Power Integrations today announced financial results for the quarter ended March 31, 2017. Results are calculated using the "sell-in" method of revenue recognition on sales to distributors, reflecting the company's adoption of ASC 606 effective January 1, 2017. Prior-period results have been recast as if ASC 606 had been in effect for those periods.
Net revenues for the first quarter were $104.7 million, an increase of two percent from the prior quarter, and an increase of 19 percent from the first quarter of 2016. Net income was $14.1 million or $0.47 per diluted share, compared to $0.48 per diluted share in the prior quarter and $0.35 per diluted share in the first quarter of 2016.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "We are off to a strong start in 2017 with 19 percent revenue growth in the first quarter. Our growth is being fueled by innovative products such as our InnoSwitch™ ICs, and by multi-year secular trends such as energy-efficiency, faster charging for mobile devices, smarter homes and appliances, LED lighting, renewable energy, and the growing use of battery power in transportation, power tools and other applications. We also have a robust pipeline of new products coming to market over the next several quarters, which we believe will further enhance our competitive positioning and expand our addressable market."
For more information, see today's press release.