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Intersil, Power Integrations buck chip stock selloff following Q3 beats

Oct. 29, 2015 2:34 PM ETIntersil Corporation (ISIL) StockBy: Eric Jhonsa, SA News Editor
  • Intersil (NASDAQ:ISIL +2.3%) is higher after beating Q3 estimates and guiding for Q4 revenue of $123M-$131M and EPS of $0.12-$0.15, in-line with a consensus of $125.6M and $0.14.
  • Fellow analog/mixed-signal chipmaker Power Integrations (POWI +8.5%) is up strongly after beating Q3 estimates and guiding for Q4 revenue of $89M (+/- $3M) vs. an $88M consensus. Many peers are selling off after NXP, STMicro, and others issued soft Q4 guidance,
  • Intersil CEO Necip Sayiner: "Many of our end markets remain sluggish, but we are pleased with the company's strong financial performance and regular cadence of new product introductions. We are seeing some signs of stability in demand and new design cycles are beginning to become more prominent in our revenue profile." Industrial & Infrastructure revenue fell 8% Y/Y to $84.2M; Consumer & Computing revenue fell 16% to $44.2M.
  • Power Intergrations CEO Balu Balakrishnan: "Like many of our peers, we experienced soft demand in the industrial end-market during the third quarter. However, revenues increased in each of the other three end-market categories ... Most notably, revenues from the communications market grew more than 30 percent sequentially driven by adoption of our InnoSwitch products in the mobile-device market." The company spent $30.6M on buybacks in Q3; a new $30M buyback has been authorized.
  • Intersil: Q3 results, PR.
  • Power Integrations: Q3 results, PR.

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