was $15.7 million for the quarter.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “First-quarter revenues were consistent with our expectations, while gross margins exceeded our projections due mainly to a favorable end-market mix. Bookings strengthened compared with the prior quarter, and we expect healthy sequential revenue growth in the second quarter.”
Learn more about today's announcement here.