Skyworks Misses By a Penny - Analyst Blog
November 07 2011 - 8:49AM
Zacks
Skyworks Solutions, Inc. (SWKS) reported
revenues of $402.3 million in the fourth quarter of fiscal 2011, up
28% year over year and up 13% sequentially, which surpassed
management’s guidance of $400 million.
Skyworks recently saw more tentative order activity within
certain segments of the Android smartphone market and the company
saw signs of sluggishness in smart energy in North America wireless
infrastructure.
Meanwhile, Skyworks continues to benefit from strong underlying
demand in the mobile Internet market driven by market share gains
and new product ramps. Broadband mobile subscriptions continue to
grow in leaps and bounds.
The advent of cloud computing is expected to take the trend
further with the ever-growing need for wireless connectivity. The
products from Skyworks support all smartphone and tablet operating
systems, including Android, Symbian, Windows Mobile and others.
Skyworks posted a net income of $64.2 million or $0.34 per
diluted share in the fourth quarter of fiscal 2011 compared to a
net income of $51.5 million or $0.27 per diluted share in the
previous quarter and a net income of $46.8 million or $0.25 per
diluted share in the year-ago quarter.
Excluding acquisition-related charges but including stock-based
compensation expense, Skyworks reported a net income of $0.45 per
share, missing the Zacks Consensus Estimate by a penny.
Revenue for fiscal 2011 came in at $1.491 billion, up 32% from a
year-ago. Net income jumped 65.0% year over year to $226.6 million.
EPS came in at $1.19. Excluding one-time charges, net income came
in at $1.58 per share.
Margins
Gross margin (excluding stock-based compensation expenses) came in
at 44.7%, 43.4%, flat with the year-ago quarter, down from 44.9% in
the previous quarter. Operating margin came in at 27.2%, up from
26.1% in the year-ago quarter but slightly down from 27.4% in the
previous quarter. During the quarter, Skyworks generated $123
million of cash from operations and used $15.3 million in capital
expenditures.
Skyworks repurchased approximately 500,000 shares in the fourth
quarter. Skyworks exited the fourth quarter with cash and cash
equivalents of $ 410.8 million, up from $310.357 million at the end
of the p
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