Skyworks Solutions, Inc.NASDAQ
Tue, Nov. 15, 4:55 PM
Fri, Nov. 4, 9:20 AM
- Results – revenue $835.4M (-5.2% Y/Y, $4.1M above estimates), EPS $1.47 ($0.04 above estimates), operating income $318.4M, cash flow from operations $455M
- Q1 projections – Revenue to increase 7%-9% sequentially, EPS of $1.58, gross margin in 51% range at $902M revenue midpoint, operating expenses of $112M reducing ratio to 12.4% of revenue, $1M in interest and other expenses and cash tax rate of 15%.
- Dividend – $0.28 per share, payable December 8 to shareholders on record November 17.
- Skyworks (NASDAQ:SWKS) president and CEO Liam K. Griffin: "As our results and outlook reflect, Skyworks is capitalizing on the strength of both Mobile and Internet of Things ecosystems. Specifically, we are in the midst of a dramatic sea change in the usage case for wireless technologies and the way they are transforming how we live, work and play. As a virtual hub for e-commerce, enterprise to the cloud, social media, gaming and entertainment, mobile devices are rapidly evolving to address the massive demand for data and speed across an increasingly crowded spectrum. Skyworks is resolving this daunting complexity with customized system-level solutions to ultimately improve the user experience with higher levels of efficiency, enhanced streaming capabilities and expanded network coverage. As a result, we are well positioned to continue delivering above-market growth, profitability and shareholder value.”
- Prior quarters overview
- Earnings call transcript
- Press release
Thu, Nov. 3, 4:22 PM
Wed, Nov. 2, 5:35 PM
- AAOI, ABTL, ACET, AGO, AHT, AIRM, AL, AMBC, AMBR, AMED, AMH, ANET, ATSG, ATVI, BBG, BLDR, BNFT, BOJA, BRS, CARA, CARB, CBS, CDR, CECO, CERS, CINR, CLNE, CLVS, COGT, CPSI, CRC, CSC, CSOD, CTRL, CWST, DCO, DCT, ECOM, ECR, ED, EFC, EGN, EGOV, ELY, EOG, EPR, EVC, EXEL, FCE.A, FEYE, FFG, FLDM, FLR, FNGN, FOSL, FPRX, GCAP, GERN, GLUU, GNMK, GNW, GPRO, GSAT, GSBD, GST, GUID, GXP, HCI, HDP, HIL, HTGC, IMMR, IMPV, INAP, INGN, INVN, IVR, JJSF, KAR, KHC, KMPR, KW, LADR, LCI, LGF, LGND, LNT, LOCO, LVS, LXU, MAIN, MDRX, MED, MEDP, MELI, MHK, MITT, MMI, MNST, MRC, MSI, MTD, MTX, MTZ, NAVG, NDLS, NE, NFG, NKTR, NNI, NPTN, NUS, OEC, OLED, OREX, OTEX, OVAS, PBA, PCTY, PDLI, PEN, PETX, PFMT, PODD, QLYS, QRVO, RATE, RMAX, RP, RPXC, RTRX, RVNC, SBUX, SEM, SJI, SLCA, SPPI, SPXC, SSNI, STAA, STAG, STMP, SWIR, SWKS, SYMC, TAHO, THG, TRMR, TRQ, TRUE, TS, TSRO, TWLO, TWOU, TXMD, UBNT, UEIC, UEPS, VRNS, VTL, WEB, WGL, WIFI, WTW, XLRN
Wed, Nov. 2, 5:32 PM
Fri, Sep. 16, 1:44 PM
- While already anticipated, Intel (INTC +2%) components are now confirmed to be installed within certain iPhone 7 configurations. Two Intel RF transceivers, a baseband modem and RF power management ICs are noted.
- Modems, transceivers and power management ICs provided by Qualcomm (QCOM +0.2% ) are also confirmed to be utilized in other device variations. Qualcomm had historically maintained an exclusive provider position of modem components for previous iPhone iterations.
- Supplies from Skyworks Solutions (SWKS -1.9%), Cirrus Logic (CRUS -1.8%), Samsung Electronics (OTC:SSNLF), Taiwan Semiconductor Manufacturing Company (TSM -0.7%), NXP Semiconductors (NXPI -2.2%), Broadcom (AVGO -1.3%), Qorvo (QRVO -2.4%), Texas Instruments (TXN -0.5%), Toshiba (OTCPK:TOSBF +4.4%), Lattice Semiconductor, (LSCC -0.6%), Dialog Semiconductor (OTC:DLGNF), SK Hynix (OTC:HXSCF) and other makers also so far validated.
