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Revenue Outperformance Came From Apple Ramp, Content Gains In China
Analyst Mike Burton pointed to the company's fiscal first-quarter revenue outperformance relative to the consensus estimate and the company's guidance. The analyst attributed the outperformance to the company's ramp at Apple Inc. (NASDAQ: AAPL), which contributed to over 40 percent of Skyworks' revenues, and from strong demand in China. The analyst clarified that the company is seeing content gains in China on new platforms as Huawei, which was its second largest customer.
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Leverage Helps Earnings Beat
Non-GAAP gross margins of 51.2 percent was up from 51 percent reported for the fourth quarter, the firm added. The firm also noted that earnings per share of $1.61 beat the $1.58 consensus estimate, due to the leverage, arising out of operating expenditure growth growing at a slower pace than revenues.
Samsung Gains, Low China Inventories To Help Q2
Turning toward the second-quarter guidance, Brean Capital said Samsung gains and low China inventories drove the company to guide revenues above the consensus estimate. The firm also noted that the company said it will continue to execute on margins, translating to earnings per share of $1.40, a penny ahead of the consensus estimate.
Brean Capital believes the net increase of $405 million to the company's stock buyback program following a fresh $500 million plan announced by the company on the earnings call is a testament to the management team's belief in the business model, as the company continues to deliver superior shareholder returns.
Adjusting Estimates
The firm raised its second-quarter revenue estimate to $840 million from $811 million and non-GAAP earnings per share estimate to $1.41 from $1.36. However, the firm lowered its 2017 revenues estimate to $3.60 billion from $3.642 billion and non-GAAP earnings per share estimate to $6.26 from $6.43.
Raising Price Target
Brean Capital maintains its Buy rating on the shares of Skyworks Solutions, while it raised its price target to $95 from $85.
At time of writing, Skyworks Solutions shares were up 11.78 percent to $87.70.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.