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Qorvo Q4 Revenue Up Nearly 6 Percent

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Annual revenue growth of 16 percent driven by infrastructure, defence and mobile products

RF firm Qorvo has announced financial results for the company's fiscal 2017 Q4, ended April 1, 2017. On a GAAP basis, fiscal 2017 Q4 revenue increased 5.7 percent year-over-year to $643.0 million. Gross margin was 36.0 percent, operating loss was $24.5 million, and diluted EPS was $0.43.

On a non-GAAP basis, fiscal 2017 Q4 revenue was $642.0 million, gross margin was 46.2 percent, operating income was $133.4 million, or 20.8 percent of sales, and diluted EPS was $0.85.

"For fiscal year 2017, Qorvo delivered revenue of $3 billion, up 16 percent year-over-year, with 23 percent growth in IDP [infrastructure and defence products] and 14 percent growth in Mobile Products. We are very proud of what the team achieved, and we expect continued strong revenue growth and margin expansion in fiscal year 2018," said Bob Bruggeworth, president and chief executive officer of Qorvo.

He added: "In the March quarter, we continued to extend our product and technology leadership. We collaborated with all major infrastructure OEMs on next-generation 4G and pre-5G macro base station GaN PAs, we supported 1 Gbps throughput in the ZTE Gigabit smartphone, we supplied the industry's first 5G RF front end in collaboration with Intel, and we achieved full certification of the first single-placement integrated module covering low, mid and high bands on a MediaTek baseband."

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said: "In the Q4, Qorvo delivered revenue and margins above consensus and earnings at the high end of our guidance range. While our June quarter guidance reflects weaker than anticipated near-term demand in China, we see strong revenue growth, gross and operating margin expansion, and a doubling of free cash flow for fiscal year 2018."

Qorvo currently expects the demand environment in its end markets supports the following non-GAAP expectations for the June 2017 quarter: Quarterly revenue in the range of $610 million to $650 million, gross margin of approximately 47 percent, and tax rate below 10 percent.


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