Mon, Aug. 29, 4:48 PM
- Kris Sennesael, previously CFO of Enphase Energy, joins Skyworks (NASDAQ:SWKS) as senior vice president and CFO.
- Skyworks president and CEO Liam Griffin: “We are delighted to have Kris join Skyworks as we embark on our next key growth phase driven by ubiquitous mobile connectivity and the Internet of Things. His unique combination of financial expertise, operational acumen and industry knowledge will be valuable assets as we build upon our market leadership and take Skyworks to the next level of financial outperformance.”
- Sennesael: “I am excited to be joining Skyworks’ management team and enhancing the Company’s industry-leading financial returns. Specifically, I look forward to driving further gross margin expansion, operational excellence and ultimately shareholder value.”
- Outgoing CFO (since 2007) Donald Palette will enter into a transitional advisory role before retiring.
- The news comes after the company earlier today announced a connected-car solutions partnership with LG Electronics.
Wed, Aug. 10, 11:43 AM
- Skyworks (SWKS -1.2%) received an Outperform rating yesterday from CLSA analyst Chris Caso, up from a previously held Underperform. Price target raised to $77 up from $73 (current price $66.06).
- He feels the current price may reflect unreasonably tepid expectations for iPhone "content gains" and notes: "WKS 2H YoY revenue is influenced by content gains on the iPhone 7, the overbuild which occurred in 2H16, and most importantly continued excess channel inventory of legacy iPhone components affecting 2H16. After analyzing these issues, we believe SWKS AAPL revenue is likely to decline 21% YoY despite content gains for the iPhone 7. Assuming this view is correct, this implies September guidance bakes in about a 1% YoY decline in non-AAPL handset revenue. Given clear content gains in Chinese handsets, this would appear to be a conservative assumption, and likely discounts market fears of an inventory correction in China. Given this is the first quarter SWKS’ new CEO is providing guidance, we are not surprised by such conservatism. However, given its stock price, this does provide a degree of optionality should the iPhone 7 sell reasonably well or if Chinese demand remains stable (neither of which is presently expected by investors)."
- CLSA's Skyworks shipments and revenue model here.
Fri, Jul. 22, 3:00 PM
Fri, Jul. 22, 11:13 AM
- Analysts are looking past a headline earnings beat for Skyworks Solutions (SWKS -9%), and instead focusing on whether an increase in inventory to $437.6M from $267.9M nine months earlier signals supply chain issues as it relates to Apple's upcoming iPhone release.
- Mike Burton at Brean Capital has been getting a lot of concerned calls over the inventory spike, and he believes a major Skyworks customer had demanded higher capacity. Michael Walkley at Canaccord believes inventory numbers will level out through the end of 2016 but also forecasts Y/Y sales to Apple will contribute to slower growth over the upcoming quarters. Maynard Um at Wells Fargo cites Skyworks' management attribution that work in progress and not old cycle inventory is resulting in the high number, which could be read as a positive sign for iPhone 7 production, though cautioning the quarter is far from conclusive.
- Alongside the results, Skyworks boosted the quarterly dividend by 7.7% and initiated a $400M stock repurchase program.
- Q4 revenue guidance of $831M ( up 10-11% Q/Q) midpoint and EPS of $1.43.
Thu, Jul. 21, 5:34 PM
Thu, Jul. 21, 4:34 PM| Thu, Jul. 21, 4:34 PM | 8 Comments
Thu, Jul. 21, 4:17 PM
Wed, Jul. 20, 5:35 PM
Tue, Jul. 19, 7:37 AM
Tue, Jul. 5, 10:18 AM
- Cirrus Logic (NASDAQ:CRUS) is off 7.4% and Skyworks Solutions (NASDAQ:SWKS) down 5.6% as Pacific Crest downgrades both to Sector Weight amid some disappointing iPhone supply chain forecasts.
- Qorvo (QRVO -5.5%) and InvenSense (INVN -5.1%) are down as well.
- Pac Crest has a fair value range of Cirrus Logic of $33-$36 (vs. its previous close of $38.04) and for $60-$67 on Skyworks (vs. previous close of $62.60).
- It also cut price targets on Analog Devices (ADI -1.7%) to $60 from $62 (7.7% upside); Broadcom (AVGO -2.5%) to $180 from $185 (19.7% upside) and Qualcomm (QCOM -1.3%) to $59 from $61 (12.8% upside).
- "Our lowered estimates reflect a much more disappointing second-half 2016 iPhone 7 ramp than what we had previously expected, as feedback from Asia indicates units are expected to be down 15% to 20% as compared to the iPhone 6s, as Apple appears to be taking a much more cautious view of the ramp," the analysts wrote.