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Qorvo Year Off To A Strong Start

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Company delivered revenue and EPS well above guidance

Qorvo, a provider of RF solutions, has announced financial results for the company's fiscal 2019 first quarter, ended June 30, 2018.

On a GAAP basis, revenue for Qorvo's fiscal 2019 first quarter was $692.7 million, gross margin was 34.2 percent, operating loss was $19.2 million, and loss per share was $0.24. On a non-GAAP basis, revenue for Qorvo's fiscal 2019 first quarter was $692.7 million, gross margin was 44.0 percent, operating income was $144.4 million and diluted earnings per share was $0.96.

Bob Bruggeworth, president and CEO of Qorvo, said, "In the June quarter, Qorvo delivered revenue and EPS well above guidance, and in the September quarter we expect sequential growth driven by new product ramps. Qorvo's positive long-term outlook reflects our enthusiasm for the team we've built, the markets we serve, and the underlying macro-trends of LTE-Advanced/Pro, 5G, IoT and GaN."

Quarterly Highlights

- Expanded shipments of quadplexers, antenna control solutions and RF Fusion Phase 6 modules in support of leading China-based smartphone manufacturers

- Secured design win for an ultra-high band (UHB) FEM for a Korea-based marquee smartphone launching this year, addressing 3.5GHz UHB requirements ahead of the coming 5G rollout

- Awarded design wins for next-generation tri-band distributed Wi-Fi systems by leading Us provider of cost-effective, plug-in distributed Wi-Fi end-points for retail and carrier-based solutions

- Selected by Qualcomm to supply high efficiency 5GHz FEM for new 802.11ax carrier gateway designs

- Expanded massive MIMO and 5G base station product portfolio with highly integrated modules supporting the full spectrum of anticipated 5G frequency bands, up to 39GHz

- Powered the first commercially available millimeter wave fixed wireless access service, recently launched in Boston, Los Angeles and Washington, DC, with 39GHz GaN FEMs

- Expanded portfolio of GaN-based defence solutions with the release of high performance X-Band FEMs for mission critical radar systems for customers around the world

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said, "Our June quarter exceeded guidance with strong mobile growth in China, continued broad-based growth in IDP, and excellent cost control across the company. Our fiscal year is off to a strong start, and we expect our portfolio focus and operational discipline to drive stronger earnings and cash flow. Qorvo's September quarter and full year outlook reflect continued growth and margin expansion, consistent with our previous guidance."

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the September 2018 quarter: Quarterly revenue in the range of $850 million to $860 million; gross margin of approximately 47.5 percent; diluted earnings per share of $1.62 at the midpoint of guidance


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