Skyworks a Penny Ahead - Analyst Blog
2012年11月2日 - 10:56PM
Zacks
Skyworks Solutions (SWKS) reported a net
income of 44 cents per share in the fourth quarter of fiscal 2012
(excluding acquisition-related charges but including stock-based
compensation expense), beating the Zacks Consensus Estimate by a
penny.
Reported net income was $61.6 million or 32 cents per share
compared to a net income of $49.3 million or 26 cents per diluted
share in the previous quarter and a net income of $64.2 million or
34 cents per diluted share in the year-ago quarter.
Revenues
Skyworks reported revenues of $421.1 million, up 4.7% year over
year and 8.2% sequentially and surpassed management’s updated
guidance of $420.0 million. For fiscal 2012, revenue of $1.6
billion grew 11% year over year.
Skyworks’s strategic diversification across OEMs and chipset
partners is enabling the company to deliver consistent results
despite the macroeconomic uncertainty.
Skyworks continues to capitalize on global mobile connectivity
ubiquity and demand for high performance analog solutions across a
diverse set of vertical markets. The company is rapidly expanding
its footprint in complementary new verticals like automotive,
medical and connected home. Skyworks continues to gain market
share in adjacent vertical markets like automotive, medical,
avionics, military, location services and broadband
communications.
Mobile internet growth continues to be healthy, driven by
smartphones and tablets. The need for high-performance analog
solutions is expanding into brand-new markets, such as medical,
automotive, military and industrial, thereby fueling demand for
broadband connectivity.
In recent times, macro trends such as social networking,
cloud-based content and the explosion of audio and video streaming
continue to unify, thus driving increased semiconductor content and
complexity in smartphones, tablets, ultrabooks and e-readers as
well as within the supporting network infrastructure.
The global increase in mobile broadband phenomenon is slowly
displacing traditional computing, which is further augmented by the
entry of bigwigs like Google (GOOG),
Amazon (AMZN) and Microsoft
(MSFT). In addition, RF content per device continues to rise on the
remarkable increase in the number of LTE-enabled devices and a
major smartphone upgrade cycle, beginning in the emerging markets
like China.
Skyworks is actively participating in developing activities,
which support major 2013 phone models that incorporate entirely new
LTE bands like 9 and 10; 18, 19 and 38, 41, to support
deployments in Europe and Asia, which shall result in incremental
addressable content.
Margins
Gross margin came in at 42.9%, slightly down from 43.2% in the
previous quarter and 44.7% in the year-ago quarter. Operating
margin came in at 24.6% versus 23.6% in the previous quarter and
27.2% in the year-ago quarter.
Skyworks generated $50 million in cash flow from operations and
incurred $31 million in capital expenditures. The company does not
have any debt on its balance sheet as of now.
The company ended the quarter with cash and equivalents of
$307.1 million, down from $327.9 million at the end of the previous
quarter.
Guidance
Going forward, management expects revenues of approximately $450
in the first quarter of fiscal 2013, up 14% year over year and 7%
sequentially, driven by new platform wins and design momentum.
Skyworks believes that its strategy of diversifying its
business, expanding into new verticals and continued focus
operational execution will drive growth even in a weak economic
environment.
Gross margin is projected at around 43.0%. Operating expenses
are projected to be $80 million. Management expects gross margin to
improve as the company benefits from current capital investments
and ramp up of margin accretive products like SkyOne, SkyHi along
with its portfolio of high-performance analog products. Operating
margin is anticipated to be approximately 25%. Skyworks expects
earnings per share of 54 cents in the first quarter.
However, the results did not seem to impress investors as the
company’s shares lost 5.61% in after hours trading to close at
$22.73.
We continue to maintain a Neutral recommendation on Skyworks.
Our recommendation is supported by a Zacks #3 Rank on Skyworks,
which translates into a short-term rating of Hold.
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