Qorvo Q3 Profit Rises

(RTTNews) - Qorvo (QRVO) reported that its third-quarter net income rose to $201.04 million or $1.74 per share from $161.36 million or $1.36 per share in the prior year.

On a non-GAAP basis, net income was $3.08 compared to $1.86 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.68 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $1.09 billion from $869.07 million in the previous year. Analysts expected revenue of $1.07 billion for the quarter.

For the fourth-quarter, the company expects non-GAAP earnings per share to be $2.42 at the midpoint of guidance, and revenue of $1.025 billion to $1.055 billion. Analysts expect the company to report earnings of $2.01 per share and revenues of $943.86 million for the fourth-quarter.

For the full fiscal year, the company now projects free cash flow of approximately $1 billion.