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.