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Monolithic Power Systems, Inc. (MPWR - Free Report) reported strong third-quarter 2024 results, with both adjusted earnings and revenues surpassing the Zacks Consensus Estimate.
Stay up-to-date with all quarterly releases: See ZacksEarnings Calendar.
The Kirkland, WA-based company witnessed revenue growth year over year, driven by solid demand trends in all verticals.
MPWR’s Net Income
Net income on a GAAP basis was $144.4 million or $2.95 per share compared with $121.2 million or $2.48 per share in the year-ago quarter.
Non-GAAP net income increased to $198.8 million or $4.06 per share from $150.3 million or $3.08 per share in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate by 10 cents.
Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise
Monolithic Power generated revenues of $620.1 million, up from $474.9 million in the year-ago quarter. The top line beat the Zacks Consensus Estimate of $600 million.
Storage and Computing revenues were $144 million, up 11.2% year over year owing to higher sales of commercial notebooks.
Net sales from Enterprise Data improved to $184.5 million from $98.9 million in the year-ago quarter. The rise in both GPU and CPU program sales boosted the top line.
In the third quarter, the Automotive segment contributed $111.3 million in revenues compared with $95.2 million in the year-ago quarter.
Industrial revenues were $44.04 million compared with $42.1 million in the year-ago quarter.
The Communications vertical reported $71.9 million in revenues compared with $46.8 million in the year-ago quarter.
Net sales from the Consumer segment increased to $64.4 million from $62.4 million in the year-ago quarter.
By product family, revenues in DC-to-DC were $616.1 million, up from $447.4 million in the year-ago quarter, Lighting Control revenues decreased to $4 million from $27.5 million in the prior-year quarter.
MPWR’s Other Details
Non-GAAP gross margin was 55.8%, up from 55.7% reported in the year-ago quarter. Non-GAAP operating expenses were $125.2 million compared with $96.6 million in the prior-year period. Non-GAAP operating income was $220.8 million, up from $167.8 million.
MPWR’s Cash Flow & Liquidity
During the September quarter, the company generated an operating cash flow of $231.7 million. As of Sept. 30, 2024, cash and cash equivalents totaled $700.35 million, with $101.81 million in other long-term liabilities.
MPWR’s Outlook
For the fourth quarter of 2024, the company estimates revenues to be the range of $600-$620 million. Non-GAAP gross margin is expected to be between 55.5% and 56.1%. Non-GAAP operating expenses are projected between $122 million and $124 million. Total stock-based compensation expenses are expected to be in the range of $50.3-$52.3 million.
Motorola Solutions, Inc. (MSI - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 7. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, indicating growth of 5.33% from the year-ago figure.
Pinterest, Inc. (PINS - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 7. The Zacks Consensus Estimate for earnings is pegged at 34 cents per share, indicating growth of 21.4% from the year-ago figure.
Light and Wonder (LNW - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 12. The Zacks Consensus Estimate for earnings is pegged at $1.11 per share, indicating growth of 37% from the year-ago figure.
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Monolithic Power's Q3 Earnings Beat Estimates, Revenues Rise Y/Y
Monolithic Power Systems, Inc. (MPWR - Free Report) reported strong third-quarter 2024 results, with both adjusted earnings and revenues surpassing the Zacks Consensus Estimate.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The Kirkland, WA-based company witnessed revenue growth year over year, driven by solid demand trends in all verticals.
MPWR’s Net Income
Net income on a GAAP basis was $144.4 million or $2.95 per share compared with $121.2 million or $2.48 per share in the year-ago quarter.
Non-GAAP net income increased to $198.8 million or $4.06 per share from $150.3 million or $3.08 per share in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate by 10 cents.
Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise
Monolithic Power Systems, Inc. price-consensus-eps-surprise-chart | Monolithic Power Systems, Inc. Quote
Monolithic Power’s Revenues
Monolithic Power generated revenues of $620.1 million, up from $474.9 million in the year-ago quarter. The top line beat the Zacks Consensus Estimate of $600 million.
Storage and Computing revenues were $144 million, up 11.2% year over year owing to higher sales of commercial notebooks.
Net sales from Enterprise Data improved to $184.5 million from $98.9 million in the year-ago quarter. The rise in both GPU and CPU program sales boosted the top line.
In the third quarter, the Automotive segment contributed $111.3 million in revenues compared with $95.2 million in the year-ago quarter.
Industrial revenues were $44.04 million compared with $42.1 million in the year-ago quarter.
The Communications vertical reported $71.9 million in revenues compared with $46.8 million in the year-ago quarter.
Net sales from the Consumer segment increased to $64.4 million from $62.4 million in the year-ago quarter.
By product family, revenues in DC-to-DC were $616.1 million, up from $447.4 million in the year-ago quarter, Lighting Control revenues decreased to $4 million from $27.5 million in the prior-year quarter.
MPWR’s Other Details
Non-GAAP gross margin was 55.8%, up from 55.7% reported in the year-ago quarter. Non-GAAP operating expenses were $125.2 million compared with $96.6 million in the prior-year period. Non-GAAP operating income was $220.8 million, up from $167.8 million.
MPWR’s Cash Flow & Liquidity
During the September quarter, the company generated an operating cash flow of $231.7 million. As of Sept. 30, 2024, cash and cash equivalents totaled $700.35 million, with $101.81 million in other long-term liabilities.
MPWR’s Outlook
For the fourth quarter of 2024, the company estimates revenues to be the range of $600-$620 million. Non-GAAP gross margin is expected to be between 55.5% and 56.1%. Non-GAAP operating expenses are projected between $122 million and $124 million. Total stock-based compensation expenses are expected to be in the range of $50.3-$52.3 million.
MPWR’s Zacks Rank
Monolithic currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Upcoming Releases
Motorola Solutions, Inc. (MSI - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 7. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, indicating growth of 5.33% from the year-ago figure.
Pinterest, Inc. (PINS - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 7. The Zacks Consensus Estimate for earnings is pegged at 34 cents per share, indicating growth of 21.4% from the year-ago figure.
Light and Wonder (LNW - Free Report) is scheduled to release third-quarter 2024 earnings on Nov. 12. The Zacks Consensus Estimate for earnings is pegged at $1.11 per share, indicating growth of 37% from the year-ago figure.