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TMCNet:  Skyworks Posts Q2 FY13 Revenue and EPS Guidance

[May 01, 2013]

Skyworks Posts Q2 FY13 Revenue and EPS Guidance

May 01, 2013 (Close-Up Media via COMTEX) -- Skyworks Solutions, Inc. reported second fiscal quarter 2013 results for the period ending March 29.

In a release on April 25, the Company noted that revenue for the quarter was $425.2 million, up 17 percent when compared to $364.7 million in the second fiscal quarter of 2012 and exceeding the Company's guidance of $420 million.

On a non-GAAP basis, operating income for the second fiscal quarter of 2013 was $99.7 million, up 19 percent over the comparable period a year ago. Non-GAAP diluted earnings per share for the second fiscal quarter of 2013 was $0.48, a penny better than the Company's guidance. On a GAAP basis, operating income for the second fiscal quarter of 2013 was $68.7 million and diluted earnings per share was $0.32.

"As our better than seasonal results and growth outlook demonstrate, Skyworks is gaining margin-rich content and share across mobile applications while capitalizing on adjacent home automation, networking, medical, smart grid and machine-to-machine vertical markets," said David J. Aldrich, president and chief executive officer of Skyworks. "Leveraging our product innovation, scale and strong customer relationships, we are solidifying our position as a highly diversified analog semiconductor market leader. Further to that end, we are increasingly migrating our product portfolio to differentiated, system-level solutions that provide greater value to our customers and command higher margins." Q2 Business Highlights -Repurchased 1.4 million shares of common stock -Ramped advanced infrastructure solutions for Aclara's smart gas meters -Enabled vehicle infotainment systems for Ford, Lincoln and Kia with silicon-on-insulator (SOI) switching technology -Introduced several new backlight LED drivers for next-generation smartphones and tablets with display panels ranging in size from 4 to 12 inches -Partnered with Texas Instruments on utility metering, street lighting, telematics and tracking system solutions -Expanded customer engagements with SkyOne, a customizable front-end platform -Commenced volume production of antenna tuning solutions to increase data throughput in multiband LTE applications -Secured a power management design win enabling photovoltaic battery charging of smartphones -Supported Samsung's GALAXY S 4 platforms with 802.11ac devices, DC/DC converters, antenna switch modules and MMMB power amplifiers -Increased market share in emerging 802.11ac applications including access points, routers, USB data cards, Blu-Ray players, smartphones and tablets -Launched dielectric filters for homeland security applications "We expect solid top and bottom line growth in the current quarter driven by specific program ramps and a more diversified, margin-accretive product mix," said Donald W. Palette, vice president and chief financial officer of Skyworks. "Specifically, for the third fiscal quarter of 2013, we anticipate revenue of approximately $435 million with gross margin expansion to the 43.5 to 44.0 percent range, a 130 to 180 basis point sequential improvement, operating margin in excess of 25 percent and diluted earnings per share of $0.53, each on a non-GAAP basis." Skyworks Solutions, Inc. is a company focusing on high performance analog semiconductors.

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