What To Expect From Impinj’s (PI) Q1 Earnings

Radek Strnad /
2024/04/23 3:02 am EDT

RFID manufacturer Impinj (NASDAQ:PI) will be reporting earnings tomorrow afternoon. Here's what investors should know.

Last quarter Impinj reported revenues of $70.65 million, down 7.8% year on year, beating analyst revenue expectations by 1.5%. It was a decent quarter for the company, with a significant improvement in its inventory levels but a decline in its operating margin.

Is Impinj buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Impinj's revenue to decline 14.3% year on year to $73.58 million, a deceleration on the 61.6% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.11 per share.

Impinj Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3%.

Looking at Impinj's peers in the semiconductors segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. SMART's revenues decreased 26.7% year on year, missing analyst estimates by 0.1% and Micron Technology reported revenues up 57.7% year on year, exceeding estimates by 8.8%. SMART traded down 10.5% on the results, and Micron Technology was up 10.6%.

Read our full analysis of SMART's results here and Micron Technology's results here.

Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the semiconductors stocks have fared somewhat better, they have not been spared, with share price declining 7.8% over the last month. Impinj is down 6% during the same time, and is heading into the earnings with analyst price target of $134.1, compared to share price of $120.27.

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