Monolithic Power Systems, Inc. (MPWR) has reported a 36.90 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $14.48 million, or $0.33 a share in the quarter, compared with $10.58 million, or $0.25 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $25.16 million, or $0.58 a share compared with $18.75 million or $0.45 a share, a year ago.
Revenue during the quarter grew 18.75 percent to $100.36 million from $84.51 million in the previous year period. Gross margin for the quarter expanded 79 basis points over the previous year period to 54.64 percent. Total expenses were 86.48 percent of quarterly revenues, down from 87.72 percent for the same period last year. This has led to an improvement of 124 basis points in operating margin to 13.52 percent.
Operating income for the quarter was $13.57 million, compared with $10.38 million in the previous year period.
However, the adjusted operating income for the quarter stood at $26.55 million compared to $20.02 million in the prior year period. At the same time, adjusted operating margin improved 276 basis points in the quarter to 26.45 percent from 23.69 percent in the last year period.
"We continue to grow and continue to enhance shareholder value," said Michael Hsing, chief executive officer and founder of MPS.
For the second-quarter, Monolithic Power Systems, Inc. forecasts revenue to be in the range of $109 million to $113 million.
Working capital increases
Monolithic Power Systems, Inc. has recorded an increase in the working capital over the last year. It stood at $350.33 million as at Mar. 31, 2017, up 16.68 percent or $50.09 million from $300.24 million on Mar. 31, 2016. Current ratio was at 7.25 as on Mar. 31, 2017, down from 7.62 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 73 days for the quarter from 144 days for the last year period. Days sales outstanding went down to 31 days for the quarter compared with 32 days for the same period last year.
Days inventory outstanding has decreased to 78 days for the quarter compared with 146 days for the previous year period. At the same time, days payable outstanding went up to 36 days for the quarter from 34 for the same period last year.
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