News Article
TriQuint Revenues For Q3 2010 Up 37% Year-Over-Year
Revenue for the third quarter of 2010 was $237.0 million, with networks continuing to enjoy a strong rebound from the lows of 2009 and mobile devices showing robust growth.
TriQuint Semiconductor, a leading RF front-end product and foundry services provider, has announced its financial results for the quarter ended October 2, 2010.
Commenting on the results for the quarter ended October 2, 2010, Ralph Quinsey, President and CEO, stated "I am very pleased with our results this quarter and am excited about our long term opportunities. We've turned in record third quarter revenue and, not including favorable non cash tax effects, generated more non-GAAP net income in Q3 than we did in either of the preceding 2 years. Our strategy of RF integration, multi-market innovation, and growth for scale has been effective. Looking forward I expect that the RF market will remain healthy and TriQuint will benefit from a strong product roadmap built on industry leading technology platforms."
Revenue for the third quarter of 2010 was $237.0 million, up 37% from the third quarter of 2009 and 14% sequentially. Networks continued to enjoy a strong rebound from the lows of 2009, with revenue growing 61% compared to the third quarter of 2009. Mobile Devices showed robust growth, with revenue increasing 28% sequentially and 37% compared to the third quarter of 2009.
Net income for the third quarter of 2010 was $110.9 million, or $0.68 per diluted share. The company recognized a tax benefit of $72.1 million during the third quarter primarily due to the reversal of a valuation allowance previously placed on our net deferred tax assets which are mostly net operating loss carryforwards (NOLs). This reversal is a non-cash event that indicates strengthened conviction in the company's ability to generate sufficient profits to fully utilize these NOLs.
Gross margin for the third quarter of 2010 on a GAP basis was 41.3%, up from 33.8% in the third quarter of 2009.
Operating expenses for the third quarter of 2010 were $59.1 million, or 24.9% of revenue, up from $47.7 million in the third quarter of 2009.
The company believes fourth quarter revenue will be between $245 million and $255 million. At the midpoint, this implies revenue growth in 2010 of 33% over the prior year. Looking to 2011, the company believes continued robust growth in demand should lead to revenue growth of about 20%.
For the fourth quarter of 2010, the company expects that strong growth in the mobile devices market will lead to a non-GAAP gross margin between 41% and 42%. Non-GAAP operating expenses are expected to grow to about $59 million, or 24% of revenue. Fourth quarter net income is expected to be between $0.26 and $0.28 per share on a non-GAAP basis. The company is 91% booked to the midpoint of revenue guidance.
Conference Call:
TriQuint will host a conference call this afternoon at 2:00 p.m. PDT to discuss the results for the quarter as well as our future expectations for the company. To access the conference call, please dial (888) 813-6582 begin_of_the_skype_highlighting (888) 813-6582 end_of_the_skype_highlighting domestically, or (706) 643-7082 begin_of_the_skype_highlighting (706) 643-7082
