Skywork Solutions reported earnings of $1.15 for the second quarter, above analysts' estimates of $1.13 a share for the quarter. Revenue increased 58.4% year over year to $762.1 million for the quarter, beating analysts' estimates of $751.83 million.
The company said it expects earnings of $1.28 a share and revenue of $800 million for the fiscal third quarter. Analysts expect the company to report earnings of $1.19 a share and revenue of $781.81 million for the fiscal third quarter.
"Skyworks outperformance underscores the success of our diversification strategy, as positive momentum across our customer base, end markets and product lines helped to mitigate normal March quarter seasonality," Chairmand and CEO David J. Aldrich said.
Insight from TheSteet's Research Team:
Skyworks Solutions is a part of Bryan Ashenberg's GrowthSeeker.com Portfolio. Here is what Bryan had to say about the stock in a recent alert:
Management guided fiscal third-quarter revenue to $800 million (up 36% year over year), ahead of Wall Street's forecast of $781 million. Third-quarter EPS are now projected to be $1.28, ahead of the consensus estimate of $1.19, and gross margin was targeted to be 48%, up 130 basis points sequentially. Management expect margins will trend positively over the course of 2015. The company continues to see itself on a path to $7 in annualized EPS over the next couple of years, with a 50%+ gross margin. The company is now forecasting a 55%+ incremental gross margins, up from 52%.