Skyworks has reported first fiscal quarter results for the period ended December 28, 2018. Revenue for the first fiscal quarter was $972.0 million.
Despite macro weakness across the global mobile business, Skyworks seems to have delivered solid financial results driven by content gains and an expanding footprint in broad markets. During the quarter, they generated more than $500 million in cash flow from operations and exited the quarter with over $1 billion in cash. Looking ahead, they are looking to leverage their demonstrated technology leadership, trusted customer partnerships and innovative Sky5™ portfolio to capitalize on compelling 5G, IoT and automotive opportunities.
First Quarter Business Highlights
- Partnered with Square to power secure, long-range retail payment systems
- Captured content in NetGear’s WiFi 6–enabled routers
- Supported remote access features for German and Korean automotive manufacturers
- Ramped advanced wireless engines for Philips street lighting management platforms
- Secured design wins with Bose and Sonos supporting high fidelity, smart audio
- Shipped LPWAN connectivity devices for building automation applications
- Expanded footprint in Nokia’s dual-band residential gateways
- Deployed 5G base station solutions for leading European infrastructure providers
- Enabled Samsung’s Galaxy A and J Series smartphones with multimode, multiband front-ends
- Launched antenna tuners, diversity receive modules, GPS devices and integrated transmit portfolio across LG’s mobile suite
In the March quarter, they expect diversification and momentum in their high-growth broad markets business to partially offset unit declines in mobile. Specifically, in the second fiscal quarter of 2019, they anticipate revenue to be between $800 and $820 million with non-GAAP diluted earnings per share of $1.43 at the midpoint of our revenue range. Further, reflecting confidence in their business model and ability to consistently generate strong free cash flow, the Board of Directors has approved a new $2 billion stock repurchase program.