Skyworks Soulutions Jumps 11% After Earnings

Shares of Skyworks Solutions SWKS have been among the top performers on the Nasdaq on Friday. The stock has jumped more than 11% to $21.41 on very heavy volume after a better than expected earnings report which was released on Thursday after the closing bell. Skyworks reported net income for the fiscal first quarter of $57.13 million or $0.30 per share, versus $60.87 million or $0.32 per share, in the year ago period. On an adjusted basis, which is comparable to analysts' consensus, SWKS reported net income of $96.24 million or $0.51 per share, compared to $84.67 million or $0.45 per share, in last year's first quarter. This came in ahead of Wall Street EPS estimates of $0.50. Revenues for the quarter were up 17% to $393.74 million versus $335.12 million in last year's corresponding quarter. This also beat analysts' consensus estimates of $389.63 million. Looking ahead to fiscal Q2, Skyworks expects adjusted EPS of $0.40 on revenue of $360 million. This compares to current consensus estimates for the second quarter of $0.40 on revenue of $348.86 million. Skyworks Solutions, Inc. (Skyworks) offers diverse standard and custom linear products supporting automotive, broadband, cellular infrastructure, energy management, industrial, medical, military and cellular handset applications.