News Article
TriQuint revenues strong with 24% increase
The firm reported quarterly revenues of $224.3 million, mainly driven by strong demand in the smartphone market.
TriQuint Semiconductor, an RF solutions supplier and technology innovator, has announced its financial results for the quarter ended April 2, 2011.
Commenting on the results for the quarter ended April 2, 2011, Ralph Quinsey, President and Chief Executive Officer, stated, “Driven by strong demand in the smartphone market, we enjoyed 24% revenue growth and 47% growth in non-GAAP earnings year over year in the first quarter. Looking ahead, I expect continued solid traction in mobile devices, strength in high performance optical amplifiers and good progress in the cable market.”
Revenue for the first quarter of 2011 was $224.3 million, up 24% from the first quarter of 2010 and down 11% sequentially. Mobile Devices grew 41% year over year while Networks grew 6% year over year.
Gross margin for the first quarter of 2011 was 39.0%, up from 37.9% in the first quarter of 2010 and flat sequentially.
Operating expenses for the first quarter of 2011 were $67.1 million, or 30% of revenue, up from $55.3 million in the first quarter of 2010 and $61.6 million in the previous quarter. Net income for the first quarter of 2011 was $12.4 million, or $0.07 per diluted share.
The Company believes second quarter revenue will be between $230 million and $240 million. Litigation expense is expected to be approximately $7 million. Second quarter non-GAAP net income is expected to be between $0.16 and $0.18 per share. The Company is 86% booked to the midpoint of revenue guidance.
In the last quarter, TriQuint was awarded by Compound Semiconductor Magazine for its R&D efforts. The company was also recipient of the ZTE Supplier of the Year Award and was recognised by China Electronic News top 10 brand and EE Times Annual Creativity in Electronics finalist for Company of the Year.
Since the end of the last quarter, TriQuint has Introduced new single and dual band WLAN Power Amplifiers that augment the Texas Instruments WiLink 6.0 and WiLink 7.0 solutions to support strong market demand for WiFi connectivity. It has also launched three new cable products expanding the transport portfolio.
TriQuint hosted a conference call to discuss the results for the quarter as well as its future expectations. A replay of the conference call will be available until May 4, 2011 from the company’s website.
