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Silicon Motion beats 4Q profit forecasts

HSINCHU, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Tuesday reported fourth-quarter profit of $9.9 million.

On a per-share basis, the Hsinchu, Taiwan-based company said it had profit of 27 cents. Earnings, adjusted for non-recurring costs, were 79 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The chip company posted revenue of $136.2 million in the period.

For the year, the company reported profit of $75 million, or $2.09 per share. Revenue was reported as $523.4 million.

For the current quarter ending in April, Silicon Motion said it expects revenue in the range of $127 million to $132 million.

The company expects full-year revenue in the range of $550 million to $576 million.

Silicon Motion shares have dropped almost 8 percent since the beginning of the year. The stock has risen 25 percent 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 SIMO at https://www.zacks.com/ap/SIMO