Press release
Monolithic Power Systems to Report Second Quarter Results on August 1, 2024
KIRKLAND, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- MPS will report its results after the market closes on August 1, 2024 and host a question-and-answer
About this update from Monolithic Power Systems, Inc.
[{"type":"text","content":"KIRKLAND, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- MPS will report its results after the market closes on August 1, 2024 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/97644523160. Q2 2024 Financial Summary(Unaudited) GAAP Q2’24 Q1’24 Q2’23 QoQ ChangeYoY ChangeRevenue ($k) $507,431 $457,885 $441,128 Up 10.8%Up 15.0%Gross Margin 55.3% 55.1% 56.1%Up 0.2 ptsDown 0.8 ptsOpex ($k) $164,042 $156,954 $135,350 Up 4.5%Up 21.2%Operating Margin 23.0% 20.9% 25.5%Up 2.1 ptsDown 2.5 ptsNet income ($k) $100,366 $92,541 $99,504 Up 8.5%Up 0.9%Diluted EPS $2.05 $1.89 $2.04 Up 8.5%Up 0.5% Non-GAAP Q2’24 Q1’24 Q2’23 QoQ ChangeYoY ChangeRevenue ($k) $507,431 $457,885 $441,128 Up 10.8%Up 15.0%Gross Margin 55.7% 55.7% 56.5%FlatDown 0.8 ptsOpex ($k) $111,667 $103,426 $96,006 Up 8.0%Up 16.3%Operating Margin 33.7% 33.1% 34.7%Up 0.6 ptsDown 1.0 ptsNet income ($k) $155,076 $137,492 $137,509 Up 12.8%Up 12.8%Diluted EPS $3.17 $2.81 $2.82 Up 12.8%Up 12.4% Revenue by End Market Revenue YoY Change % of Total Rev End Market ($M) Q2’24 Q2’23 $ % Q2’24 Q2’23 Enterprise Data $187.2 $48.0 139.2 290.0% 36.9% 10.9%Storage & Computing 114.9 124.5 (9.6) (7.7%) 22.7 28.2 Automotive 87.2 104.4 (17.2) (16.5%) 17.2 23.7 Communications 43.6 49.3 (5.7) (11.6%) 8.5 11.1 Consumer 42.2 65.2 (23.0) (35.3%) 8.3 14.8 Industrial 32.3 49.7 (17.4) (35.0%) 6.4 11.3 Total $507.4 $441.1 66.3 15.0% 100% 100% Ongoing Business Conditions MPS reported record quarterly revenue with Q2 2024 revenue of $507.4 million, exceeding the high end of our outlook. Our strong Q2 2024 revenue growth was attributed to three factors: Increased demand for AI power solutions,Stabilization and improving order trends in several of our end markets, andInitial revenue ramps associated with design wins secured in past years. Separately, we continued to expand and diversify our global supply chain to ensure supply stability and capture future growth. Overall, our proven strategy remains intact, and we believe we can swiftly adapt to market changes as they occur. “As we have emphasized for many years, our results reflect the continued success of our proven, long-term growth strategy and our transformation from being only a chip supplier to a full solutions provider,” said Michael Hsing, CEO and f...