Skyworks Solutions Jumps on Q3 News

Skyworks Solutions SWKS released its fiscal third-quarter earnings results after the closing bell on Thursday. The company reported both earnings per share and revenue that was slightly ahead of Wall Street estimates. Skyworks also provided guidance for the fiscal fourth-quarter. In late trade, the stock was last up almost 6 percent to $23.70. Management Commentary “Skyworks' outperformance and outlook for sustainable above market growth reflects our progress towards becoming a highly diversified analog semiconductor market leader,” said David J. Aldrich, president and chief executive officer of Skyworks. “We are capturing margin-accretive content across a broad set of end markets spanning automotive, industrial, smart energy, home automation, medical, mobility and cloud computing." "Leading customers within each of these targeted markets are increasingly requiring always-on connectivity and enhanced power efficiency which intersects with our core competencies," Aldrich added. "Our system-level innovations and scale advantages are translating into accelerating top line growth, margin expansion and, most importantly, returns well in excess of our cost of capital. Accordingly, Skyworks is well positioned to capitalize on the Internet of Things tsunami and to outpace the broader analog semiconductor market while increasing shareholder value.” Fiscal Q3 Financial Results The company reported net income of $65.7 million or $0.34 per share for the fiscal third-quarter compared to net income of $49.3 million or $0.26 per share, in last year's corresponding period. On an adjusted basis, net earnings were $103.8 million or $0.54 per share. This compared to analysts' consensus EPS estimates of $0.53. Sales in the quarter rose to $436.1 million from $389.0 million a year ago. This compared to analysts' consensus revenue estimates of $435.96 million. Q4 Guidance Looking ahead to the fiscal fourth-quarter, Skyworks guided for adjusted EPS of $0.62 on revenue of $475 million. This compares to current consensus estimates calling for EPS of $0.53 on revenue of $435.96 million in the fiscal fourth-quarter.