AUSTIN, Texas (AP) _ Silicon Laboratories Inc. (SLAB) on Wednesday reported first-quarter profit of $13.5 million.
On a per-share basis, the Austin, Texas-based company said it had net income of 29 cents. Earnings, adjusted for one-time gains and costs, were 91 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The chipmaker posted revenue of $255.5 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $245.3 million.
For the current quarter ending in July, Silicon Labs expects its per-share earnings to range from 88 cents to 98 cents.
The company said it expects revenue in the range of $262 million to $272 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $249.2 million.
Silicon Labs shares have climbed 18% since the beginning of the year. The stock has climbed 59% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLAB at https://www.zacks.com/ap/SLAB
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