Tag Archives: idti

Apple Chipmaker Integrated Device Tops Q4 Views On Record Sales

Integrated Device Technology ( IDTI ) stock rocketed early Tuesday after the Apple ( AAPL ) Watch and Samsung Galaxy supplier topped analysts’ fiscal Q4 and full-year estimates on record quarterly and wireless charging sales. Needham analyst Quinn Bolton reiterated a buy rating and upped his price target on Integrated Device stock to 27 from 26. Integrated Device’s fiscal Q4 included the completed acquisition of privately held ZMDI. For the quarter ended April 3, Integrated Device reported $189.4 million in sales and 36 cents earnings per share minus items, up a respective 20% and 24% vs. the year-earlier quarter. Wall Street had modeled $187.1 million and 33 cents. Three months ago, Integrated Device guided to $187 million in sales, plus or minus $5 million. Integrated Device wrapped up fiscal 2016 with $697 million in sales and $1.37 EPS ex items, crushing the consensus of 12 analysts polled by Thomson Reuters for $695.2 million and $1.34. Year over year, sales and EPS grew 22% and 49%, respectively. Current-quarter sales guidance for $191 million, plus or minus $5 million, met the consensus for $191.6 million and would be up 6% vs. the year-earlier quarter. Integrated Device stock was up nearly 7% in early trading in the stock market today , near 21. But shares are down 20% this year, hurt by a 27% plunge on Feb. 2 after the chipmaker’s fiscal Q4 sales guidance missed expectations. Wireless charging sales hit $19 million in Q4, CFO Brian White told analysts on the company’s earnings conference call late Monday. In that segment, Integrated Device supplies the Apple Watch and Samsung Galaxy. Consumer end-market sales, which include wireless charging sales, rose 53% quarter over quarter and represented 17% of total sales (about $32.2 million), CEO Greg Waters said on the call. That business benefited from a full quarter of ZMDI’s sensors. Automotive and industrial sales of $16 million exceeded views by $2 million, Bolton wrote in a research report. Communication and computing sales, however, declined by a respective 7% and 10% quarter over quarter. For fiscal Q1, communications and auto/industrial sales are expected to grow a respective 1% and 6% sequentially. Consumer and computing sales are modeled flat. Integrated Device trades at a steep discount, Bolton wrote. “IDT holds leading market segment share in products that accounted for 77% of fiscal 2016 revenue,” he wrote. “IDT’s revenue concentration in these four segments may be a reason IDTI trades at a discount to its peer group.”

