Monolithic Power Q3 revenue falls 4.1% from a year earlier; $640 million buyback
Monolithic Power Systems reported third-quarter 2023 results on October 30, 2023, with revenue down 4.1% from a year earlier and GAAP diluted earnings per share of $2.48, compared with $2.57 a year earlier. The same day, its board approved a $640 million stock repurchase program running through October 29, 2026, which the company says will be funded from available working capital and cash repatriated from its Bermuda subsidiary.
- Q3 revenue was $474.9 million, up 7.6% from $441.1 million in Q2 2023 but down 4.1% from $495.4 million in Q3 2022.
- Q3 GAAP diluted EPS was $2.48 vs. $2.57 a year earlier; non-GAAP diluted EPS was $3.08 vs. $3.53.
- Fourth-quarter 2023 revenue outlook is $442.0 million to $462.0 million.
- Board approved a $640 million repurchase program expiring October 29, 2026; repurchased shares will be retired.