Skyworks Posts 4Q EPS of 15 Cents
SWKS sits 64% above its 52-week low of $51.93.
Summary
Skyworks reported fourth-quarter EPS of 15 cents and adjusted EPS of $1.28, down from $1.76 a year earlier, the first hard earnings numbers since closing the $22 billion Qorvo acquisition on October 5. Net income was $23.4 million and revenue was $1.05 billion, down 4.9% for the quarter ended September 30, beating analysts' expectation of $1.04 billion. That deal reshaped the company into a larger RF and analog player, and this is the first quarterly print to include Qorvo, so the comparison base is murky. Context: Skyworks beat Q3 revenue and EPS in July but profits slumped on merger and restructuring costs, and it suspended the dividend while authorizing a $2B buyback to conserve cash for the deal. Starboard Value disclosed a position on October 19, arguing the stock is undervalued now that Qorvo is in-house, which raises the bar on this print.
Updated with a Reuters report · What changed
Updates
· Reuters — Skyworks Solutions reported quarterly adjusted earnings of $1.28 per share versus $1.76 a year earlier, with revenue down 4.9% to $1.05 billion for the quarter ended September 30.
- Revenue of $1.05 billion beat analysts' expectation of $1.04 billion
At the time of this announcement, SWKS was trading at $85.26 on NASDAQ in the Technology sector, with a market capitalization of approximately $20.1B. The 52-week trading range was $51.93 to $92.80. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.