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Power Integrations: 3Q Earnings Snapshot

·1 min read

SAN JOSE, Calif. (AP) _ Power Integrations Inc. (POWI) on Thursday reported third-quarter profit of $14.8 million.

The San Jose, California-based company said it had profit of 24 cents per share. Earnings, adjusted for one-time gains and costs, were 40 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The maker of integrated circuits used for power conversion posted revenue of $121.1 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $115 million.

For the current quarter ending in December, Power Integrations said it expects revenue in the range of $125 million to $135 million.

Power Integrations shares have increased 18% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $58.37, an increase of 25% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on POWI at https://www.zacks.com/ap/POWI