Skyworks Stumbles Despite Earnings Beat
Skyworks Solutions pulled back Friday even though it reported better than expected fiscal second-quarter financial results late Thursday.
[cnxvideo id=”507124″ placement=”ros”]When Skyworks Solutions Inc. (NASDAQ: SWKS) reported its fiscal second-quarter financial results after the markets closed on Thursday, the company said it had $1.45 in earnings per share (EPS) and $851.7 million in revenue. The consensus estimates had called for $1.40 in EPS and revenue of $840.39. The same period of last year reportedly had EPS of $1.25 and $775.1 million in revenue.
In terms of guidance for the coming quarter, the company expects EPS of $1.52 and revenue of $890 million. The consensus estimates are $1.50 per share and $868.39 million.
The board of directors also announced a cash dividend of $0.28 per share of the common stock, which is payable on June 6 to stockholders of record at the close of business on May 16.
On the books, Skyworks cash and cash equivalents totaled $1.41 billion at the end of the quarter, up from $1.08 billion in the same period of last year.
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Liam K. Griffin, president and CEO of Skyworks, commented:
Skyworks exceeded financial expectations in the second fiscal quarter of 2017 driven by insatiable demand for high-speed, reliable, always-on connectivity spanning Mobile and Internet of Things ecosystems. We are capitalizing on these powerful macrotrends, pushing the technology envelope and extending our product reach to enable the world’s most exciting communications platforms. At a higher level, we are well positioned to create shareholder value while executing on our ambitious vision of connecting everyone and everything, all the time.
Shares of Skyworks were last seen down 3.5% at $100.50 on Friday, with a consensus analyst price target of $102.46 and a 52-week trading range of $57.11 to $105.34.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
