News Article
TriQuint Revenues Increase By 23% from Q2 2009
Increased gross margin is attributed to to strong factory utilization, a higher mix of networks and defense product revenue and favorable product mixes.
TriQuint Semiconductor, a leading RF front-end product and foundry services provider, has announced its financial results for the quarter ended July 3, 2010.
Revenue for the second quarter of 2010 was $207.5 million, up 23% from the second quarter of 2009. Networks products continued to enjoy a strong rebound from the lows of 2009 growing 19% sequentially and 64% year over year.
Net income for the second quarter of 2010 was $22.5 million, or $0.14 per diluted share.
Gross margin for the second quarter of 2010 was 41.2%, up from 32.3% in the second quarter of 2009. Gross margin improved sequentially due to strong factory utilization, a higher mix of networks and defense product revenue and favorable product mix.
GAAP Operating Expenses for the second quarter of 2010 were $58.8 million, or 28.3% of revenue, up from $50.3 million, or 29.8% of revenue in the second quarter of 2009.Most of the increase was in research and development expenses.
Commenting on the results for the quarter ended July 3, 2010, Ralph Quinsey, President and CEO, stated “TriQuint had a strong second quarter, passing the $200 million a quarter revenue milestone and exceeding our non-GAAP operating income target of 15% on a healthy mix of higher margin Networks products. I now expect year over year revenue growth to be 25-30% based on continued strong smartphone design wins and market growth.”
The Company believes third quarter revenue will be between $215 million and $225 million, up about 6% sequentially. It expects strong growth in the mobile devices market will lead to a non-GAAP gross margin between 40% and 41%. Non-GAAP operating expenses are expected to grow to about $57 million. Third quarter net income is expected to be about $0.20 per share on a non-GAAP basis.
TriQuint hosted a conference call discussing the results for the quarter as well as its future expectations.
A replay of the conference call is available until midnight on August 4, 2010 from the Investors section of the Company's website at: www.triquint.com/investors/events .
