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Skyworks Exceeds Q2 FY14 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 second fiscal quarter results for the period ending March 28, 2014. Revenue for the quarter was $481.0 million, up 13 percent year-over-year and better than the Company’s previous guidance for $470.0 million.

On a non-GAAP basis, operating income for the second fiscal quarter of 2014 was $130.4 million, up 31 percent from $99.7 million in the year ago period. Non-GAAP diluted earnings per share for the second fiscal quarter was $0.62 versus guidance of $0.59 and compared to $0.48 for the prior year second fiscal quarter. On a GAAP basis, operating income for the second fiscal quarter of 2014 was $102.6 million and diluted earnings per share was $0.40.

“Skyworks exceeded guidance across all key metrics last quarter and is set to substantially outpace the broader semiconductor industry as we capitalize on increasing analog system complexity driven by the Internet of Things,” said David J. Aldrich, president and chief executive officer of Skyworks. “By providing custom solutions that help our customers solve increasingly complex design challenges, we are enabling connectivity across a number of new and previously unimagined end markets and applications. Our expanding market footprint, customer relationships and design win pipeline are translating into accelerating growth and improving financial returns.”

Q2 Business Highlights

  • Enabled NetGear’s newest 802.11ac MU-MIMO routers and residential gateways
  • Supported Audi’s Homelink programmable car system
  • Captured high-reliability sockets with several aerospace and defense suppliers including Cobham, EADS, Herley and Teledyne
  • Secured power management design wins with Samsung
  • Ramped connected home solutions supporting security sensors, motion detectors, lighting controls and meters at Centralite and Landis+Gyr
  • Leveraged infrastructure portfolio for macro base station and remote and multi-standard radio applications across Alcatel-Lucent, Ericsson, Nokia Solutions and Networks and ZTE
  • Delivered analog control ICs to Medtronics for implantable heart monitors
  • Developed the industry's leading dual flash driver utilizing proprietary TrueFlash™ capability enabling sophisticated LED flash management features
  • Powered Microsoft, Nintendo and Sony gaming platforms with analog and connectivity solutions
  • Expanded footprint in multiple 4G TD-LTE architectures at leading smartphone OEMs including Coolpad, HTC, Lenovo and ZTE
  • Launched next-generation SkyOne™ platforms with carrier aggregation, additional frequency bands and MIPI® baseband interfaces
  • Enabled the Moto G smartphone with five front-end devices
  • Repurchased approximately two million shares of common stock

Dividend Update

Skyworks’ Board of Directors has declared its first cash dividend of $0.11 per share of the Company’s common stock. The dividend is payable on May 22, 2014 to stockholders of record at the close of business on May 13, 2014.

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