Skyworks Reports Record Q4 Results
Skyworks Solutions, the maker of analogue semiconductors, has reported its fourth fiscal quarter and year-end results for the period ending October 3, 2014. Revenue was $718.2 million, up 51 percent year-over-year and 22 percent sequentially, consistent with the updated outlook provided on October 14, 2014 and exceeding the company's original guidance midpoint of $680 million.
On a non-GAAP basis, operating income for the Q4 of 2014 was $235.7 million, up 81 percent from $130.3 million in the Q4 of 2013. Non-GAAP diluted earnings per share for the fourth fiscal quarter of 2014 was $1.12, including a $0.03 fiscal year-end tax benefit, compared to $0.64 for the prior year Q4. On a GAAP basis, operating income for the fourth fiscal quarter of 2014 was $198.1 million and diluted earnings per share was $0.90.
For fiscal year 2014, revenue was $2.3 billion, up 28 percent from fiscal 2013, while non-GAAP diluted earnings per share was $3.24, up 47 percent year-over-year. GAAP diluted earnings per share for fiscal 2014 was $2.38.
"Skyworks is aggressively executing on our strategy to deliver sustainable, above market growth with diversified analogue semiconductor returns," said David J. Aldrich, chairman and chief executive officer of Skyworks.
"Our advanced solutions are at the heart of mobile connectivity and the Internet of Things, and are empowering exciting new applications spanning mobile payments, to streaming music services, to on-demand media. Given our accelerating design win momentum and deep product pipeline, we have never been better positioned to grow demonstrably faster than our addressable markets and in turn, to deliver best-in-class financial returns."
Outlook
"Fiscal 2014 was a record year for Skyworks as we exceeded key metrics in each and every quarter and crossed the $2 billion revenue threshold," said Donald W. Palette, vice president and chief financial officer of Skyworks.
"Based on broad customer demand and crisp operational execution, we are now scaling to more than a $3 billion revenue run-rate with annualized non-GAAP earnings per share approaching $5.00. Specifically, for the first fiscal quarter of 2015, we anticipate revenue to be up 52 percent year-over-year to $770 million with further margin expansion yielding $1.18 of non-GAAP diluted earnings per share."
