Integrated Device Technology Inc. Earnings: Weak Revenue, Profit Declines
Integrated Device Technology Inc. (NASDAQ:IDTI) posted a decrease in profit as revenue declined. 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 Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for Integrated Device Technology Inc. fell to $12.8 million (9 cents per share) vs. $30.9 million (20 cents per share) a year earlier. This is a decline of 58.7% from the year-earlier quarter.
Revenue: Fell 17.7% to $119.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Integrated Device Technology Inc. reported adjuted net income of 5 cents a share. By that measure, the company beat the mean estimate of 3 cents a share. Analysts were expecting revenue of $117.3 million.
Quoting Management: “We achieved top and bottom line results that exceeded our expectations for our fiscal fourth quarter as a result of strong sales from our communications and computing segments and higher gross margins,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our Q4 results reflect improving trends in our communications and enterprise computing businesses, and underscore increased traction of our new product categories as revenue from new products increased to 13 percent from 10 percent in the prior quarter. In addition, gross margins were 300 basis points better than expected, highlighting improved product mix and lower inventory reserves.”
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is 2 cents per share, down from 3 cents ninety days ago. The average estimate for the fiscal year is 23 cents per share, a rise from 22 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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