LONDON, UK / ACCESSWIRE / December 04, 2017 / Active-Investors free earnings report on Integrated Device Technology, Inc. (NASDAQ: IDTI) ("Integrated Device") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=IDTI. The Company posted its financial results on October 30, 2017, for the second quarter of the fiscal year 2018. The Chipmaker's revenue and adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Integrated Device Technology most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

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Earnings Highlights and Summary

For the three months ended October 01, 2017, Integrated Device's revenues increased 10.8% to $204.40 million from $184.06 million in Q2 FY17. The revenue numbers surpassed analysts' expectations of $201.2 million.

During Q2 FY18, Integrated Device's gross profit increased 9.6% to $116.76 million from $106.53 million in the same period of last year. For the reported quarter, the Company's gross margin decreased 80 basis points to 57.1% of revenue from 57.9% of revenue in Q2 FY17, due to certain costs related to the acquisition of GigPeak, such as amortization of intangibles and amortization of the fair value markup on inventory.

During Q2 FY18, Integrated Device's adjusted gross profit increased 12.7% to $125.50 million from $111.38 million in the comparable period of last year. For the reported quarter, the Company's adjusted gross margin increased 90 basis points to 61.4% of revenue from 60.5% of revenue in Q2 FY17.

During Q2 FY18, Integrated Device's operating income decreased 14% to $23.54 million from $27.37 million in the corresponding period of last year. For the reported quarter, the Company's operating margin decreased 340 basis points to 11.5% of revenue from 14.9% of revenue in the second quarter of 2017.

For the reported quarter, Integrated Device's net income decreased 24% to $18.68 million from $24.59 million in Q2 FY17. During Q2 FY18, the Company's diluted earnings per share (EPS) decreased 22.2% to $0.14 from $0.18 in the same period of last year. For the reported quarter, Integrated Device's adjusted net income increased 1.5% to $48.15 million on a y-o-y basis from $47.43 million in Q2 FY17. During Q2 FY18, the Company's adjusted diluted EPS increased 2.9% to $0.35 on a y-o-y basis from $0.34 in Q2 FY17. The adjusted diluted EPS surpassed analysts' expectations of $0.34.

Segment Details

Communications - During Q2 FY18, the Company's Communications segment's revenue decreased 2.1% to $63.99 million from $65.37 million in the comparable period of last year, primarily due to a decrease in shipments of RapidIO switching solutions products, lower demand for legacy products, and a decrease as a result of divestiture of Fox's Organic business. For the reported quarter, the segment's income increased 25.7% to $26.01 million from $20.69 million in Q2 FY17.

Computing, Consumer, and Industrial - During Q2 FY18, the Company's Computing, Consumer, and Industrial segment's revenue increased 18% to $140.41 million from $118.69 million in the corresponding period of last year, primarily due to revenue from the newly acquired GigPeak business, higher revenue contribution from automotive/industrial/sensing products, and increased demand for memory interface products. For the reported quarter, the segment's income decreased 0.3% to $27.06 million from $27.14 million in Q2 FY17.

Balance Sheet

As on October 01, 2017, Integrated Device's cash and cash equivalents decreased 31.1% to $147.90 million from $214.55 million as on April 02, 2017.

For the reported quarter, the Company's net accounts receivable increased 18.3% to $105.69 million from $89.31 million in the fourth quarter of 2017. For the reported quarter, the Company's accounts payable decreased 7.7% to $38.77 million from $42.02 million in Q4 FY17.

During Q2 FY18, the Company repurchased 900,000 shares totaling $23.5 million, at an average price of $25.25.

During H1 FY18, Integrated Device's cash provided by operating activities was positive $139.5 million compared to negative $44.8 million in H1 FY17.

Outlook

For Q3 FY18, the Company expects revenue to be in the range of $210 million - $220 million, and adjusted gross margin to be in the band of 62.3% of revenue - 62.5% of revenue. The Company estimates adjusted EPS to be in the range of $0.38 - $0.44 for Q3 FY18.

Stock Performance Snapshot

December 01, 2017 - At Friday's closing bell, Integrated Device Technology's stock advanced 2.19%, ending the trading session at $30.75.

Volume traded for the day: 1.95 million shares, which was above the 3-month average volume of 1.59 million shares.

Stock performance in the last three-month ? up 22.90%; previous six-month period ? up 20.49%; past twelve-month period ? up 38.02%; and year-to-date ? up 30.52%

After last Friday's close, Integrated Device Technology's market cap was at $4.10 billion.

Price to Earnings (P/E) ratio was at 42.47.

The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry.

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