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Chipmaker Monolithic Power Systems Posts Beat-And-Raise First-Quarter Report

Chipmaker Monolithic Power Systems (MPWR) late Tuesday beat Wall Street’s targets for the first quarter and guided higher for the current period. But MPWR stock fell in extended trading.




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The Kirkland, Wash.-based company, also known as MPS, earned an adjusted $1.46 a share on sales of $254.5 million in the March quarter. Analysts expected earnings of $1.34 a share on sales of $242.8 million. On a year-over-year basis, MPS earnings rose 54% while sales climbed 53%.

“We have paved the way to multibillion-dollar revenue,” Chief Executive Michael Hsing said in a news release.

For the second quarter, MPS expects to generate revenue of $274 million to $286 million. The midpoint of $280 million is above Wall Street’s estimate of $252.5 million in sales for the June quarter.

MPWR Stock Drops Late

Monolithic Power Systems sells energy-efficient semiconductor power systems used in industrial applications, telecom infrastructure, cloud computing, automobiles and consumer applications.

In after-hours trading on the stock market today, MPWR stock fell a fraction, near 334. During the regular session Tuesday, MPWR stock fell 4.6% to 334.12.

MPWR stock is in the IBD Long-Term Leaders Portfolio.

In addition to MPWR stock, other semiconductor stocks moving on earnings news included Lattice Semiconductor (LSCC) and SiTime (SITM). Lattice and SiTime late Tuesday both topped Wall Street’s estimates for the first quarter.

More Beat-And-Raise Reports

Lattice Semiconductor earned an adjusted 22 cents a share, up 47% year over year, on sales of $115.7 million, up 19%, in the first quarter. Lattice makes low-power programmable chips.

For the current quarter, Lattice guided to sales of $116 million to $124 million. The midpoint of $120 million is above Wall Street’s consensus estimate of $111.5 million.

SiTime earned an adjusted 19 cents a share on sales of $35.5 million in the first quarter. In the year-earlier period, it lost 14 cents a share on sales of $21.7 million. SiTime makes timing chips.

Meanwhile, on Monday, ON Semiconductor (ON) also delivered a beat-and-raise first-quarter earnings report. ON Semi makes power, analog, sensor and connectivity chips for automotive, industrial, cloud and Internet of Things applications.

The Phoenix-based company earned an adjusted 35 cents a share, up 250% year over year, on sales of $1.48 billion, up 16%, in the first quarter.

For the second quarter, ON Semi guided to adjusted earnings of 49 cents a share, up 308%, on sales of $1.62 billion, up 34%.

MPWR Stock Ranks Eleventh In Group

According to the IBD Stock Checkup tool, MPWR stock ranks No. 11 out of 30 stocks in IBD’s fabless chipmaker industry group. MPWR stock has a so-so IBD Composite Rating of 67 out of 99. By comparison, Lattice and SiTime rank fifth and No. 14, respectively, in the group.

ON Semiconductor ranks fourth in IBD’s semiconductor manufacturing industry group.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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