TriQuint Flying High with Record Revenues of $878.7 Million
TriQuint Semiconductor, an RF solutions supplier, has announced its financial results for the quarter and year ended December 31, 2010.
Revenue for the quarter was $253.4 million, up 31% from Q4'09. Mobile Devices quarterly revenue grew 34% from Q4'09 and Networks revenue for Q4'10 were up over 54% over the same quarter last year.
Commenting on the results for the quarter ended December 31, 2010, Ralph Quinsey, President and
CEO, stated “TriQuint turned in record 2010 financial results growing revenue 34%. GAAP net income for the year grew almost 12 fold and non-GAAP earnings almost tripled. I am very pleased with the performance of the Company. With the world transitioning to a mobile Internet, I expect a strong market and see another solid growth year for TriQuint in 2011.”
Revenue for the fourth quarter of 2010 was $253.4 million, up 31% from the fourth quarter of 2009. Revenue for 2010 was $878.7 million, up 34% from 2009. Networks continued to enjoy a strong rebound from the lows of 2009, with quarterly revenue growing 50% year over year. Mobile Devices showed robust growth, with quarterly revenue increasing 34% year over year.
Gross margin for the fourth quarter of 2010 was 39.0%, up from 37.4% in the fourth quarter of 2009.
Gross margin for 2010 was 39.9%, up from 31.9% for 2009.
Operating expenses for the fourth quarter of 2010 were $61.6 million, or 24% of revenue, up from $59.1
million in the previous quarter and $53.9 million in the fourth quarter of 2009. Operating expenses for
2010 were $234.7 million.
Net income for the fourth quarter of 2010 was $42.5 million, or $0.25 per diluted share. Net income for
2010 was $190.8 million or $1.17 per diluted share.
Outlook:
The Company believes first quarter revenue will be between $215 million and $225 million. At the
midpoint, this implies revenue growth of 22% over the first quarter of 2010. For the full year, the company believes continued robust growth in demand should lead to revenue growth of about 20%.
TriQuint hosted a conference call yesterday to discuss the results for the quarter and its future expectations .
The call can be heard via webcast accessed through the “Investors” section of TriQuint's web site at: www.triquint.com/investors/events. A replay of the conference call will be available until February 16, 2011.
