Power Integrations today announced financial results for the quarter ended March 31, 2020. Net revenues for the first quarter were $109.7 million, down four percent compared to the prior quarter and up 23 percent from the first quarter of 2019. Net income for the first quarter was $15.9 million or $0.53 per diluted share compared to $5.28 per share in the prior quarter and $0.25 in the first quarter of 2019.
Power Integrations will release its first-quarter financial results after market hours on Thursday, May 7, 2020. The company will conduct a conference call that day beginning at 1:30 p.m. Pacific time. Members of the investment community can join the call by dialing 1-647-689-4187 and entering conference ID 5591942 when prompted. Live and archived audio webcast of the conference call will be available on the company’s website at investors.power.com
Since 2005, China has been promoting energy efficiency with its GB (“Guo Biao”) national standards, setting the scope, parameters, and prescriptive test limits for products ranging from household appliances and flat-panel televisions to luminaires/ballasts and automotive parts. On December 31, 2019, China officially published a new GB national standard pertaining to room air conditioners.