Business
Silicom Reports Q2'23 Results: $38.1M Revenues with $0.66 Non-GAAP EPS
KFAR SAVA, Israel, July 31, 2023 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure
About this update from Silicom Ltd
[{"type":"text","content":"KFAR SAVA, Israel, July 31, 2023 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the second quarter and first half ended June 30, 2023.\nFinancial Results\nSecond Quarter: Silicom's revenues for the second quarter of 2023 totalled $38.1 million, up 12% compared with $34.2 million for the second quarter of 2022.\nOn a GAAP basis, net income for the quarter totalled $3.8 million, or $0.56 per share (basic and diluted), compared with $4.5 million, or $0.67 per diluted share ($0.68 per basic share), for the second quarter of 2022.\nOn a non-GAAP basis (as described and reconciled below), net income for the quarter totalled $4.5 million, or $0.66 per share (basic and diluted), compared with $4.7 million, or $0.70 per diluted share ($0.71 per basic share), for the second quarter of 2022.\nFirst Six Months: Silicom's revenues for the first half of 2023 totalled $75.3 million, up 14% compared with $66.2 million for the first half of 2022.\nOn a GAAP basis, net income for the period totalled 7.3 million, or $1.07 per diluted share ($1.09 million per basic share), up 10% compared with $6.7 million, or $0.99 per diluted share ($1.00 per basic share) for the first half of 2022.\nOn a non-GAAP basis (as described and reconciled below), net income for the period totalled $8.6 million, or $1.27 per diluted share ($1.28 per basic share), up 12% compared with $7.7 million, or $1.14 per diluted share ($1.16 per basic share) for the first half of 2022.\nCash and Buyback\nOur cash position continues to improve. Our balance of cash, cash equivalents and marketable securities increased by $10 million during the second quarter, and currently stands at $63 million with no debt. Based on our improved cash position and our expectation that our profitability will continue during the coming years, we intend to accelerate the pace at which we will be repurchasing our shares under the $15 million Share Repurchase Plan that we announced three months ago.\nGuidance \nWith supply chain issues and component lead times easing, some of the Company's major customers have begun drawing down the inventories they had stockpiled during the component shortages period. In addition, with broad expectations of a slowing macro economy, some of the Compa...