Silicon Motion Technology Q1 Profit Beats Estimates

(RTTNews) - Silicon Motion Technology Corporation (SIMO) reported first quarter non-GAAP earnings per ADS of $1.11 compared to $0.80, prior year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.98, for the quarter. Analysts' estimates typically exclude special items. GAAP net income was $34.4 million or $0.98 per ADS, for the quarter.

First quarter revenue increased to $182.4 million from $132.8 million, prior year. Analysts expected revenue of $168.97 million, for the quarter.

Wallace Kou, President and CEO of Silicon Motion, said: "While we now expect to deliver much stronger full-year sales, our ability to fulfill customer demand remains capped by very tight foundry supply availability."