Stock Monitor: Applied Optoelectronics Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 27, 2018 / Active-Investors.com has just released a free earnings report on Skyworks Solutions, Inc. (NASDAQ: SWKS) ("Skyworks"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=SWKS. Skyworks reported financial results for the first quarter ending December 29, 2017 on February 05, 2018. The Company reported record results in Q1 FY18, demonstrating its traction within the increasingly vibrant and profitable mobile and Internet of thing (IoT) ecosystems. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Applied Optoelectronics, Inc. (NASDAQ: AAOI), which also belongs to the Technology sector as the Company Skyworks Solutions. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Skyworks Solutions most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=SWKS
Earnings Highlights and Summary
In the first quarter of 2018 (Q1 FY18), Skyworks generated total revenues of $1.05 billion, up 15.05% from $914.3 million in Q1 FY17. Growth in revenue was driven by strong demand for the Company's wireless chips and technology that powers IoT. Revenue numbers for Q1 FY18 were in-line with analysts' estimates.
Skyworks' cost of goods sold (COGS) hiked 14.37% to $515.1 million in the reported quarter from $450.4 million in the year ago corresponding quarter. The Company's gross profit advanced 15.71% to $536.8 million y-o-y in Q1 FY18.
Skyworks' operating expenses were $153.3 million in the quarter under review compared to $142.0 million in the previous year's same quarter, reflecting an increase of 7.96%. This increase in operating expenses was mainly due to the rise in research and development costs. The Company reported an operating income of $383.5 million in Q1 FY18, up 19.14% from $321.9 million in Q1 FY17. The Company's operating margin was 36.46% for Q1 FY18, up from 35.21% in Q1 FY17.
Skyworks' net income dipped 72.69% to $70.4 million in Q1 FY18 from $257.8 million in Q1 FY17. The diluted earnings per share also declined to $0.38 in Q1 FY18 from $1.38 in Q1 FY17, reflecting a change of 72.46%. The reported earnings included a one-time charge of $258 million related to tax on the mandatory deemed repatriation of foreign earnings and a non-cash charge of $18 million related to the revaluation of deferred tax assets and liabilities.
Skyworks' adjusted earnings per share (EPS) for Q1 FY18, excluding non-recurring and non-core items, was $2.00, an increase of 24.22% from $1.61 in Q1 FY17. The Company's adjusted EPS was higher than analysts' consensus estimates of $1.91 per share.
Cash Matters
As on December 29, 2017, Skyworks had cash and cash equivalents of $1.68 billion, up 4% from $1.62 billion as on September 29, 2017. The Company continued to maintain a no-debt balance sheet in the quarter under review.
For the three months ending December 29, 2017, Skyworks' cash flow from operations was $360.8 million, a decrease of 27.24% from $495.9 million for the three months ending December 30, 2016. The Company incurred a capital expenditure of $28.2 million in the quarter under review compared to a capital expenditure of $50.1 million in the year ago same quarter.
During Q1 FY18, Skyworks paid dividends of $59.1 million. Besides, the Company spent a total of $172.5 million on repurchase of common stock under its stock repurchase program.
Outlook
For the second quarter of 2018 (Q2 FY18), Skyworks expects revenue to increase 6-8% y-o-y, driven by a vibrant, dynamic mobile ecosystem. At the midpoint of approximately $910 million in revenue, the Company expects non-GAAP diluted earnings per share to be up 10% to $1.60 y-o-y.
Skyworks' Board of Directors authorized a new $1 billion stock repurchase program, led by increased confidence in the business model and outlook. As a result, the Company's targeted cash return rate to shareholders will increase from the historic range of 40%-50% to 60-75% of free cash flow going forward. The Board of Directors also declared a cash dividend of $0.32 per share of the Company's common stock, payable on March 15, 2018, to stockholders of record at the close of business on February 22, 2018.
Stock Performance Snapshot
February 26, 2018 - At Monday's closing bell, Skyworks Solutions' stock rose 2.00%, ending the trading session at $110.39.
Volume traded for the day: 1.85 million shares.
Stock performance in the last month - up 16.14%; previous three-month period - up 1.70%; past twelve-month period - up 16.57%; and year-to-date - up 16.26%
After yesterday's close, Skyworks Solutions' market cap was at $20.21 billion.
Price to Earnings (P/E) ratio was at 18.70.
The stock has a dividend yield of 1.16%.
The stock is part of the Technology sector, categorized under the Semiconductor - Integrated Circuits industry. This sector was up 1.2% at the end of the session.
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