Chipmaker Monolithic Power Systems late Monday trounced analyst estimates for the second quarter and pointed higher for the current period. MPWR stock rose in extended trading.
The Kirkland, Wash.-based company earned an adjusted $3.25 a share on sales of $461 million in the June quarter. Analysts polled by FactSet predicted Monolithic earnings of $2.94 a share on sales of $430.6 million. On a year-over-year basis, Monolithic earnings surged 80% while sales increased 57%.
Robust sales of power chips for enterprise data, storage and computing applications drove the company's second-quarter beat.
For the current quarter, Monolithic forecast revenue of $480 million to $500 million. The midpoint of $490 million is well above Wall Street's target of $458 million.
"We are continuing to execute on our growth strategies, including expansion and diversification of our R&D centers and manufacturing partnerships in multiple countries," Chief Executive Michael Hsing said in a news release.
MPWR Stock Ranks First Among Fabless Chipmakers
In after-hours trading on the stock market today, MPWR stock jumped 4.9% to 485. During the regular session Monday, MPWR stock dipped 0.5% to close at 462.30.
Monolithic Power Systems makes semiconductor-based power electronics solutions.
MPWR stock is on the IBD 50 list of top-performing growth stocks. Monolithic ranks first out of 34 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup.
MPWR stock has a best-possible IBD Composite Rating of 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
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