Standard Microsystems Beats Q1 EPS Estimates By $0.18

Shares of Standard Microsystems Corporation SMSC are trading higher in the after-hours following the release of the company's Q1 earnings results. Currently, shares are higher by 0.79%, at $24.20; they closed the regular session higher by 2.48%, at $24.01. Standard Microsystems Corporation reported Q1 EPS of $0.47 on revenues of $103.5 million; the Street was looking for $0.29 per share on revenues of $101.3 million. Revenues increased by 6.5% year over year. "SMSC reported a strong first quarter with revenue, non-GAAP gross margin and non-GAAP earnings per share exceeding expectations," said Christine King, President & Chief Executive Officer. "We are excited about the acquisition of BridgeCo, which is a significant addition to our Wireless Audio product offering. Automotive revenue set another new record in the first quarter despite some weakness in our Japanese automotive business. PC revenue was up slightly on a year-over-year basis but down roughly four percent sequentially mainly due to consumer PC sales as well as Japanese customer related sales. However, our enterprise PC business remains healthy, which is the largest share of our overall PC sales. " Standard Microsystems Corporation is a designer of Smart Mixed-Signal Connectivity solutions. SMSC's silicon-based integrated circuits and systems software are incorporated by a global customer base in end products in the personal computing, consumer electronics, industrial and automotive markets.