Skyworks Solutions Inc
) share price increased 5.4% to $25.80 on Oct 31 after it
reported net income of $84.2 million or 44 cents per share in the
fourth quarter of fiscal 2013, up from $61.6 million or 32 cents
per share in the year-earlier quarter. For fiscal 2013, net
income increased to $278.1 million or $1.45 per share from $202.0
million or $1.05 per share in the year-ago period.
Excluding non-recurring items, adjusted earnings for the reported
quarter were 64 cents per share compared with 53 cents in the
year-ago quarter. The adjusted earnings in the reported quarter
exceeded the Zacks Consensus Estimate of 53 cents.
For fiscal 2013, adjusted earnings were $2.20 per share versus
$1.90 per share in fiscal 2012. The adjusted earnings for the
reported fiscal beat the Zacks Consensus Estimate of $1.81. The
year-over-year increase in earnings was driven by the growing
portfolio of high-performance analog solutions.
Skyworks reported fourth quarter fiscal 2013 revenues of $477.0
million, up 13.3% year over year. Revenues also beat the Zacks
Consensus Estimate of $475.0 million.
For fiscal 2013, revenues were $1,792 million, up 14% from the
year-ago period and beat the Zacks Consensus Estimate of $1,780
Gross profit was $209.1 million in the fourth quarter compared
with $177.7 million in the year-ago period.
Skyworks continues to capitalize on global mobile connectivity
and demand for high-performance analog solutions across a diverse
set of vertical markets. During the reported quarter, Skyworks
partnered with Silicon Labs to develop low-power, smart energy
solutions supporting communication hubs, meters and in-home
In addition, Skyworks is well-positioned to capitalize on the
Internet of Things with high demand for high-performance analog
solutions in new markets.
The company generated $166 million in cash flow from operations
and ended the year with cash and equivalents of $511.1 million.
Going forward, revenues for the first quarter of fiscal 2014 are
expected to be approximately $500 million. Skyworks also expects
adjusted earnings per share of 66 cents in the first quarter.
The company believes that its strategy of diversifying its
business, expanding into new verticals and continued focus on
operational excellence will drive growth in the long term. Based
on its product innovation and proprietary solutions the company
is well positioned for sustainable above-market growth in the
Skyworks currently has a Zacks Rank #2 (Buy). Other stocks
that look promising and are worth a look in the industry include
Zacks Ranked #1 (Strong Buy) stocks such as
Microchip Technology Inc.
NXP Semiconductors NV
), which carries a Zacks Rank #2 (Buy).
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SKYWORKS SOLUTN (SWKS): Free Stock Analysis
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