Chipmaker Skyworks Delivers Mixed Quarterly Results But Guides Higher
Chipmaker Skyworks Solutions (SWKS) late Tuesday edged Wall Street’s target for earnings on in-line sales in its fiscal fourth quarter. But the Skyworks earnings report sent SWKS stock lower in extended trading.
The Woburn, Mass.-based company earned an adjusted $ 1.52 a share on sales of $ 827 million in the quarter ended Sept. 27. Analysts expected Skyworks earnings of $ 1.50 a share on sales of $ 827 million, according to Zacks Investment Research. On a year-over-year basis, Skyworks earnings fell 22% while sales dropped 18%.
For the current quarter, Skyworks expects to earn an adjusted $ 1.65 a share on sales of $ 880 million. That’s based on the midpoint of its guidance. Wall Street was modeling Skyworks earnings of $ 1.57 a share on sales of $ 863 million in the December quarter, Zacks said. In the year-earlier period, it earned $ 1.83 a share on sales of $ 972 million.
“Strategic product ramps, content gains and an expanding footprint across a broad set of customers, end markets and applications are expected to drive sequential revenue and earnings growth in the December quarter,” Chief Financial Officer Kris Sennesael said in a news release.
Skyworks Earnings News Drives SWKS Stock Down
Skyworks stock dropped 4.4%, near 97.10, in after-hours trading on the stock market today. During the regular session, SWKS stock rose 1.2% to 101.59.
On Oct. 21, Skyworks stock broke out of a 28-week consolidation period at a buy point of 88.87.
Skyworks makes wireless networking chips. Its analog semiconductors serve such markets as aerospace, automotive, broadband, cellular infrastructure, consumer electronics, connected home, industrial, medical and military.
“Skyworks delivered solid financial results in the fourth fiscal quarter, closing a year that saw extraordinary market volatility and change,” Chief Executive Liam Griffin said in a statement. “Looking ahead, we are well positioned to execute on our mission of delivering compelling 5G solutions across a growing and diverse suite of customers and markets.”
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor companies.
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