News Article
TriQuint revenues down 9% to $216.0 million
The firm was another to take a hit on its quarterly financial results compared to the same period last year although it fared better over the equivalent previous nine month periods.
TriQuint Semiconductor has announced its financial results for the quarter ended October 1, 2011.
Revenues for the third quarter of 2011 were $216.0 million, down 9% from the third quarter of 2010 and down 6% sequentially. Revenues for the nine months ended October 1, 2011 were $669.1 million, up 7% from the nine months ended October 2, 2010. Mobile Devices revenue grew 14% over last year on a year to date basis. GAAP net income for the quarter was $16.2 million, or $0.09 per diluted share.
Gross margin for the third quarter of 2011 was 34.9%, down from 41.3% in the third quarter of 2010 and down sequentially from 40.3%. Gross margin for the nine months ended October 1, 2011 was 38.1%, compared to 40.3% for the same period in 2010.
Operating expenses for the third quarter of 2011 were $63.3 million, or 29% of revenue, up from $59.1 million in the third quarter of 2010 but down from $70.9 million in the previous quarter. Operating expenses for the nine months ended October 1, 2011 were $201.3 million, up from $173.1 million for the nine months ended October 2, 2010.
Net income for the third quarter of 2011 was $16.2 million, or $0.09 per diluted share, relatively consistent with the second quarter of 2011. Net income for the nine months ended October 1, 2011 was $45.2 million or $0.26 per diluted share.
Commenting on the results for the quarter ended October 1, 2011, Ralph Quinsey, President and Chief Executive Officer, stated "TriQuint's long term growth story remains intact. Mobile broadband and high performance RF are some of the most exciting growth markets in the world today. At TriQuint we are helping customers define the next generation of RF solutions. Additionally, we are investing in the capacity and capability required for future growth. I firmly believe these investments will lead to superior and sustainable long term financial performance for the company."
The Company believes fourth quarter revenues will be between $215 million and $225 million. During the fourth quarter, it expects lower factory utilisation as it burns through excess inventory and weak product mix to drive gross margin of 32% to 34%. Fourth quarter non-GAAP net income is expected to be between $0.06 and $0.08 per share. The Company is 90% booked to the midpoint of revenue guidance.
TriQuint hosted a conference call to discuss the results for the quarter and its future expectations for the company. A replay of the conference call will be available until November 2, 2011from the firm’s website.
