WASHINGTON (dpa-AFX) - Power Integrations (POWI) reported that its GAAP net income for the third quarter was $14.29 million or $0.25 per share down from $19.80 million or $0.34 per share in the third quarter of 2023.
Non-GAAP net income for the third quarter of 2024 was $22.62 million or $0.40 per share compared to $26.60 million or $0.46 per share in the third quarter of 2023. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the third quarter. Analysts' estimates typically exclude special items.
Net revenues for the third quarter were $115.8 million down eight percent from the third quarter of 2023. Analysts expected revenue of $114.78 million for the quarter.
The company said its board has authorized the use of $50 million for the repurchase of the company's common shares. The authorization does not have an expiration date.
The company paid a dividend of $0.20 per share on September 30, 2024; a dividend of $0.21 per share will be paid on December 31, 2024, to stockholders of record as of November 29, 2024.
Looking ahead for the fourth quarter of 2024, the company expects revenues to be $105 million plus or minus $5 million. Analysts project fourth-quarter revenues of $119.24 million.
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