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Skyworks Solutions, Inc. (SWKS) reported revenues of $245.1 million in the first quarter of fiscal 2010, up 17% year over year and surpassed management’s guidance range of $238 million – $242 million.

The top-line growth was driven by increasing demand for mobile Internet applications, increasingly diversified linear products and the rapid adoption of smart-grid technologies.

Gross margin came in at 42.2%, up 130 basis points sequentially driven by a richly diversified product mix, volume ramp of high-margin new products, continued factory process and productivity enhancements, product and end yield improvements and double-digit year over year material cost reductions.

Operating margin came in at 21.3% compared to 14.4% in the previous quarter. Earnings per share (EPS) came in at 27 cents easily, beating the Zacks Consensus Estimate of 21 cents. The reported EPS beat management’s guidance by 2 cents and was up from 17 cents reported in the first fiscal quarter of 2009.

Going forward, management expects revenues to grow 30% year over year to approximately $225 million, driven by broad-based strength and new applications. Gross margin is projected at 41% – 41.5%. EPS is forecasted at 21 cents.

Skyworks continues to gain share across the mobile Internet spectrum, which covers everything from net books and data cards to smartphones and even entry-level handsets. In the reported quarter, Skyworks added several new Android-based platforms including Google’s (GOOG) recently launched Nexus One mobile phone.

The company continues to gain traction in the smartphone category. The company continues to leverage its expertise for producing cost-effective solutions that help decrease the handset manufacturers total billable material costs. The company has tie-ups with major OEMs that underscore the company’s success in gaining market share.

Headquartered in Woburn, Massachusetts, Skyworks Solutions designs, manufactures and markets a broad range of high performance analog and mixed-signal semiconductors that enable wireless connectivity.

Source: Skyworks Solutions Beats Estimates in First Quarter