Integrated Device Technology Q3 Results Top View; Stock Rises

(RTTNews) - Integrated Device Technology, Inc. (IDTI) Monday reported third-quarter profit that topped estimates, helped by increased revenues that came ahead of expectations. The stock climbed over 7 percent in the extended trade.

Net income increased to $18.36 million from $6.95 million. Earnings per share rose to $0.12 from $0.04.

Income from continuing operations jumped to $32.84 million or $0.21 per share from $17.34 million or $0.11 per share in the prior year. Adjusted earnings per share from continuing operations was $0.25 for the quarter, while it totaled $0.17 last year.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $151.16 million from $124.63 million last year. Analysts expected revenue of $142.68 million for the quarter.

"We achieved excellent financial results in our third fiscal quarter with revenue up over 10 percent sequentially, and up over 20 percent year-over-year, driven primarily by strength in our High Performance Computing and Communications businesses," said Greg Waters, president and CEO.

IDTI closed up 1.9 percent on Monday at $18.64, and climbed 7.1 percent in the extended trade.