Skyworks Solutions Profit Jumps, Outlook Strong; Stock Up - Update

(RTTNews) - Analog semiconductor maker Skyworks Solutions Inc. (SWKS), Wednesday reported a better-than-expected jump in first-quarter profit, driven by an eleven percent increase in revenue and flat operating expenses. The company also provided some strong earnings and revenue guidance for the second quarter.

Following the announcement, Skyworks stock touched a 52-week high - gaining 9.4 percent to trade at $31.38 on the Nasdaq.

"Skyworks is off to a great start in fiscal 2014 as we exceeded guidance and delivered strong performance across all key financial and operational metrics," said CEO David Aldrich.

Skyworks leverages core technologies and supports automotive, broadband, cellular infrastructure, and tablet applications, among others.

The Woburn, Massachusetts-based company posted first-quarter net income of $94.5 million or $0.49 per share, compared with $66.5 million or $0.34 per share a year ago.

Excluding items, adjusted earnings for the quarter were $127.7 million or $0.67 per share, compared with $106.6 million or $0.55 per share in the prior year.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the first quarter grew to $505.2 million from $453.7 million a year ago. Fifteen analysts had a consensus revenue estimate of $502.4 million for the quarter.

Operating expenses for the quarter were unchanged from last year at $106 million.

For the second quarter, Skyworks expect adjusted earnings in the range of $0.59 per share and revenue of $470 million. Analysts currently expect earnings of $0.57 per share on revenue of $460.47 million for the quarter.

Skyworks stock closed Thursday at $28.62, down $0.49 or 1.68%, on a volume of 6.3 million shares on the Nasdaq. Nevertheless, in after-hours trade, the stock gained $2.76 or 9.64% at $31.38. In the past year, the stock trended in the range of $19.57 - $29.30.