Silicom Stock Rises On Upbeat Q1 Results, Positive Q2 Guidance, $15M Share Buyback Plan

  • Silicom Ltd SILC reported first-quarter FY21 revenue growth of 31% year-on-year to $29 million, beating the analyst estimate of $28.25 million.
  • The first quarter was a period of significant growth in revenues and net profit, driven primarily by continued success in each of the target markets, including SD-WAN for smart platforms and Cloud for smart acceleration and FPGA cards, stated CEO Shaike Orbach.
  • The Design Win momentum in the 5G O-RAN market has been especially strong, as demonstrated both by the recent strategic wins with top-tier telcos and discussions with numerous telco, cloud, and related OEM players of all sizes, added Orbach.
  • Orbach remains optimistic towards growing 5G momentum and continued strength in expanding SD-WAN and Cloud markets fueled by the powerful mobile infrastructure transition.
  • Non-GAAP net income rose 30.4% to $3 million. Adjusted EPS of $0.42 beat analyst consensus of $0.35.
  • The company held $39.1 million in cash and equivalents. The board has authorized a new one-year share repurchase plan of up to $15 million.
  • Guidance: Q2 revenue estimate lies between $29 to $30 million, above the analyst estimate of $27.19 million.
  • Price action: SILC shares traded higher by 1.63% at $44.76 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceBuybacksSmall CapTechMediaBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!