Skyworks Solutions Boosts Q4 Outlook, Shares Surge

(RTTNews) - Analog semiconductor maker Skyworks Solutions, Inc. (SWKS) on Tuesday raised its earnings and revenue guidance for the fourth quarter, citing the broad-based strength of its business and the positive underlying market trends.

Following the announcement, the company's shares are surging more than nine percent in early morning deals.

The company is scheduled to report financial results for the fourth quarter and full-year 2014 on November 6.

"Skyworks' upwardly revised outlook demonstrates the broad-based strength of our business and our ability to capitalize on positive underlying market trends to connect everyone and everything, all the time,"CEO David Aldrich said in a statement.

The Woburn, Massachusetts-based company said its now expects adjusted earnings of $1.08 per share for the fourth quarter, up from the previous guidance of $1.00 per share revealed along with the third-fiscal quarter earnings release in mid-July.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $1.01 per share for the fourth quarter. Analysts' estimates typically exclude special items.

The adjusted earnings guidance reflects a 69 percent increase when compared to the same period a year ago and 30 percent sequential growth.

The company also raised its revenue forecast to now be at $718 million for the quarter, from the prior projection for revenues of $680 million.

Nineteen Wall Street analysts currently have a consensus revenue estimate of $679.45 million for the quarter.

The current revenue forecast represents a 51 percent year-over-year increase and 22 percent sequential growth.

"These multi-year technology trends are setting the stage for us to outperform the broader semiconductor industry in the December quarter and for the foreseeable future," Aldrich added.

For the year-ago fourth quarter, the company had reported net income of $84.2 million or $0.44 per share, and adjusted net income of $121.2 million or $0.64 per share. Quarterly net revenues 13.3 percent to $477.0 million from last year.

In Tuesday's regular trading session, SWKS is currently trading at $49.47, up $4.15 or 0.16% on a volume of 1.10 million shares.