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Avago Technologies Limited Announces Third Quarter Fiscal Year 2013 Financial Results

Stocks in this article: AVGO

  • Net revenue of $644 million, up 15% sequentially and up 6% from Q3 last year; this includes $21 million contribution of net revenue from CyOptics
  • GAAP gross margin of 47.2 percent; Non-GAAP gross margin of 50.9 percent
  • GAAP diluted EPS of $0.56; Non-GAAP diluted EPS of $0.74

SAN JOSE, Calif. and SINGAPORE, Aug. 27, 2013 (GLOBE NEWSWIRE) -- Avago Technologies Limited (Nasdaq:AVGO), a leading supplier of analog interface components for communications, industrial, and consumer applications, today reported financial results for the third quarter of its fiscal year 2013, ended August 4, 2013, and provided guidance for the fourth quarter of its fiscal year 2013.

Third Quarter Fiscal Year 2013 GAAP Results

Net revenue was $644 million, an increase of 15 percent compared with the previous quarter and an increase of 6 percent from the same quarter last year. The Company completed its acquisition of CyOptics Inc. on June 28, 2013 and CyOptics contributed $21 million to total net revenue for the quarter.

Gross margin was $304 million, or 47.2 percent of net revenue. This compares with gross margin of $272 million, or 48.4 percent of net revenue last quarter, and gross margin of $295 million, or 48.7 percent of net revenue in the same quarter last year.

Operating expenses were $164 million. This compares with $154 million in the prior quarter and $146 million for the same quarter the previous year.

Income from operations was $140 million. This compares with $118 million in the prior quarter and with $149 million in the same quarter last year.

Third quarter net income was $142 million, or $0.56 per diluted share. This compares with net income of $113 million, or $0.45 per diluted share for the prior quarter, and net income of $145 million, or $0.58 per diluted share in the same quarter last year.

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