Synaptics reports stronger net quarterly results for fiscal Q1 2019
Synaptics earned revenue of $417.6 million in the first quarter of its fiscal 2019, flat compared to the same quarter a year earlier and up 7 percent from the from Q4 2018, according to an announcement.
Approximately 63 percent of that revenue came from mobile products, including touchscreen, display driver, and fingerprint products. Fingerprint products also make up part of the company’s PC products revenue, which contributed 16 percent of the total. GAAP net income for the quarter was $3.8 million, or $0.11 per diluted share, an improvement of $0.90 per from a year ago, and non-GAAP net income increased $9.5 million from a year earlier to $44.6 million, or $1.24 per diluted share.
“We are seeing the growing benefits of a diversified product platform and corporate-wide focus on maximizing profitability, reflecting strong margins and earnings power,” stated Rick Bergman, President and CEO. “We continue to fine-tune our investments to enable us to more fully capitalize on the multiple, profitable growth vectors across human interface, encompassing both our current phase of growth and beyond. The recent resumption of our stock repurchase activity further underscores our confidence in Synaptics’ strategic path moving forward.”
CFO Wajid Ali adds that a major backlog, recent bookings, customer forecasts and sales timing patterns, Synaptics expects second quarter revenue between $410 and $440 million.
Synaptics VP of Marketing Godfrey Cheng recently told Biometric Update that the company expects biometrics to be deployed to popular car models within the next two years, in a demonstration of Synaptics’ dashboard fingerprint driver identification system.