WASHINGTON (dpa-AFX) - Skyworks Solutions, Inc. (SWKS) Wednesday reported a decline in profit for the third quarter, hurt mainly by higher operating costs.
Net income for the quarter declined to $49.3 million or $0.26 per share from $51.5 million or $0.27 per share in the same period last year.
Adjusted earnings were $86.1 million or $0.45 per share, compared to $93.0 million or $0.49 per share last year.
On average, 19 analysts polled by Thomson Reuters expected the company to earn $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue totaled $389.0 million, up 9 percent from $356.1 million last year. Analysts expected revenues of $383 million.
Operating expenses totaled $103.3 million, up from $84.0 million last year.
Adjusted gross margin was 43.2 percent, compared to 44.9 percent last year.
Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.50 to $0.51 per share. Analysts expect the company to earn $0.51 per share for the fourth quarter.
Revenues are expected to range between $415 million and $420 million. Analysts are expecting fourth-quarter revenues of $418.18 million.
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