SAN JOSE, Calif. (AP) _ Power Integrations Inc. (POWI) on Thursday reported fourth-quarter net income of $22.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had net income of 77 cents. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The maker of integrated circuits used for power conversion posted revenue of $93.3 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $97.1 million.
For the year, the company reported profit of $70 million, or $2.32 per share. Revenue was reported as $416 million.
For the current quarter ending in April, Power Integrations said it expects revenue in the range of $87 million to $93 million.
Power Integrations shares have increased 11 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $67.70, a climb of 3 percent in the last 12 months.
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