News Article

Qorvo Reports Better Than Expected Q1

News

5G rollout and operational performance helped drive a June quarter well above guidance

Qorvo, a provider of RF solutions, has announced financial results for the company's fiscal 2021 first quarter, ended June 27, 2020.

On a GAAP basis, revenue for Qorvo's fiscal 2021 first quarter was $787 million, gross margin was 41.4 percent, operating income was $93 million and diluted earnings per share was $0.83. On a non-GAAP basis, gross margin was 48.6 percent, operating income was $204 million and diluted earnings per share was $1.50.

Bob Bruggeworth, president and CEO of Qorvo, said: “Qorvo delivered an exceptional June quarter, with revenue and EPS well above guidance. The Qorvo team continues to operate very well in a challenging environment. We are supporting leading customers with best-in-class products, and our technology investments are aligned with long-term market drivers in 5G handsets and infrastructure, defence, Wi-Fi 6 and IoT.”

Mark Murphy, chief financial officer of Qorvo, said: “The rollout of 5G and Qorvo's operational performance helped drive a June quarter well above our expectations. During the September quarter, we expect robust end market demand and ongoing operational improvements to drive healthy revenue growth, gross margin expansion to approximately 50 percent, and continued strong free cash flow.”

Strategic Highlights

- Achieved record infrastructure revenue supporting 5G base station deployments and sampled GaN power amplifiers for upcoming US C-band spectrum allocations

- Ramped programmable power management solution and Wi-Fi 6 FEM for a leading drone manufacturer, enabling longer flight time, greater range and larger payload

- Awarded design wins for integrated GaN multi-chip broadband Tx/Rx module and 50-watt GaN power amplifier for defence radar programs

- Experienced continued strong demand for Wi-Fi 6 products, including FEMs and BAW filters, driven by work-from-home trends

- Commenced shipments of integrated ultra-low power, multi-protocol Zigbee, BLE and Thread IoT solution supporting one of the largest providers of smart home infrastructure solutions

- Requested an emergency use authorisation (EUA) from the FDA for COVID-19 antibody testing using Qorvo Biotechnologies' platform featuring a unique sensor technology

- Ramped antennaplexer solution addressing antenna network complexity and optimising system efficiency for upcoming foldable smartphone

- Captured complete main path (highly integrated low-band, mid-/high-band and ultra-high-band modules) at leading Android smartphone manufacturers for upcoming 5G product launches

- Commenced high volume UWB shipments enabling superior accuracy and reliability in spatial awareness applications, including contact tracing/social distancing, for numerous customers globally

- Increased mobile power management shipments, driven by adoption of 4G/5G dual transmit

Financial Commentary and Outlook

Qorvo currently believes the demand environment in its end markets supports the following expectations for the September 2020 quarter:

- Quarterly revenue in the range of $925 million to $955 million

- Non-GAAP gross margin of approximately 50 percent

- Non-GAAP diluted earnings per share of $1.90 at the midpoint of guidance

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