KIRCHHEIM (dpa-AFX) - Dialog Semiconductor Plc (DLGS) reported that its first-quarter net income rose 5 percent to $18.4 million from the prior year's $17.4 million, due to the favourable impact of higher interest income reflecting the higher average cash balance and higher US dollar interest rates, and a lower fair value loss on the Energous warrants, partially offset by the operating profit movement. Earnings per share rose to $0.23 from $0.22 in the prior year.
But, underlying earnings per share declined to $0.49 from $0.53 last year.
Operating profit was $25.3 million, 23% below the prior year, reflecting the lower revenue and the impact from the transaction related costs partially offset by other operating income.
Revenue for the quarter declined 11% to $295 million from last year. The main driver was Mobile Systems, which was 12% below last year due to the reduced share of volume from Apple for the main PMIC for the 2018 smartphone platform announced in May 2018. This was partially offset by higher volumes and content per device in other platforms.
The company noted that its guidance is favourably impacted by the recently completed license and asset transfer transaction with Apple.
For the second-quarter 2019, the company anticipates IFRS revenue to be in the range of $438 million to $478 million, including one-off license revenue of about $145 million. Underlying revenue is expected to be in the range of $293 million to $333 million, including about $6 million of ongoing license revenue.
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