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Monolithic Power (MPWR) Q1 Earnings & Revenues Top Estimates

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·3 min read
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Monolithic Power Systems, Inc. MPWR reported first-quarter 2022 non-GAAP earnings of $2.45 per share, which beat the Zacks Consensus Estimate by 8.4%. The bottom line improved 67.8% on a year-over-year basis.

Revenues of $377.7 million rose 48.4% from the year-ago quarter’s figure and surpassed the Zacks Consensus Estimate by 4.9%. On a sequential basis, the top line grew 12.2%. Strong demand across all six end markets drove the year-over-year growth.

Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise

Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise
Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise

Monolithic Power Systems, Inc. price-consensus-eps-surprise-chart | Monolithic Power Systems, Inc. Quote

In the quarter, the company reorganized its markets and segregated Computing and Storage into two — Storage and Computing, and Enterprise Data.

Storage and Computing (25.6% of total revenues) revenues increased 88.3% year over year to $96.6 million. The performance was driven by an increase in market share for storage applications.

Enterprise Data (11.3%) revenues were $42.5 million, up 162.3% from the prior-year quarter’s figure.

Automotive (14.4%) revenues were $54.5 million, up 21.4% from the prior-year quarter’s figure. The company is witnessing sales growth in infotainment, lighting and Advanced Driver Assistance Systems products.

Industrial (12.9%) revenues increased 21.9% year over year to $48.5 million, courtesy of higher industrial meters and power sources sales.

Communications (14.6%) revenues grew 54% to $55.6 million.

Consumer (21.2%) revenues moved up 20.8% from the year-ago quarter to $80 million.

By product family, revenues in DC to DC (95% of total revenues) surged 48.6% year over year to $358.8 million. Lighting Control (5%) revenues rallied 45.4% to $18.9 million.

Other Details

Non-GAAP gross margin expanded 250 basis points (bps) from the year-ago quarter’s level to 58.3%. Non-GAAP operating expenses amounted to $86.6 million, up 30.8%. Non-GAAP operating income rose 76.3% year over year to $133.6 million.

As of Mar 31, 2022, the company had $260.6 million in cash and cash equivalents with $65.6 million of other long-term liabilities.

Outlook

The company continues to execute on its long-term plan for sustainable growth. For the second quarter, it projects revenues between $420 million and $440 million. Non-GAAP gross margin is expected between 58.7% and 59.3%.

Zacks Rank & Stocks to Consider

Monolithic Power currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Gogo Inc. GOGO is a better-ranked stock in the broader Zacks Computer and Technology sector, sporting a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings has been revised upward by 25% over the past 60 days.

Gogo delivered a trailing four-quarter earnings surprise of 65%, on average. It has rallied 75.4% in the past year.

Nokia NOK, carrying a Zacks Rank #2 (Buy), is another solid pick for investors. The consensus estimate for current-year earnings has been revised upward by 5% over the past 60 days.

Nokia pulled off a trailing four-quarter earnings surprise of 33.8%, on average. It has returned 9.1% in the past year.

Sierra Wireless, Inc. SWIR carries a Zacks Rank #2. The consensus mark for current-year earnings has been revised upward by 237.5% over the past 60 days.

Sierra Wireless pulled off a trailing four-quarter earnings surprise of 58%, on average. The stock has inched up 5.2% in the past year.


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