Power Integrations 3Q Profit Jumps 20 Pct
NEW YORK (AP) ¿ Power Integrations Inc., which makes integrated-circuits for energy-efficient power conversion, said rising market demand for energy efficiency helped the company expand its market share and achieve double-digit earnings growth in the third quarter.
"While factors such as inventory replenishment and consumer subsidies in China have undoubtedly contributed to the strong recovery, we believe our outperformance compared with the broader industry over the past year primarily reflects gains in market penetration," said company CEO Balu Balakrishnan. "We believe that energy-efficiency is a major driver of the success we are having in the marketplace."
Quarterly earnings rose 20 percent to $9.2 million, or 32 cents per share, up from $7.6 million, or 23 cents per share, during the same period last year.
Analysts polled by Thomson Reuters estimated a profit of 33 per share, on average. Analysts typically exclude one-time items.Revenue rose 12 percent to $60 million, up from $53.8 million. Analysts forecast an average revenue of $57 million. Power Integrations expects fourth-quarter earnings to increase between 49 percent and 56 percent from the prior-year period, and 5 percent to 10 percent from the third quarter of 2009. Shares of the company gained $3.55, or 11 percent, to $36.01 in morning trading and earlier reached $36.25, a new 52-week high.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV