UPDATE: Skyworks Raises Sales, EPS Outlook

Skyworks Solutions, Inc.

, an innovator of high performance analog semiconductors enabling a broad range of end markets, today updated its financial outlook for the third quarter of fiscal 2014. The Company now anticipates current quarter revenue of $570 million, representing a 31 percent year-over-year increase and 19 percent sequential growth. Skyworks also expects to deliver non-GAAP diluted earnings per share of $0.80, reflecting a 48 percent increase when compared to the same period a year ago and 29 percent sequential growth. The Company had previously guided to $535 million in revenue and $0.73 of non-GAAP diluted earnings per share on April 22, 2014 as part of its second fiscal quarter earnings release. “As our upwardly revised outlook reflects, Skyworks is capitalizing on the growing opportunity within the Internet of Things as well as increasing analog complexity associated with higher data rate connectivity standards, both of which are enabling us to substantially outpace the growth of the broader semiconductor market,” said David J. Aldrich, chairman and chief executive officer of Skyworks. “These macro trends continue to validate our investments in highly differentiated, custom solutions that are facilitating an expanding set of end markets. Based on our design win traction and order visibility, we anticipate continued strength beyond the June quarter as our products continue to gain momentum.” “We also expect our recently announced joint venture with Panasonic to further enrich our systems capabilities, broaden our technology portfolio and enhance our financial returns,” said Donald W. Palette, executive vice president and chief financial officer of Skyworks. “In fact, we anticipate the Panasonic transaction will provide at least 100 basis points of gross margin accretion in fiscal 2015, paving the way for continued top- and bottom-line outperformance for the foreseeable future.”