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Power Integrations: 1Q Earnings Snapshot

May 7, 2020 GMT

SAN JOSE, Calif. (AP) _ Power Integrations Inc. (POWI) on Thursday reported first-quarter profit of $15.9 million.

The San Jose, California-based company said it had net income of 53 cents per share. Earnings, adjusted for one-time gains and costs, were 76 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The maker of integrated circuits used for power conversion posted revenue of $109.7 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $106.2 million.

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For the current quarter ending in July, Power Integrations said it expects revenue in the range of $101 million to $111 million.

Power Integrations shares have climbed 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $104.99, an increase of 38% 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