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Skyworks beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; initiates new $500 mln stock buyback plan
- Reports Q1 (Dec) earnings of $1.61 per share, $0.03 better than the Capital IQ Consensus of $1.58; revenues fell 1.3% year/year to $914.3 mln vs the $902.66 mln Capital IQ Consensus.
- Co issues guidance for Q2, sees EPS of $1.40, excluding non-recurring items, vs. $1.39 Capital IQ Consensus Estimate; sees Q2 revs of $840 mln vs. $816.85 mln Capital IQ Consensus Estimate.
- "Given our expanding product pipeline and accelerating design win momentum, we expect to outperform industry seasonality in the March quarter," said Kris Sennesael, senior vice president and chief financial officer of Skyworks. "Specifically, for the second fiscal quarter of 2017, we anticipate revenue of $840 million, up 8 percent year-over-year, with non-GAAP diluted earnings per share of $1.40. Further, given the confidence in our business model and plans to enhance cash returns to our shareholders, today we are separately announcing that our Board of Directors has authorized a new $500 million stock repurchase program."
- SWKS is an Apple (AAPL) supplier.
- RFMD peers: AVGO, QRVO; SMH.