Skyworks Announced Q2 Results - Up 7% Year-over-Year

Skyworks has reported its second fiscal quarter results for the period ending March 30, 2018. The revenue for the second fiscal quarter, was $913.4 million, up 7% year-over-year, exceeding consensus estimates. On a GAAP basis, operating income for the second fiscal quarter of 2018 was $289.4 million with diluted earnings per share of $1.50, up 25 percent year-over-year. On a non-GAAP basis, operating income was $331.1 million with non-GAAP diluted earnings per share of $1.64, up 13 percent year-over-year and $0.04 better than consensus estimates.

According to President and CEO, Liam K. Griffin, the company delivered record top and bottom line results for the March quarter driven by global demand for their high-performance connectivity engines. The company demonstrated continued strength in its financial fundamentals as improvements in profitability directly translated into cash flow growth. At the same time, their solutions are enabling an expanding and diversified set of end markets spanning the Internet of Things, automotive, home security and factory automation. With the launch of Sky5, Skyworks is now well positioned to capitalize on the transformational applications ahead - powering 5G networks and facilitating instantaneous, reliable and secure wireless connectivity.

Highlights of Skyworks’ Second Fiscal Quarter Business:

  • Launched innovative Sky5 platform enabling 5G communications
  • Leveraged connectivity solutions at world’s largest automotive manufacturer
  • Supported Honeywell’s LTE handheld enterprise hubs
  • Ramped Wi-Fi, Zigbee and Thread products for Nest’s new video doorbells
  • Captured strategic wins with leading mobile customers leveraging SkyOne, SkyBlue, DRx modules and precision antenna tuners
  • Expanded design wins at Belkin for high-speed mesh networks
  • Powered connected home and virtual assistant systems at Amazon, AT&T/DIRECTV, Bosch, GE, Google, Netgear and Sonos
  • Enabled Garmin’s Forerunner advanced fitness smart-watches
  • Commenced volume production of SkyOne Ultra across high-performance computing markets
  • Deployed Massive MIMO solutions for India’s largest network carrier
  • Partnered with premier European network infrastructure supplier for small cell deployments supporting AT&T, T-Mobile, Verizon and Vodafone

Strong growth in their broad market portfolio is mitigating the near term softness at leading smartphone customers and the trade restrictions imposed by the U.S. government on a Chinese OEM. In the third fiscal quarter they expect revenue in the range of $875 to $900 million, with non-GAAP diluted earnings per share of $1.59. Further, based on new program ramps heading into the second half of the calendar year, they anticipate a resumption of sequential revenue growth in the September quarter with sustained momentum into the December period.

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