Skyworks Solutions Q3 Profit Rises

(RTTNews) - Analog semiconductor maker Skyworks Solutions Inc. (SWKS), Thursday reported a surge in profit for the third quarter, as revenues and gross margins increased. Earnings for the quarter came in ahead of analysts' estimates as did revenues. The company also detailed a strong financial outlook for the fourth quarter.

Woburn, Massachusetts-based Skyworks Solutions' third-quarter profit rose to $111.4 million or $0.58 per share from $65.7 million or $0.34 per share last year.

Adjusted profit for the quarter rose to $160.8 million or $0.83 per share from $103.8 million or $0.54 per share a year ago. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter surged 35 percent to $587.0 million from $436.1 million last year. Analysts had a consensus revenue estimate of $570.30 million for the quarter.

Adjusted gross margins for the quarter improved to 45.4 percent from 44.0 percent last year, while adjusted operating margins improved to 30.5 percent from 25.7 percent last year.

Looking forward to the fourth quarter, the company expects adjusted earnings of $1.00 per share with revenues of about 680 million. Analysts currently expect fourth-quarter earnings of $0.87 per share on revenues of $608.11 million.

Further, Skyworks' declared a cash dividend of $0.11 per share, payable on August 21 to stockholders as of August 7.

SWKS closed Thursday's trading at $46.34, down $1.44 or 3.01%, on the Nasdaq. The stock, however gained $3.71 or 8.01% in after hours trade.