Info
Info
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.



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.





AngelTech Live III: Join us on 12 April 2021!

AngelTech Live III will be broadcast on 12 April 2021, 10am BST, rebroadcast on 14 April (10am CTT) and 16 April (10am PST) and will feature online versions of the market-leading physical events: CS International and PIC International PLUS a brand new Silicon Semiconductor International Track!

Thanks to the great diversity of the semiconductor industry, we are always chasing new markets and developing a range of exciting technologies.

2021 is no different. Over the last few months interest in deep-UV LEDs has rocketed, due to its capability to disinfect and sanitise areas and combat Covid-19. We shall consider a roadmap for this device, along with technologies for boosting its output.

We shall also look at microLEDs, a display with many wonderful attributes, identifying processes for handling the mass transfer of tiny emitters that hold the key to commercialisation of this technology.

We shall also discuss electrification of transportation, underpinned by wide bandgap power electronics and supported by blue lasers that are ideal for processing copper.

Additional areas we will cover include the development of GaN ICs, to improve the reach of power electronics; the great strides that have been made with gallium oxide; and a look at new materials, such as cubic GaN and AlScN.

Having attracted 1500 delegates over the last 2 online summits, the 3rd event promises to be even bigger and better – with 3 interactive sessions over 1 day and will once again prove to be a key event across the semiconductor and photonic integrated circuits calendar.

So make sure you sign up today and discover the latest cutting edge developments across the compound semiconductor and integrated photonics value chain.

REGISTER FOR FREE

VIEW SESSIONS

Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
×
Logo
×
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}
Live Event