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Monolithic Power Systems Reports Record Q3 2024 Financial Results

authorIntellectia.AI

2024-10-313mins

Monolithic Power Systems Reports Record Q3 2024 Financial Results

Monolithic Power Systems (MPS) has announced its financial results for the third quarter ending September 30, 2024. The company reported record quarterly revenue driven by strong performance across its diverse market segments.

Key Financial Metrics

Metric Q3 2024 Actual Q2 2024 Actual Q3 2023 Actual Year-over-Year Change Consensus Estimates (Q3 2024)
Total Revenue $620.1M $507.3M $474.9M +30.6% $600.61M
GAAP Earnings Per Share (EPS) $2.95 $2.05 Not Provided Not Provided Not Provided
Non-GAAP EPS $4.06 $3.17 Not Provided Not Provided $3.97

MPS exceeded Wall Street's consensus estimates for revenue and non-GAAP earnings per share, indicating robust growth. The significant year-over-year revenue increase of 30.6% suggests effective execution of the company’s diversified market strategy, underpinning its broad-based growth.

Revenue Performance by Segment

Segment Q3 2024 Revenue Sequential Increase from Q2 2024 Year-over-Year Change
Communications $71.9M +65.0% +53.6%
Consumer $64.4M +52.5% +3.3%
Industrial $44.0M +36.4% +4.5%
Automotive $111.3M +27.7% +17.0%
Storage and Computing $144.0M +25.3% +11.2%
Enterprise Data $184.5M -1.5% +86.4%

Across its segments, MPS demonstrated strong sequential growth particularly in Communications, with a 65% increase from Q2 2024, driven by new product ramps. The enterprise data segment experienced an impressive year-over-year surge of 86.4%, although there was a slight decline sequentially.

Key Developments and Operational Highlights

  • Record quarterly revenue of $620.1 million, marking the robust execution of a diversified market strategy.
  • Revenue improvements in Communications, Consumer, Industrial, Automotive, and Storage and Computing segments.
  • Continued focus on innovation and expansion of a global supply chain to maintain supply stability.

Executive Comments

CEO and founder Michael Hsing highlighted the company's transformation into a full solutions provider and underscored the effective execution of its long-term growth strategy.

Forward Guidance

MPS forecasts Q4 2024 revenue to be between $600 million and $620 million, maintaining a relatively steady outlook.

Stock Price Movement

Following the earnings release, MPS’s stock price experienced a slight decline with a -1.46% change, indicating a tempered but positive investor reaction to the overall strong financial performance.

Overall, MPS showcased a commendable performance with significant growth across its major segments, driven by strategic market positioning and operational resilience.

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