Silicon Motion (SIMO) Q3 Earnings Top, Revenues Down Y/Y
Zacks Investment Research | Oct 31, 2019 08:38AM ET
Silicon Motion Technology Corporation (NASDAQ:SIMO) reported third-quarter 2019 non-GAAP earnings of 69 cents per American Depositary Share (ADS), which surpassed the Zacks Consensus Estimate by 25.5% and improved 32.7% sequentially. However, the figure declined 28.1% from the year-ago quarter.
Net sales (non-GAAP) declined 14% from the year-ago quarter but improved 20% sequentially to reach $113.2 million.
On a GAAP basis, net sales declined 20% from the year-ago figure but improved 12% sequentially to $110.5 million.
The Zacks Consensus Estimate for revenues was pegged at $110 million.
Notably, non-GAAP revenues include SSD solutions restructuring charges of approximately $2.7 million.
Shares Up on Promising Q4 Revenue View
Silicon Motion expects non-GAAP revenues to be in the range of $133 million to $139 million (indicating sequential growth of 17.5-22.5%). The Zacks Consensus Estimate is currently pegged at $125.65 million.
Following the promising guidance, shares of Silicon Motion were up 11.2%, eventually closing at $43.38 on Oct 30. Notably, the company’s stock has returned 28.7% year to date, compared with the Zacks Investment Research
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