Batteries and Portable Power

Skyworks Exceeds Q2 FY14 Revenue and EPS Guidance

Skyworks Solutions, Inc. today reported second fiscal quarter results for the period ending March 28, 2014. Revenue for the quarter was $481.0 million, up 13 percent year-over-year and better than the Company’s previous guidance for $470.0 million. On a non-GAAP basis, operating income for the second fiscal quarter of 2014 was $130.4 million, up 31 percent from $99.7 million in the year ago period. Non-GAAP diluted earnings per share for the second fiscal quarter was $0.62 versus guidance of $0.59 and compared to $0.48 for the prior year second fiscal quarter. On a GAAP basis, operating income for the second fiscal quarter of 2014 was $102.6 million and diluted earnings per share was $0.40.

“Skyworks exceeded guidance across all key metrics last quarter and is set to substantially outpace the broader semiconductor industry as we capitalize on increasing analog system complexity driven by the Internet of Things,” said David J. Aldrich, president and chief executive officer of Skyworks. “By providing custom solutions that help our customers solve increasingly complex design challenges, we are enabling connectivity across a number of new and previously unimagined end markets and applications. Our expanding market footprint, customer relationships and design win pipeline are translating into accelerating growth and improving financial returns.”

Skyworks’ Board of Directors has declared its first cash dividend of $0.11 per share of the Company’s common stock. The dividend is payable on May 22, 2014 to stockholders of record at the close of business on May 13, 2014.

“As our performance demonstrates, Skyworks is executing to our strategy of gaining semiconductor content through system-level integration, diversifying into adjacent vertical applications and relentlessly pursuing operational excellence,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “Looking forward, we are on track to deliver strong, sustainable top line growth with continued operating leverage. Specifically, for the third fiscal quarter of 2014, we anticipate revenue to be up 23 percent year-over-year to $535 million with non-GAAP diluted earnings per share up 35 percent year-over-year to $0.73.”

Skyworks Solutions, Inc.
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