Skyworks Reports Q2 FY14 Revenue and EPS Guidance [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Skyworks Solutions, Inc. reported second fiscal quarter results for the period ending March 28.
In a release on April 22, the Company noted that revenue for the quarter was $481.0 million, up 13 percent year-over-year and better than the Company's previous guidance for $470.0 million.
"Skyworks exceeded guidance across all key metrics last quarter and is set to substantially outpace the broader semiconductor industry as we capitalize on increasing analog system complexity driven by the Internet of Things," said David J. Aldrich, president and chief executive officer of Skyworks. "By providing custom solutions that help our customers solve increasingly complex design challenges, we are enabling connectivity across a number of new and previously unimagined end markets and applications. Our expanding market footprint, customer relationships and design win pipeline are translating into accelerating growth and improving financial returns."
Q2 Business Highlights
-Enabled NetGear's newest 802.11ac MU-MIMO routers and residential gateways
-Supported Audi's Homelink programmable car system
-Captured high-reliability sockets with several aerospace and defense suppliers including Cobham, EADS, Herley and Teledyne
-Secured power management design wins with Samsung
-Ramped connected home solutions supporting security sensors, motion detectors, lighting controls and meters at Centralite and Landis+Gyr
-Leveraged infrastructure portfolio for macro base station and remote and multi-standard radio applications across Alcatel-Lucent, Ericsson, Nokia Solutions and Networks and ZTE
-Delivered analog control ICs to Medtronics for implantable heart monitors
-Developed the dual flash driver utilizing proprietary TrueFlash capability enabling LED flash management features
-Powered Microsoft, Nintendo and Sony gaming platforms with analog and connectivity solutions
-Expanded footprint in multiple 4G TD-LTE architectures at smartphone OEMs including Coolpad, HTC, Lenovo and ZTE
-Launched next-generation SkyOne platforms with carrier aggregation, additional frequency bands and MIPI baseband interfaces
-Enabled the Moto G smartphone with five front-end devices
-Repurchased approximately two million shares of common stock
Skyworks' Board of Directors has declared its first cash dividend of $0.11 per share of the Company's common stock. The dividend is payable on May 22, to stockholders of record at the close of business on May 13.
Third Fiscal Quarter 2014 Outlook
"As our performance demonstrates, Skyworks is executing to our strategy of gaining semiconductor content through system-level integration, diversifying into adjacent vertical applications and relentlessly pursuing operational excellence," said Donald W. Palette, vice president and chief financial officer of Skyworks. "Looking forward, we are on track to deliver strong, sustainable top line growth with continued operating leverage. Specifically, for the third fiscal quarter of 2014, we anticipate revenue to be up 23 percent year-over-year to $535 million with non-GAAP diluted earnings per share up 35 percent year-over-year to $0.73."
Skyworks Solutions, Inc. is a provider of high performance analog semiconductors.
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