Updated from 4:57 p.m. EDT

Skyworks Solutions ( SWKS) began its new life as a restructured company by nearly tripping its quarterly profit.

The Woburn, Mass., chipmaker said it earned $12 million in net income, or 7 cents a share, in its fiscal first quarter. At this time last year, Skyworks had a net income of $4.3 million.

Excluding restructuring charges and other items, Skyworks said it earned 13 cents a share in the three months ended December 29, with sales of $196 million - meeting Wall Street expectations on both counts.

In October, Skyworks said it was immediately exiting the business of selling baseband chips for cell phones, focusing instead on other components such analog and radio frequency chips.

"Our record first fiscal quarter results demonstrate the financial leverage of the new Skyworks operating model," said CEO David Aldrich in a statement. "With intensified focus on our differentiated product portfolio and increasing profitability, we plan to build on this foundation as we set the stage for several program ramps in 2007."

In recent months, there has been speculation that the company may be providing some of the chips in Apple's ( AAPL) forthcoming, and much-hyped, iPhone. Skyworks did not mention the iPhone in a list of first-quarter highlights that included business ties with handset makers Sony Ericsson, LG Electronics and Samsung.

Among the new products slated to hit the market over the coming months, Skyworks management pointed to next-generation Wi-Fi chips, or 802.11N, as well as wireless infrastructure chips that support 3G technology, and the emerging WiMax standard.

"You should expect to see above-market growth rate from Skyworks as we move throughout the year," Aldrich said in a postearnings conference call.

The company intends to hold its operating expenses steady as revenue from the various new products kicks in, lifting Skyworks' EPS and gross margins, which stood at 38.5% in the first quarter.

For the quarter under way, though, Skyworks' CFO Allan Kline said the company's revenue would be down roughly 8%, at $180 million, with typical cell-phone market seasonality offset somewhat by new product introductions.

The revenue guidance was a tad shy of Street estimates that called for $187.4 million.

Skyworks projected adjusted EPS of 9 cents to 11 cents, bracketing analyst expectations of 10 cents.

Shares of Skwyorks were off 5 cents at $6.95 in extended trading Thursday.

In the fourth quarter, Skyworks said it shipped 12 million of its Helios radio chips, up more than 30% year over year.

Aldrich also said he was not worried that the company's radio frequency chip business was threatened by new all-in-one chips such as Texas Instruments' ( TXN) LoCosto, which combine the radio and baseband functionality on a single chip.

Those so-called system-on-a-chip, or SOC, products are geared for the low end of the cell-phone handset market, where performance requirements are much less stringent than the feature-rich phones that Skyworks' radio chips are used in, Aldrich said.

"It seems to me to be the wrong market, it's for the low-end market," said Adlrich.