Integrated Device Technology Earnings: TOPS Expectations, Yet Revenue Ticks Lower
Integrated Device Technology Inc. (NASDAQ:IDTI) swung to a loss in the first quarter, missing analysts’ forecast. Integrated Device Technology designs, develops, manufactures and markets a broad range of low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries.
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Integrated Device Technology Inc. Earnings Cheat Sheet
Results: Reported a loss of $4.3 million (3 cents per diluted share) in the quarter. Integrated Device Technology Inc. had a net income of $5.2 million or 3 cents per share in the year-earlier quarter.
Revenue: Fell 12.8% to $130.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Integrated Device Technology Inc. fell short of the mean analyst estimate of 3 cents per share. It beat the average revenue estimate of $117.3 million.
Quoting Management: “Strong sequential revenue growth, combined with better than expected gross margins, drove improved top and bottom line results for the fiscal first quarter,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our Q1 results reflect improving trends primarily in our communications infrastructure and consumer end markets, and our stronger than anticipated gross margins resulting from favorable product mix enabled us to deliver EPS that was $0.02 better than our prior projections.”
The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by one cent, and in the third quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: The average estimate for the second quarter remains unchanged at 5 cents a share. Over the past sixty days, the average estimate for the fiscal year has reached 22 cents per share, a decline from 24 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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