Skyworks Exceeds Q3 FY12 Revenue And EPS Estimates

Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high performance analog semiconductors enabling a broad range of end markets, today reported third fiscal quarter 2012 results. Revenue for the quarter ending June 29, 2012, was $389.0 million, up 7 percent sequentially and 9 percent when compared to revenue of $356.1 million in the third fiscal quarter of 2011 and exceeding the Company’s previous guidance for the quarter of $383.0 million.

On a non-GAAP basis, operating income for the third fiscal quarter was $91.7 million and diluted earnings per share was $0.45, $0.01 better than prior guidance. On a GAAP basis, operating income for the third fiscal quarter of 2012 was $62.0 million and diluted earnings per share was $0.26.

“Skyworks outperformed our addressable markets last quarter and the stage is set for a strong back half of 2012,” said David J. Aldrich, president and chief executive officer of Skyworks. “Our strategic diversification across OEMs and chipset partners is enabling us to produce consistently strong operating results despite the macro economy. Specifically, we are gaining share within adjacent vertical markets including automotive, medical, avionics, military, location services and broadband communications. At the same time, our innovative solutions are powering the world’s most popular smartphones, tablets, home automation platforms and network infrastructure systems. In short, we have created a differentiated business model that is delivering demonstrable, best in class mobile internet growth with analog semiconductor shareholder returns.”

Q3 Business Highlights
  • Unveiled SkyOne™ - a breakthrough front-end system for mobile platforms integrating all RF and analog content between the transceiver and antenna
  • Commenced volume production of wireless networking solutions in support of Broadcom’s 802.11ac platforms
  • Expanded portfolio of ultra low noise amplifiers for smart energy, public safety radio, cellular infrastructure and other ISM band applications
  • Ramped nine connectivity devices within a recently introduced ultra thin notebook
  • Captured a receiver protection design win with Medtronic for heart monitor applications
  • Secured initial power management design wins at three new OEM customers with suite of LED drivers
  • Deployed analog solutions for low-noise receivers being used in automotive toll tag transponder systems
  • Introduced high power linear control ICs for TD-LTE base stations, repeaters and low frequency military/microwave UHF and UVF radios

Fourth Fiscal Quarter 2012 Outlook

“Based on new program ramps and the depth of our product pipeline, we expect to outpace market growth in the second half of 2012,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “For the fourth fiscal quarter we expect record revenue in the range of $415 to $420 million with diluted non-GAAP earnings per share of $0.50 to $0.51, up more than 10 percent sequentially.”

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