Skyworks Solutions, Inc. (NASDAQ: SWKS) reported its fiscal third-quarter financial results after the markets closed on Thursday and the results topped estimates. The company also announced it was raising its dividend.
The Irvine, California-based maker of analog semiconductors said it had $1.57 in earnings per share (EPS) and $900.8 million in revenue for the period ending June 30, compared with consensus estimates that called for $1.51 in EPS and $890.1 million in revenue. The same period from last year had $1.24 in EPS and $751.7 million in revenue.
The board of directors declared a cash dividend of 32 cents per share representing a 14% increase from the prior quarterly dividend of 28 cents a share. The dividend is payable on Aug. 29 to stockholders of record at the close of business on Aug. 8.
In terms of guidance for the fiscal fourth-quarter, the company expects to see $1.75 in EPS and revenue growth of 17% from last year or $977.4 million. The consensus estimates are calling for $1.73 in EPS and $974.12 million in revenue.
On the books, cash and cash equivalents totaled $1.44 billion at the end of the quarter, compared with $1.08 billion in the same period last year.
Liam K. Griffin, president and chief executive officer of Skyworks, commented:
“Skyworks exceeded top and bottom line expectations in the third fiscal quarter of 2017. Our outperformance is being driven by global demand for Skyworks’ highly integrated and ultra-efficient connectivity engines. As system-level complexity and performance requirements intensify across mobile and Internet of Things ecosystems, we are extending our product reach and capturing more content per platform. Further, we are well positioned to capitalize on the rapidly approaching 5G technology wave – enabling new markets from autonomous vehicles to emerging segments in artificial intelligence, robotics and virtual reality.”
Shares of Skyworks were last trading down 0.43% at $107.17, with a consensus analyst price target of $111.12 and a 52-week range of $62.40 to $112.11.