Skyworks Soars on Q1 Results

Shares of Skyworks Solutions

are sharply higher on Thursday after the company reported its fiscal first-quarter earnings results on Wednesday after the closing bell. The stock was last trading up a little less than 13 percent to $24.29. "As our results and guidance reflect, Skyworks is enabling anytime, anywhere communications across a diverse set of end markets and applications. We're capitalizing on growing consumer and enterprise demand for ubiquitous connectivity spanning all modes of wireline and wireless communications," President and CEO David Aldrich said in a statement. Skyworks reported net income of $66.49 million or $0.34 per share, compared to $57.13 million or $0.30 per share, in the year ago period. On an adjusted basis, net income was $106.61 million or $0.55 per share, compared to $96.24 million or $0.51 per share, in last year's corresponding quarter. This beat analysts' consensus EPS estimates of $0.55 by a penny. Net revenues in the quarter were up 15 percent to $453.72 million from $393.74 million last year. This also came in ahead of Wall Street consensus estimates of $450.67 million. Gross margins fell 130 basis points to 43.0 percent while operating margins lost 60 basis points to 25.3 percent. Looking ahead to the fiscal second-quarter, Skyworks said that it expects adjusted earnings per share of $0.47 on revenue of around $420 million. This compares to current consensus of $0.46 on revenue of $416.17 million. Year-to-date, SWKS has already risen more than 20 percent. Over the last 52-weeks, the stock has climbed a little better than 13 percent.