Synaptics Shares Rally on Q2 Results (SYNA)
1/25/2013 3:34:05 PM
Synaptics Inc. (NASDAQ: SYNA) today reported strong second-quarter financial results. The company also gave a robust outlook for the current quarter, sending shares sharply higher in trading today.
- Net revenue for the quarter was $143 million
- Revenue from mobile products stood at $81.6 million
- Gross margin improved 110 basis points
Rick Bergman, President and CEO of Synaptics, said that the company’s second-quarter revenue exceeded the high end of its guidance range, reflecting better than expected revenue from mobile touchscreen applications, partially offset by lower than expected PC revenue.
For the second quarter, SYNA reported revenue of $143 million, compared to $145.5 million reported for the same period in the previous year. The company’s net income for the quarter was $11.1 million, or $0.33 per share, compared to $17.4 million, or $0.51 per share. On a non-GAAP basis, the company’s net income for the quarter was $17.7 million, or $0.53 per share, compared to $23 million, or $0.68 per share reported for the same period in the previous year.
Kathy Bayless, Synaptics’ CFO said that considering SYNA’s backlog of approximately $79 million, customer forecasts, and the resulting expected product mix, the company expects revenue to be in the range of $140 million to $148 million for the March quarter, which represents an increase of 6% to 12% on a year-over-year basis. Bayless added that the company expects revenue from mobile products to be the primary growth driver.
Following the strong quarterly results and outlook, SYNA shares surged. The stock hit an intra-day high of $39.75, and at last check, it was trading 13.31% higher at $36.88 on above average volume of 3.62 million.
About Synaptics Inc.
Synaptics Inc. is a Santa Clara, California-based developer and supplier of custom-designed human interface solutions.