Technology
Why Skyworks Is Booming After Monday’s Crash
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When Skyworks Solutions Inc. (NASDAQ: SWKS) reported its fiscal first-quarter financial results late on Monday, the company said that it had $2.00 in earnings per share (EPS) and $1.05 billion in revenue. That compared with consensus estimates of $1.91 in EPS and revenue of $1.05 billion. In the same period of last year, it posted EPS of $1.61 and $914.3 million in revenue.
Looking ahead to the second quarter, the company expects to see revenue up in the range of 6% to 8% and EPS of roughly $1.60. The consensus estimates call for $1.64 in EPS and $940.7 million in revenue for the quarter.
The board of directors also announced that it had authorized the repurchase of $1 billion in stock between now and January 2020.
Separately, the board declared a cash dividend of $0.32 per share of the company’s common stock, payable on March 15, 2018, to stockholders of record at the close of business on February 22, 2018.
On the books, Skyworks cash and cash equivalents totaled $1.68 billion at the end of the quarter, up from $1.62 billion at the end of the previous fiscal year.
Liam K. Griffin, president and CEO of Skyworks, commented:
Skyworks exceeded $1 billion in quarterly revenue and achieved $2.00 per share in non-GAAP diluted EPS in Q1 FY18 driven by strong global demand for our wireless communications engines. As connectivity performance requirements intensify, Skyworks is leveraging our mixed signal expertise, scale and customer relationships to power the mobile economy and capitalize on several strategic growth catalysts. Our system solutions are enabling everything from industrial robotics to drones, autonomous vehicles, wireless infrastructure, home security systems and virtual assistants. Further, with the recent launch of our breakthrough Sky5™ platform, Skyworks is well positioned to accelerate 5G deployments and, ultimately, to extend our competitive advantage.
Shares of Skyworks traded up about 9% at $103.36 on Tuesday, with a consensus analyst price target of $117.58 and a 52-week range of $90.53 to $117.65.
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