RTTNews | Apr 22, 2021 06:23PM EDT

18:23 Thursday, April 22, 2021 (RTTNews.com) - Vicor Corp. (VICR) Thursday reported first-quarter net income of $15.1 million or $0.34 per share, compared to a net loss of $1.7 million or $0.04 per share last year.

Revenues for the first quarter surged 40.1% to $88.8 million from $63.4 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.25 per share on revenues of $86.71 million for the quarter.

Commenting on first quarter performance, CEO Patrizio Vinciarelli said, "Q1 revenues and gross margins reflected strong demand and improved manufacturing efficiencies. Vertical integration of power packaging processes and increased capacity in expanded facilities will enable greater revenue and margin growth starting in 2022. For the balance of 2021, sequential quarterly increases in revenue are capacity constrained to 7% while bookings and backlog are expected to grow at a faster pace."

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