Skyworks Beats Industry Estimates with Strong Q1 2022 Financial Results

Skyworks Beats Industry Estimates with Strong Q1 2022 Financial Results

Skyworks Solutions, an innovator of high-performance analog semiconductors connecting people, places and things, reported first fiscal quarter results for the period ended Dec. 31, 2021. Revenue for the first fiscal quarter of 2022 was $1.510 billion, up 15% sequentially, exceeding consensus estimates.

Skyworks delivered strong first-quarter results, with double-digit sequential growth in both revenue and earnings per share,” said Liam K. Griffin, chairman, CEO and president of Skyworks. “Importantly, the growth was well diversified across our mobile and broad markets portfolios.”

Looking forward, demand for connectivity is rapidly expanding across multiple essential wireless protocols, including 5G, advanced Wi-Fi and precision GPS. Skyworks is uniquely positioned to outperform in all of these technologies through an expanding blue-chip customer base, differentiated manufacturing capabilities and market-leading solutions, all underpinned by strong cash generation.

First Fiscal Quarter Business Highlights

  • Shipped Sky5 platforms across leading 5G smartphone OEMs including Samsung, Oppo, Vivo and Xiaomi, among others
  • Supported the launch of Wi-Fi access points at Siemens
  • Powered NETGEAR’s latest Wi-Fi 6E mesh system
  • Partnered with British Telecom to launch their 5G home routers
  • Ramped Wi-Fi 6 and 6E modules at Juniper Networks and Telus
  • Delivered industrial IoT solutions to Itron, Honeywell and Thales supporting smart energy and factory automation
  • Captured design wins at Quectel for their enterprise machine-to-machine platforms
  • Provided digital isolation products for GE consumer appliances
  • Leveraged Sky5 technology to enable 5G telematics, security, driver assist and other advanced services at leading automotive OEMs
  • Scaled volume production of timing and isolation solutions, enabling the leading EV manufacturers
  • Expanded their position in timing applications at the top five data center server providers

Second Fiscal Quarter 2022 Outlook

They provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of their control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of their use of non-GAAP measures, including quantification of known expected adjustment items.

Based on new product ramps across our increasingly diversified product portfolio, we expect double-digit year-over-year revenue and earnings growth in the March quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the second fiscal quarter of 2022, we anticipate revenue to be between $1.300 billion and $1.360 billion with non-GAAP diluted earnings per share of $2.62 at the midpoint of our revenue range, representing revenue growth of 13.5% and non-GAAP diluted earnings per share growth of 11%, compared to the second fiscal quarter of 2021.

Dividend Payment

Skyworks’ board of directors has declared a cash dividend of $0.56 per share of the Company’s common stock, payable on Mar. 15, 2022, to stockholders of record at the close of business on Feb. 22, 2022.

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