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13 July, 2024 15:51 IST
Silicon Motion Technology Corp first-quarter earnings decline by 2.11 percent on a YOY basis
Source: IRIS | 20 Jun, 2017, 11.34PM

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Silicon Motion Technology Corporation (SIMO) has reported 2.11 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $23.01 million, or $0.65 a share in the quarter, compared with $23.51 million, or $0.65 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $24.30 million, or $0.68 a share compared with $25.13 million or $0.70 a share, a year ago.  

Revenue during the quarter dropped 11.48 percent to $112.68 million from $127.29 million in the previous year period. Gross margin for the quarter contracted 38 basis points over the previous year period to 50.55 percent. Total expenses were 75.44 percent of quarterly revenues, down from 76.44 percent for the same period last year. This has led to an improvement of 100 basis points in operating margin to 24.56 percent.

Operating income for the quarter was $27.67 million, compared with $29.98 million in the previous year period.

However, the adjusted operating income for the quarter stood at $30.23 million compared to $33.64 million in the prior year period. At the same time, adjusted operating margin improved 39 basis points in the quarter to 26.83 percent from 26.43 percent in the last year period.

“As expected, our sales in the first quarter was affected by seasonal weakness and ongoing tightness in NAND flash availability,” said Wallace Kou, President and Chief executive officer of Silicon Motion. “Sales of our client SSD controllers were seasonally weak, our eMMC controllers were seasonally flat and our SSD solutions declined due to NAND flash shortage.”

For the second-quarter 2017, Silicon Motion Technology Corporation expects revenue to be in the range of $134 million to $140 million and its adjusted revenue to be in the range of $134 million to $140 million.

For fiscal year 2017, Silicon Motion Technology Corporation forecasts revenue to be in the range of $556 million to $612 million and its adjusted revenue to be in the range of $556 million to $612 million.

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