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Skyworks Exceeds Q1 FY13 Revenue And EPS Guidance

Stocks in this article: SWKS

Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high performance analog semiconductors enabling a broad range of end markets, today reported first fiscal quarter 2013 results for the period ending December 28, 2012. Revenue for the quarter was $453.7 million, up 15 percent when compared to $393.7 million in the first fiscal quarter of 2012 and exceeding the Company’s guidance of $450 million.

On a non-GAAP basis, operating income for the first fiscal quarter of 2013 was $114.8 million, up from $105.2 million in the comparable prior year period. Non-GAAP diluted earnings per share for the first fiscal quarter was $0.55, a penny better than guidance. On a GAAP basis, operating income for the first fiscal quarter of 2013 was $86.6 million and diluted earnings per share was $0.34.

“As our results and guidance reflect, Skyworks is enabling anytime, anywhere communications across a diverse set of end markets and applications,” said David J. Aldrich, president and chief executive officer of Skyworks. “We’re capitalizing on growing consumer and enterprise demand for ubiquitous connectivity spanning all modes of wireline and wireless communications. In fact, our analog semiconductor solutions are increasingly at the heart of everything from smartphones to smart appliances to home security systems to satellites to medical sensors to hybrid vehicles. This market diversity coupled with Skyworks’ leadership scale, product breadth and system IP is setting the stage for continued market outperformance and shareholder value creation.”

Q1 Business Highlights

  • Supported Nest’s market-leading, energy-efficient, intelligent thermostat
  • Developed high voltage protection circuits for Boston Scientific heart defibrillators
  • Introduced a sixteen channel LED TV backlighting controller at LG and others
  • Secured multiple SOI switch and antenna tuning design wins
  • Commenced volume production of radiation tolerant optocouplers supporting new Iridium satellites
  • Ramped analog solutions in support of Comcast’s Xfinity home security and surveillance systems
  • Captured connectivity sockets within the Google Chrome notebook series
  • Provided wireless solutions for Aclara’s suite of gas meters
  • Enabled the world’s smallest 4G LTE datacard with family of antenna switch modules
  • Launched camera flash drivers across Samsung’s Galaxy platforms
  • Repurchased 1.9 million shares of common stock

Second Fiscal Quarter 2013 Outlook

“Given order visibility and specific product launches, we expect to continue to gain market share and capture additional content per platform in the seasonally low March quarter,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “Specifically, for the second fiscal quarter of 2013, we anticipate revenue to be up 15 percent year-over-year with better than normal seasonality to approximately $420 million with non-GAAP diluted earnings per share of $0.47.”

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