Business
Silicom Reports Q2 2022 Financial Results
- Q2 Revenues Reach $34.2M with $0.70 Non-GAAP EPS – KFAR SAVA, Israel, July 28, 2022 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of
About this update from Silicom Ltd
[{"type":"text","content":"- Q2 Revenues Reach $34.2M with $0.70 Non-GAAP EPS –\nKFAR SAVA, Israel, July 28, 2022 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance server/appliance networking solutions, today reported its financial results for the second quarter and six months ended June 30, 2022.\nFinancial Results\nSecond Quarter: Silicom's revenues for the second quarter of 2022 totalled $34.2 million, up 13% compared with $30.3 million for the second quarter of 2021.\nOn a GAAP basis, net income for the quarter totalled $4.5 million, or $0.67 per ordinary share ($0.68 per basic share), up 122% compared with $2.0 million, or $0.29 per ordinary share ($0.30 per basic share), for the second quarter of 2021.\nOn a non-GAAP basis (as described and reconciled below), net income for the quarter totalled $4.7 million, or $0.70 per diluted share ($0.71 per basic share), up 61% compared with $2.9 million, or $0.42 per diluted share ($0.43 per basic share), for the second quarter of 2021.\nFirst Six Months: Silicom's revenues for the first half of 2022 totalled $66.2 million, up 12% compared with $59.3 million for the first half of 2021.\nOn a GAAP basis, net income for the period totalled $6.7 million, or $0.99 per diluted share ($1.00 per basic share), up 45% compared with $4.6 million, or $0.66 per diluted share ($0.67 per basic share) for the first half of 2021.\nOn a non-GAAP basis (as described and reconciled below), net income for the period totalled $7.7 million, or $1.14 per diluted share ($1.16 per basic share), up 31% compared with $5.9 million, or $0.84 per diluted share ($0.86 per basic share) for the first half of 2021.\nGuidance \nWhile multiple large design wins have given us an all-time-record backlog, our ability to deliver continues to be impacted by the global components crisis, which we expect to continue into 2023. We therefore project revenues for the third quarter of 2022 to range between $38 million and $40 million. The midpoint of this range represents 18% year-over-year revenue growth over the third quarter of 2021.\nComments of Management \nLiron Eizenman, Silicom's President and CEO, commented, \"The second quarter was a period of solid growth in revenues, margins and EPS, driven by stronger-than-ever demand for our products coupled with scrupulous attention to operational efficiency. Our revenue gro...