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Skyworks Exceeds Q2 FY14 Revenue And EPS Guidance

Skyworks have reported 2nd Q results for the period ending March 28, 2014. Revenue for the quarter was $481.0 million, up 13 percent year-over-year.

Delivers $481 Million in Revenue, Up 13% Y-o-Y
   
Posts $0.62 of Non-GAAP Diluted EPS ($0.40 GAAP); $0.03 Better Than Guidance and Up 29% Y-o-Y

Generates $214 Million in Quarterly Cash Flow from Operations

Board of Directors Declares First Cash Dividend of $0.11 per Share

Guides to $535 Million in Revenue in Q3 FY14, Up 11% Sequentially and 23% Y-o-Y

Expects $0.73 in Non-GAAP Diluted EPS in Q3 FY14, Up 18% Sequentially and 35% Y-o-Y


 “As our performance demonstrates, Skyworks is executing to our strategy of gaining semiconductor content through system-level integration, diversifying into adjacent vertical applications and relentlessly pursuing operational excellence"

On a non-GAAP basis, operating income for the second fiscal quarter of 2014 was $130.4 million, up 31 percent from $99.7 million in the year ago period. Non-GAAP diluted earnings per share for the second fiscal quarter was $0.62 versus guidance of $0.59 and compared to $0.48 for the prior year second fiscal quarter. On a GAAP basis, operating income for the second fiscal quarter of 2014 was $102.6 million and diluted earnings per share was $0.40.

“Skyworks exceeded guidance across all key metrics last quarter and is set to substantially outpace the broader semiconductor industry as we capitalize on increasing analog system complexity driven by the Internet of Things," said David J. Aldrich, president and chief executive officer of Skyworks. “By providing custom solutions that help our customers solve increasingly complex design challenges, we are enabling connectivity across a number of new and previously unimagined end markets and applications. Our expanding market footprint, customer relationships and design win pipeline are translating into accelerating growth and improving financial returns."

Q2 Business Highlights

Enabled NetGear’s newest 802.11ac MU-MIMO routers and residential gateways

Supported Audi’s Homelink programmable car system

Captured high-reliability sockets with several aerospace and defense suppliers including Cobham, EADS, Herley and Teledyne
Secured power management design wins with Samsung

Ramped connected home solutions supporting security sensors, motion detectors, lighting controls and meters at Centralite and Landis+Gyr

Leveraged infrastructure portfolio for macro base station and remote and multi-standard radio applications across Alcatel-Lucent, Ericsson, Nokia Solutions and Networks and ZTE

Delivered analog control ICs to Medtronics for implantable heart monitors

Developed the industry's leading dual flash driver utilizing proprietary TrueFlash™ capability enabling sophisticated LED flash management features

Powered Microsoft, Nintendo and Sony gaming platforms with analog and connectivity solutions

Expanded footprint in multiple 4G TD-LTE architectures at leading smartphone OEMs including Coolpad, HTC, Lenovo and ZTE

Launched next-generation SkyOne™ platforms with carrier aggregation, additional frequency bands and MIPI® baseband interfaces

Enabled the Moto G smartphone with five front-end devices

Repurchased approximately two million shares of common stock


Dividend Update

Skyworks’ Board of Directors has declared its first cash dividend of $0.11 per share of the Company’s common stock. The dividend is payable on May 22, 2014 to stockholders of record at the close of business on May 13, 2014.

www.skyworksinc.com.



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