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Skyworks Solutions Revenues Surge 30% - Beats Street

November 3, 2020

Skyworks Solutions, an innovator of high-performance analog semiconductors connecting people, places and things, today reported fourth fiscal quarter and fiscal year-end results for the period ended Oct. 2, 2020.

Revenue for the fourth fiscal quarter of 2020 was $956.8 million, up 30% sequentially and exceeding consensus estimates. On a GAAP basis, operating income for the fourth fiscal quarter of 2020 was $267.6 million with diluted earnings per share of $1.46. On a non-GAAP basis, operating income was $334.9 million with non-GAAP diluted earnings per share of $1.85.

Wall Street was looking for earnings of $1.52 per share on revenue of $842 million.

For fiscal year 2020, revenue was $3.356 billion, with GAAP diluted earnings per share of $4.80. Non-GAAP diluted earnings per share for fiscal year 2020 were $6.13.

“Skyworks significantly exceeded September quarter expectations in revenue and earnings per share, capping off a fiscal year that both tested and demonstrated the resilience of our business model,” said Liam K. Griffin, president and chief executive officer of Skyworks. “With 5G technology launches now well under way, we are ramping our innovative Sky5® solutions in a rapidly expanding set of end markets, from mobile to IoT, automotive and wireless infrastructure. Increased demand for reliable, ultra-fast wireless connections in our homes, businesses, schools and medical facilities is driving strong momentum throughout our product portfolio, positioning Skyworks for continued growth.”

Fourth Fiscal Quarter Business Highlights

Accelerated ramp of Sky5® portfolio, supporting 5G launches at Samsung, Oppo, Vivo, Xiaomi and other Tier-1 players

Enabled touchless Point of Sale systems at Square

Delivered 802.11ax Wi-Fi solutions for access points for Amazon eero™

Ramped Wi-Fi 6 solutions for advanced routers at NETGEAR and ASUS

Supported Facebook’s new Oculus AR/VR devices

Introduced new embedded modules powering Fibocom’s enterprise IoT applications

Powered critical medical applications at Boston Scientific and General Electric

Shipped low-latency wireless audio solutions, enabling leading gaming headsets at Logitech, Razer and Sony

Launched high-speed, connected-car solutions for Daimler and leading Korean and Japanese automotive OEMs

Captured design wins for residential gateways at Verizon and Telecom Italia

Secured design wins in 5G wireless infrastructure deployments, powering MIMO base stations and small cell installations

First Fiscal Quarter 2021 Outlook

“We expect double-digit sequential revenue and earnings growth in the December quarter, fueled by content gains and product ramps across multiple 5G-enabled smartphone platforms and increased demand across our broad markets portfolio,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the first fiscal quarter of 2021, we anticipate revenue to be between $1,040 million and $1,070 million with non-GAAP diluted earnings per share of $2.06 at the midpoint of our revenue range.”

Dividend Payment

Skyworks’ Board of Directors has declared a cash dividend of $0.50 per share of the Company’s common stock, payable on Dec. 10, 2020, to stockholders of record at the close of business on Nov. 19, 2020.

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