Integrated Device Technology Q2 Profit Tops Estimate; Revenue Falls Shy

(RTTNews) - Integrated Device Technology, Inc. (IDTI) reported net income for the second quarter of $83.7 million or $0.54 per share, compared to a net loss of $73,000 or breakeven per share for the year-ago quarter.

Income from continuing operations for the second quarter was $83.7 million or $0.54 per share, compared to loss from continuing operations of $0.7 million or breakeven per share in the same period one year ago.

Excluding items, adjusted income from continuing operations for the second quarter was $15.7 million or $0.10 per share, compared to $12.6 million or $0.09 per share in the prior year quarter.

Revenue for the fiscal second quarter of 2014 was $124.6 million, compared with $133.4 million reported in the same period one year ago. Analysts polled by Thomson Reuters expected the company to earn $0.08 per share on revenue of $125.10 million for the second quarter. Analysts' estimates typically exclude special items.

The company also said that its Board of Directors has approved an expansion of the previously authorized share repurchase program from about $80 million to a total of $150 million.