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Skyworks Flies Past Q2 Estimates

NEW YORK ( TheStreet) - Skyworks Solutions (SWKS - Get Report) comfortably beat Wall Street's estimates in its second-quarter results, released after market close.

The Apple (AAPL - Get Report) partner reported revenue of $425.2 million, a 17% improvement on the prior year's quarter, and well above analysts' estimate of $420.34. Excluding items, Skyworks earned 48 cents a share, up from 42 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 47 cents a share.

For the third quarter, Skyworks forecast sales of $435 million and earnings of 53 cents a share, compared to Wall Street's prediction of $443.16 million and 52 cents a share.

Skyworks shares gained 1.95% to reach $22.45 in extended trading.

"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," wrote David Aldrich, the Skyworks CEO, in a statement released after market close.

The semiconductor specialist, which is one of TheStreet's Breakout Stocks, has two power amplifiers within Apple's iPhone 5. The Woburn, Mass.-based firm had one power amplifier within the iPhone 4S.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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