After Hours: Sturm Ruger, Texas Roadhouse, Apple Supplier IDT

Earnings reports from Sturm Ruger ( RGR ),  Apple ( AAPL ) supplier Integrated Device Tech ( IDTI ),   Monolithic Power Systems ( MPWR ), Texas Roadhouse ( TXRH ) and Qualys ( QLYS ) headline Monday’s after-hours session. Sturm Ruger Sturm Ruger reported $1.21 in diluted Q1 per-share earnings, a 49% spike, on a 26% revenue increase to $173.1 million, far above consensus views for 96 cents EPS on $147.7 million in sales. The gunmaker also declared a 48-cent per-share dividend, up from 35 cents in the prior quarter and 25 cents in the quarter before that. Sturm Ruger stock rose more than 4% in late trading to above 70 after closing up 5.5% in regular trade on the stock market today . That would put Ruger’s shares above their 50-day moving average for the first time since Ruger and rival Smith & Wesson ( SWHC ) crashed April 4 on fears of slowing gun sales. Smith & Wesson also rallied late after closing up 4.6%. IBD’s Take: How does Sturm Ruger stock stack up vs. objective targets and key rivals? Find out at IBD Stock Checkup Integrated Device Tech The Apple Watch supplier’s Q4 non-GAAP EPS popped 24% to 36 cents, surpassing analyst expectations for 33 cents but growth slowed for a fourth straight quarter. Revenue climbed 20% to $189.4 million, topping views for $187 million. Sales growth snapped a three-quarter string of deceleration. Integrated Device Tech shares rose 2% late after closing the regular session up 2.1%. Meanwhile, Apple shares closed down 0.1%, its eighth straight loss . Monolithic Power Systems Chip designer Monolithic Power said Q1 non-GAAP EPS jumped 22% to 45 cents, beating projections for 44 cents. Revenue grew 15% to $84.5 million vs. estimates for $83 million. For Q2, the Sony ( SNE ) PlayStation 4 chipmaker sees revenue in the range of $91 million-$95 million, with the $93 million midpoint ahead of views for $91.5 million. Monolithic Power shares were little changed in late trade after rising 1.8% in the regular session. Texas Roadhouse Texas Roadhouse reported Q1 EPS of 50 cents a share, including a 5-cent pre-tax charge. Wall Street had estimated 54 cents. Revenue increased 12% to $515.6 million, slightly below views for $515.9 million. Comparable sales grew 4.6% at company restaurants and 3.1% at franchise locations. Shares closed the regular session up 3.3% and jumped more than 4% late. IBD’s Take: How appetizing is Texas Roadhouse’s stock and how does it compare to rivals? Find out at IBD Stock Checkup Qualys Cloud-based security and compliance solutions provider Qualys ( QLYS ) notched a 40% per-share profit gain in Q1, with 21 cents a share on 23% revenue growth to $46.2 million. That topped estimates for 15 cents EPS and $45.1 million in revenue. For Q2, Qualys expects EPS of 15-17 cents, below views for 18 cents a share. The midpoint of revenue outlook of $47.6 million-$48.3 million — $47.95 million — is a hair above analyst forecasts for $47.91 million. For 2016, Qualys said it continues to see $195.6 million-$198.6 million in sales and 74-79 cents EPS, vs. views for $197 million in revenue and 77 cents EPS. The company also announced the appointment of Zynga ( ZNGA ) alum Melissa Fisher as its new CFO. Shares fell 4% late after rising 5.5% during the regular session. Anadarko Petroleum Anadarko Petroleum ( APC ) reported an adjusted Q1 loss of $1.12 a share vs. estimates for a loss of $1.16 a share. Revenue fell to $1.675 billion vs. views for $1.81 billion. Shares fell nearly 2% late after closing down 1.5%.

Marvell Catches Activist Starboard Investment; Upgraded To Buy

Beleaguered Marvell Technology Group ( MRVL ) stock pocketed a major upgrade Monday on activist investor Starboard Value’s nearly 7% stake in the Bermuda-based chipmaker. Marvell stock flew almost 7% on Feb. 3, the day Starboard’s investment was announced. Starboard has built its investment since December, B. Riley analyst Craig Ellis wrote in a research report. Ellis upgraded Marvell stock to buy from a sell rating. Yet, in the stock market today , shares were down 1.5%, trading near 8.80. Starboard’s 6.7% stake in Marvell “casts significant doubt on our ‘sell’ rating which was predicated on financial inquiry completion risks and post-review financial execution concerns,” Ellis wrote. In October, Marvell revealed an accounting error may have shifted 7%-8% of sales to Q2, rather than Q3. Marvell’s PricewaterhouseCoopers auditor resigned amid the probe. The resulting internal investigation questioned senior management’s operating style. The SEC and U.S. Attorney’s Office joined the investigation in December. Marvell noted it’s “common for governmental agencies to open investigations in these circumstances.” Starboard’s investment isn’t a panacea, but could come with several Marvell board seats, “a tier-1 auditor and marque CFO,” Ellis wrote. Starboard also was an investor in TriQuint before it became Apple ( AAPL ) supplier  Qorvo ( QRVO ) and Integrated Device Technology ( IDTI ). “We believe (Starboard) knows semiconductors well, with a record of agitating for increased shareholder interest,” he wrote. Starboard consultants include Tessera Technologies ( TSRA ) Chairman Rick Hill, Viavi Solutions ( VIAV ) CEO Oleg Khaykin and former Integrated Devices interim CEO Jeff McCreary. It’s also possible Starboard could help Marvell wrangle R&D capabilities, Ellis wrote. “Past checks show undisciplined and at times ineffectual field sales and engineering,” he wrote. At least two analysts rate Marvell stock a sell, and 21 others rate the stock as a hold. Ellis is among at least five analysts to rate Marvell stock a buy. Ellis boosted his price target on Marvell stock to 12 from 7.