Skyworks Raises Current Quarter Guidance

In a press released issued Tuesday morning Skyworks Solutions Inc.

announced that is is raising its fiscal 2014 third quarter revenue guidance from $535 million to $570 million and its non-GAAP diluted EPS from $0.73 to $0.80. Skywork chairman and chief executive officer, David J. Aldrich said, " Based on our design win traction and order visibility, we anticipate continued strength beyond the June quarter as our products continue to gain momentum." Executive VP and CFO Donald Palette added, "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." He continued by stating that the company anticipates the Panasonic deal will lead to 100 basis points of gross margin accretion in fiscal 2015. The street seems to like what they hear as shares of Skyworks were trading up just over four percent to $44.89 in the pre-market, at last check.