News Article
TriQuint half yearly incomes nose dive
On a positive note, the company's quarterly results were mainly an improvement over the same quarter last year
TriQuint Semiconductor, an RF solutions supplier and technology innovator, has announced its financial results for the quarter ending June 29th, 2013.
GAAP results for Q2 2013
Revenue for the second quarter of 2013 was $190.1 million, up 7 percent from the second quarter of 2012 and up 3 percent sequentially. Revenue grew in all three markets from the second quarter of 2012. For example, the mobile devices market revenue grew 5 percent over the same period a year ago.
Cash and investments decreased by $51.8 million to $89.3 million in the quarter due primarily to the share buyback and planned growth in inventory. The company repurchased 7.7 million shares for $51.1 million and also the company doubled BAW capacity compared to last year's levels.
Gross margin for the second quarter of 2013 was 29.8 percent, up sequentially from 21.0 percent due to the absence of a now resolved Q1 quality issue, higher revenue, higher factory utilisation and better yields. Operating expenses for the second quarter of 2013 were $73.1 million, consistent with the previous quarter.
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GAAP results for H1 2013
Looking at the first half of the year, financials were not as good as for just the quarter. Revenues decreased by 5.4 percent from $394.7 million in H1 2012 to $374.3 million in H1 2013. For the same periods, operating income fared much worse, with losses increasing by 45 percent, while even worse, net losses increased by a massive 74 percent.
A graph below summarises the results for the first half of 2013 as compared to the first half of 2012.
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Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, "It is an exciting time for TriQuint. Our results exceeded our April guidance, but more importantly, this marks the beginning of the next phase of growth at TriQuint. In Q3 2013, I expect revenue to jump 30 percent sequentially, bringing significantly improved margins and profitability. I believe Q3 is the beginning of a stronger period of performance for TriQuint, built on a differentiated strategy that is defensible and sustainable. Our strategic focus is on innovation, technology and a comprehensive RF capability. Our investments in proprietary GaN, BAW and advanced SAW are examples of where we set ourselves apart from the competition and I believe our Q3 outlook validates our path."
Net loss for the second quarter of 2013 was $14.9 million or $(0.09) per share, compared with a net loss of $27.9 million, or $(0.17) per share, in the previous quarter.
Non-GAAP Results
Gross margin for the second quarter was 31.3 percent, up sequentially from 22.8 percent due to the absence of a now resolved Q1 quality issue, higher revenue, improved factory utilisation and better yields. Operating expenses for the quarter were $69.6 million, up 2 percent sequentially.
Net loss for the second quarter of 2013 was $10.9 million, or $(0.07) per share, improved sequentially from a net loss of $27.2 million or $(0.17) per share.
Outlook:
The company believes third quarter 2013 revenue will be between $245 million and $255 million and is currently 90 percent booked to the midpoint of this guidance.
Non-GAAP gross margin is expected to be between 34 percent and 36 percent, driven primarily by higher expected revenue. Third quarter non-GAAP net income is expected to be between $0.09 and $0.11 per diluted share. Solid results in the second quarter and our current expectation for the remainder of the year lead us to believe non-GAAP earnings of at least $0.05 per diluted share for fiscal 2013 is a reasonable expectation.
The company did not discuss its outlook based on GAAP measures.
TriQuint hosted a conference call discussing the results for the quarter and its future expectations for the company. The call can be heard via webcast accessed through the "Investors" section of TriQuint's web site at: http://invest.triquint.com. A replay of the conference call will be available until July 30th, 2013.
GAAP results for Q2 2013
Revenue for the second quarter of 2013 was $190.1 million, up 7 percent from the second quarter of 2012 and up 3 percent sequentially. Revenue grew in all three markets from the second quarter of 2012. For example, the mobile devices market revenue grew 5 percent over the same period a year ago.
Cash and investments decreased by $51.8 million to $89.3 million in the quarter due primarily to the share buyback and planned growth in inventory. The company repurchased 7.7 million shares for $51.1 million and also the company doubled BAW capacity compared to last year's levels.
Gross margin for the second quarter of 2013 was 29.8 percent, up sequentially from 21.0 percent due to the absence of a now resolved Q1 quality issue, higher revenue, higher factory utilisation and better yields. Operating expenses for the second quarter of 2013 were $73.1 million, consistent with the previous quarter.
GAAP results for H1 2013
Looking at the first half of the year, financials were not as good as for just the quarter. Revenues decreased by 5.4 percent from $394.7 million in H1 2012 to $374.3 million in H1 2013. For the same periods, operating income fared much worse, with losses increasing by 45 percent, while even worse, net losses increased by a massive 74 percent.
A graph below summarises the results for the first half of 2013 as compared to the first half of 2012.
Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, "It is an exciting time for TriQuint. Our results exceeded our April guidance, but more importantly, this marks the beginning of the next phase of growth at TriQuint. In Q3 2013, I expect revenue to jump 30 percent sequentially, bringing significantly improved margins and profitability. I believe Q3 is the beginning of a stronger period of performance for TriQuint, built on a differentiated strategy that is defensible and sustainable. Our strategic focus is on innovation, technology and a comprehensive RF capability. Our investments in proprietary GaN, BAW and advanced SAW are examples of where we set ourselves apart from the competition and I believe our Q3 outlook validates our path."
Net loss for the second quarter of 2013 was $14.9 million or $(0.09) per share, compared with a net loss of $27.9 million, or $(0.17) per share, in the previous quarter.
Non-GAAP Results
Gross margin for the second quarter was 31.3 percent, up sequentially from 22.8 percent due to the absence of a now resolved Q1 quality issue, higher revenue, improved factory utilisation and better yields. Operating expenses for the quarter were $69.6 million, up 2 percent sequentially.
Net loss for the second quarter of 2013 was $10.9 million, or $(0.07) per share, improved sequentially from a net loss of $27.2 million or $(0.17) per share.
Outlook:
The company believes third quarter 2013 revenue will be between $245 million and $255 million and is currently 90 percent booked to the midpoint of this guidance.
Non-GAAP gross margin is expected to be between 34 percent and 36 percent, driven primarily by higher expected revenue. Third quarter non-GAAP net income is expected to be between $0.09 and $0.11 per diluted share. Solid results in the second quarter and our current expectation for the remainder of the year lead us to believe non-GAAP earnings of at least $0.05 per diluted share for fiscal 2013 is a reasonable expectation.
The company did not discuss its outlook based on GAAP measures.
TriQuint hosted a conference call discussing the results for the quarter and its future expectations for the company. The call can be heard via webcast accessed through the "Investors" section of TriQuint's web site at: http://invest.triquint.com. A replay of the conference call will be available until July 30th, 2013.
