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Qorvo Delivers Record Earnings Per Share

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Company delivers EPS of $0.55 despite softness in the smartphone market

Qorvo, a provider of RF solutions, has announced financial results for the company's fiscal 2019 third quarter, ended December 29, 2018.

On a GAAP basis, revenue for Q3 was $832 million, gross margin was 40.7 percent, operating income was $81 million and diluted earnings per share was $0.55. On a non-GAAP basis, revenue was $832 million, gross margin was 49.5 percent, operating income was $261 million and diluted earnings per share was $1.85.



Bob Bruggeworth, president and CEO of Qorvo, said: "Qorvo delivered record EPS and free cash flow in the December quarter despite softness in the smartphone market. I am pleased with our operational performance and excited about our position in the markets we serve, including 5G, Wi-Fi 6, IoT, and defence."

Quarterly highlights

Significantly increased shipments of 5G massive MIMO infrastructure solutions to multiple OEMs and secured additional design wins across all anticipated 5G frequency bands, from sub-6GHz to millimeter wave

- Secured design win to supply both the 2.4GHz and 5GHz FEMs for the Netgear Orbi Voice tri-band distributed Wi-Fi system

- Commenced shipments of mid-/high-band PAD and ultra-high band (UHB) 3.5GHz FEM to leading Korea-based smartphone manufacturer

- Expanded support of Huawei to include mid-/high-band PAD, low-band PAD, antenna tuning and envelope tracking PMIC for Mate 20

- Selected by MediaTek to support 5G reference design with UHB 3.5GHz FEMs, enabling early 5G device demos

- Commenced commercial shipments of cellular IoT system-in-package modules for LTE CAT-M and NB-IoT applications, in collaboration with Nordic Semiconductor

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said: "Qorvo's March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP. Looking forward, our expanding growth opportunities in IDP, sharp focus on high-value programs in Mobile Products and actions to improve our cost structure are expected to drive another year of record earnings and free cash flow in fiscal '20."

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the March 2019 quarter: quarterly revenue in the range of $660 million to $680 million; gross margin of approximately 47 percent; and diluted earnings per share of $1.05 at the midpoint of guidance.



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