Power Integrations (POWI) posted its third-quarter financial results, revealing a decrease in GAAP net income to $14.29 million, or $0.25 per share, from $19.80 million, or $0.34 per share, in the same period of 2023.
For the third quarter of 2024, the company reported non-GAAP net income of $22.62 million, or $0.40 per share, down from $26.60 million, or $0.46 per share, in the third quarter of the previous year. This figure was slightly higher than the $0.36 per share anticipated by analysts surveyed by Thomson Reuters, who typically do not include special items in their estimates. Net revenues for the third quarter stood at $115.8 million, marking an eight percent decline from the corresponding quarter in 2023, but surpassing the analysts' consensus estimate of $114.78 million.
The company announced that its board of directors has approved a $50 million share repurchase program, with no specified expiration date for this authorization.
On September 30, 2024, the company distributed a dividend of $0.20 per share. An upcoming dividend of $0.21 per share is scheduled for December 31, 2024, for shareholders of record as of November 29, 2024.
Looking forward to the fourth quarter of 2024, Power Integrations projects revenues of approximately $105 million, with a margin of error of plus or minus $5 million. This forecast contrasts with the analyst projections for fourth-quarter revenues, which are estimated to be $119.24 million.
