Record Revenue at Silicon Labs for Q4 and Full Year 2016
Silicon Labs reported financial results for its fourth quarter ended December 31, 2016. Revenue in the fourth quarter established a new, all-time record, exceeding the high end of guidance at $183 million, up from $178 million in the third quarter. Fourth quarter GAAP and non-GAAP earnings per share (EPS) exceeded the high end of guidance at $0.47 and $0.75, respectively.
Fourth quarter financial highlights include: Internet of Things (IoT) revenue established a new record, increasing to $85 million, up 5% sequentially. Infrastructure revenue declined to $37 million, down 3% sequentially. Broadcast delivered revenue of $41 million, flat sequentially. Access revenue increased to $20 million, up 11% sequentially.
On a GAAP basis the company achieved: GAAP gross margin was 60.0%. GAAP R&D expenses were $51 million. GAAP SG&A expenses were $39 million. GAAP operating income as a percentage of revenue was 11.0%. GAAP diluted earnings per share were $0.47.
The company expects revenue in the first quarter to be in the range of $174 million to $179 million. First quarter diluted earnings per share are expected to be between $0.21 and $0.27 on a GAAP basis, and between $0.57 and $0.63 on a non-GAAP basis.
â€œWe are very pleased to report outstanding fourth quarter and full-year 2016 financial performance, including 14 percent year-on-year revenue growth in Q4 and eight percent for the year,â€ said Tyson Tuttle, CEO of Silicon Labs. â€œWe are executing on our strategy focused on the IoT and Infrastructure markets, and are seeing our efforts translate into strong financial results, achieving target model for annual growth, gross margin and operating margin in the second half.â€