Skyworks Q1 Results: Earnings Beat, Revenue Meets Estimates, Company Issues Q1 Revenue Guidance

Skyworks Solutions, Inc. +1.04% Pre

Skyworks Solutions, Inc.

SWKS

92.16

92.66

+1.04%

+0.54% Pre

Skyworks Solutions, Inc. (NASDAQ:SWKS) shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected first-quarter adjusted earnings per share results and issued guidance. Here's what you need to know.

The Details: Skyworks reported quarterly earnings of $1.97 per share, exceeding the analyst consensus estimate of $1.95 by 1.03%.

Quarterly sales of $1.20 billion were inline with the Street's estimate, representing a 9.56% decrease over sales of $1.33 billion the same period last year.

Operating income was $258.3 million on a GAAP basis.

Skyworks sees second-quarter revenue between $1.02 billion and $1.07 billion, versus the $1.04 billion estimate. At the mid-point of the revenue range, the company expects non-GAAP diluted earnings per share of $1.52. Also, Skyworks stated that it anticipates that its mobile business will be seasonally down sequentially, which coincides with historical patterns. In broad markets, the company said it expects moderate growth off the December quarter.

"Skyworks continues to execute well and generate robust profitability in light of ongoing macroeconomic volatility," said Liam K. Griffin, chairman, CEO and president of Skyworks.

"We delivered record quarterly free cash flow of $753 million, which reflects strong working capital management and moderating capex intensity. We are seeing signs that the Android smartphone market is recovering. In broad markets, we are well positioned for long-term growth in edge-connected IoT devices, automotive electrification and advanced safety systems, and AI-enabled workloads driving cloud and data center upgrades."

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SWKS Price Action: Shares of Skyworks were up 4.86% at $109.40 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Willfried Wende from Pixabay

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