swung to an unexpectedly strong second-quarter profit, blowing away sales estimates thanks to strong sales of new wireless semiconductor products.
The Woburn, Mass., technology shop earned $13 million, or 8 cents a share, in the three months to July 2, reversing a loss of $6.2 million, or 4 cents a share, last year. The pro forma profit, which backs out intangibles amortization and other expenses, was 10 cents a share in the latest quarter. Revenue rose about 35% to $207.4 million.
Analysts had been forecasting earnings of 7 cents a share on revenue of $193.4 million in the quarter. Looking ahead, the company predicted a 15% sequential jump in operating profits, a gain that would exceed the existing Wall Street consensus earnings estimate of 9 cents a share.
"The market's acceptance of our newest wireless products along with the successful ramps of several key programs drove our strong third fiscal quarter performance," Skyworks said. "We gained market share across virtually all major product segments, delivered operating leverage, achieved record bottom line results and strengthened our balance sheet."
The stock rose 42 cents, or 6%, to $7.40 in after-hours trading.