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Why Skyworks Solutions (SWKS) Is Up Today

Update (4:17 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Skyworks Solutions  (SWKS) rose 6.71% to $30.54, up $1.92 from its previous close of $28.62, at the close of the trading day on Friday after the company reported first-quarter earnings that surpassed expectations.

The stock had a volume of 13,247,273, nearly five times its average of 2,772,930. It hit a high of $31.80 and a low of $30.27.

The company reported that its revenue for the quarter increased 11% year over year and 6% sequentially to $505.2 million, at 67 cents a share. The numbers surpassed both the company's first-quarter guidance and analysts' expectations. Non-GAAP operating income for the  quarter totaled $141.8 million, up 24% from $114.8 million in the first fiscal quarter of 2013. Non-GAAP diluted earnings were 67 cents a share compared to 55 cents for the prior year's first fiscal quarter. GAAP operating income for the quarter was $116.0 million and diluted earnings were 49 cents a share.

"Skyworks is off to a great start in fiscal 2014 as we exceeded guidance and delivered strong performance across all key financial and operational metrics," said president and CEO David J. Aldrich in the company statement. "We are capitalizing on unprecedented demand for wireless ubiquity and the Internet of Things. Specifically, Skyworks is empowering connectivity across a number of strategic applications including medical devices, wearable technologies, home automation and hybrid vehicles as well as smartphones and tablets, linking people, places and things to improve the way the world communicates."

TheStreet Ratings team rates SKYWORKS SOLUTIONS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SKYWORKS SOLUTIONS INC (SWKS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 9.7%. Since the same quarter one year prior, revenues rose by 13.3%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • SWKS has no debt to speak of therefore resulting in a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. Along with this, the company maintains a quick ratio of 4.47, which clearly demonstrates the ability to cover short-term cash needs.
  • Powered by its strong earnings growth of 37.50% and other important driving factors, this stock has surged by 31.93% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, SWKS should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • SKYWORKS SOLUTIONS INC has improved earnings per share by 37.5% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, SKYWORKS SOLUTIONS INC increased its bottom line by earning $1.44 versus $1.06 in the prior year. This year, the market expects an improvement in earnings ($2.56 versus $1.44).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income increased by 36.7% when compared to the same quarter one year prior, rising from $61.60 million to $84.20 million.
  • You can view the full analysis from the report here: SWKS Ratings Report

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