RF/microwave integrated device manufacturer, Skyworks Solutions, Inc. (NASDAQ: SWKS) announced their second fiscal quarter 2009 results on Thursday. Revenue for the quarter was $173.0 million, a 14 percent decrease from $201.7 million in the year-ago period and versus guidance of $168.0 million.
Non-GAAP operating income was $21.2 million in the second fiscal quarter with diluted earnings per share of $0.12, $0.02 better than consensus estimates. On a GAAP basis, operating loss for the second fiscal quarter was $3.7 million and diluted loss per share was $0.03, including $19.4 million of previously disclosed charges relating to the Company�s operating expense reduction initiatives.
�Despite the challenging economic backdrop, Skyworks delivered solid financial results in the second fiscal quarter of 2009 driven by our diversification, scale advantages, fab-lite strategy and improved cost structure,� said David J. Aldrich, president and chief executive officer of Skyworks. �Offsetting general market weakness, our performance was highlighted by strength in energy management and smart grid technologies, China 3G base stations, smart phones and push-to-talk applications. At a higher level, we believe our results demonstrate that Skyworks is gaining share in the broader analog semiconductor market and is creating a highly differentiated business model.�
Business Highlights
* Maintained non-GAAP gross margin of 40 percent (38 percent on a GAAP basis)
* Reduced operating expenses by more than $25 million on an annualized basis
* Partnered with Itron, a leading energy technology provider, to meet increasing demand for smart meter technology
* Captured key design wins at Huawei and ZTE for 3G and 4G base station solutions
* Unveiled a suite of low noise amplifiers targeting ultra-high performance infrastructure, GPS and satellite radio applications
* Supported an increasingly popular e-book reading platform developed by one of the world�s largest online retailers
* Expanded Qualcomm baseband partnership leveraging higher value front-end modules and encompassing a growing number of 2G, 3G and HSDPA reference designs
* Named Supplier of the Year for the second consecutive time by LG Electronics
Third Fiscal Quarter 2009 Outlook
�Although we remain cautious on the macro-economy, Skyworks intends to resume top and bottom line growth in the current quarter through share gains and participation in new markets,� said Donald W. Palette, vice president and chief financial officer of Skyworks. �Specifically, we expect June quarterly revenue to be up 5 percent sequentially with expanding margins driving non-GAAP diluted earnings per share of $0.14 - - - a 15 percent sequential improvement in profitability.�
No comments:
Post a Comment