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Skyworks Exceeds Q4 FY13 Revenue And EPS Guidance

Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high performance analog semiconductors enabling a broad range of end markets, today reported fourth fiscal quarter and year-end results for the period ending September 27, 2013. Revenue for the quarter was $477.0 million, up 13.3 percent year-over-year and 9.4 percent sequentially.

On a non-GAAP basis, operating income for the fourth fiscal quarter of 2013 was $130.3 million, up from $103.6 million in the fourth fiscal quarter of 2012, reflecting a 26 percent increase. Non-GAAP diluted earnings per share for the fourth fiscal quarter was $0.64 compared to $0.53 for the prior year fourth fiscal quarter, representing a 21 percent improvement. On a GAAP basis, operating income for the fourth fiscal quarter of 2013 was $105.5 million and diluted earnings per share was $0.44.

For fiscal year 2013, revenue was $1.792 billion, up 14 percent from fiscal 2012, while non-GAAP diluted earnings per share was $2.20, up 16 percent year-over-year. GAAP diluted earnings per share for fiscal 2013 was $1.45.

“Skyworks continues to outperform as we expand our diversified market footprint, gain content with customized analog solutions and capitalize on global demand for the Internet of Things,” said David J. Aldrich, president and chief executive officer of Skyworks. “We are effectively executing our strategy to deliver the growth of connectivity along with analog semiconductor financial returns. Based on our product innovation, proprietary solutions and track record of operational execution, we’ve created a differentiated business model. As a result, we are well positioned for sustainable above-market growth and shareholder value creation.”

Q4 Business Highlights

  • Delivered optical solutions for Varian Medical radiation oncology applications
  • Partnered with Silicon Labs to develop low-power, smart energy solutions supporting communication hubs, meters and in-home displays
  • Commenced volume shipments of DC/DC converters and LED backlight drivers for automotive displays at LG
  • Won hi-rel designs at Cobham, EADS and Teledyne for aerospace and defense applications
  • Captured analog control IC sockets for Johnson Controls’ Homelink™ system
  • Enabled WNC’s remote lighting, in-home monitoring and security/automation platforms with power management and ZigBee® front-end devices
  • Launched highly efficient isolators at Ericsson for LTE wireless base stations
  • Supported global satellite navigation standards with high linearity modules
  • Developed low noise amplifiers targeting Shure®’s broadcast microphones
  • Received Outstanding Supplier and Perfect Quality awards from Lenovo

First Fiscal Quarter 2014 Outlook

“Our ongoing diversification coupled with analog content gains in connectivity are enabling us to deliver better than seasonal revenue and year-over-year EPS growth of 20%,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “Specifically, for the first fiscal quarter of 2014, we anticipate revenue of $500 million with further margin expansion yielding $0.66 of non-GAAP diluted earnings per share.”

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