Shares in Skyworks Solutions Inc (NASDAQ:SWKS) were up in after-market trading on Friday after the semiconductor manufacturer beat Wall Street forecasts with its latest quarterly results.
The Woburn, Massachusetts-based group reported earnings of US$1.57 per share on revenues of US$894.3mln for the three months to June 29, 2018, better than consensus forecasts.
Operating income for the third fiscal quarter of 2018 was $306.3mln.
“Skyworks exceeded June quarter expectations driven by our broadening market reach, solid execution and resilient business model,” said Liam K. Griffin, president and chief executive officer of Skyworks.
“We are gaining first-mover advantage across Internet of Things and rapidly emerging 5G applications with our Sky5™ platform. Leveraging our scale and decades of system-level expertise, we are positioned to capitalize on increasing demand for powerful and complex connectivity engines as the global data economy accelerates.”
Fiscal outlook looks bright
The strong performance wasn’t limited to last quarter either, with Skyworks – which supplies its tech to the likes of Apple – upping its guidance for the current quarter.
“Skyworks is on track to deliver another record year of top and bottom line results,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks.
“Specifically, for the fourth fiscal quarter of 2018, we expect revenue to be up 11 to 13% sequentially as design win momentum transitions to volume production. At the US$1 billion midpoint of this revenue range, we anticipate continued margin expansion and 16% sequential growth in non-GAAP diluted earnings per share to US$1.91. Further, given our confidence in Skyworks’ strategic outlook, today we are announcing a substantial raise to our quarterly dividend.”
Skyworks’ board of directors also declared a cash dividend of US$0.38 per share, representing a 19% increase from the prior quarterly dividend of US$0.32 per share. The dividend is payable on August 28, 2018, to stockholders of record at the close of business on August 7, 2018.
Shares of Skyworks were up 0.45% to US$102.48 in after-hours trading.