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TriQuint Announces Fourth Quarter And Full Year 2012 Results

TriQuint Semiconductor, Inc (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter and year ended December 31, 2012, including the following highlights:
  • Revenue for the quarter was $233.6 million, up 16% from Q3 2012
  • Mobile Devices market revenue grew 19% sequentially from Q3 2012
  • Strong demand for 5GHz WLAN drove 66% sequential growth in connectivity in smartphones
  • Ramping high-performance LTE filters for Samsung, LG, HTC and Motorola Mobility smartphones
  • Record Optical sales in 2012 fueled by industry leading 40/100G modulator drivers
  • VSAT revenue up 40% sequentially with production launch of major Ka band program
  • Set industry record for gallium nitride (GaN) reliability performance

Commenting on the Company's financial results, Ralph Quinsey, President and Chief Executive Officer, stated “TriQuint's revenue for Q4 was $233.6 million and non-GAAP earnings per share was $0.04, both above our guidance. We are continuing to expand capacity for high performance filters in anticipation of stronger demand in the second half of 2013 and beyond. I believe these investments will lead to improved financial results for the company.”

Summary Financial Results for the Quarter and Year Ended December 31, 2012:

Revenue for the fourth quarter of 2012 was $233.6 million, up 3% from the fourth quarter of 2011 and up 16% sequentially. Mobile Devices revenue grew 19%, Networks revenue grew 1% and Defense & Aerospace grew 36%, in each case, sequentially. Revenue for 2012 was $829.2 million, down 7% from 2011 due to a decrease in Mobile Devices revenue.

GAAP

Gross margin for the fourth quarter of 2012 was 29.3%, down from 30.7% in the prior quarter. Gross margin for the year ended December 31, 2012 was 28.7%, down from 35.9% for 2011. Lower factory utilization drove the year-to-year decline.

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