Skyworks Solutions has reported fourth fiscal quarter and year-end results for the period ending October 3, 2014. Revenue for the fourth fiscal quarter was $718.2 million, up 51 percent year-over-year and 22 percent sequentially, consistent with the updated outlook provided on October 14, 2014 and exceeding the Company's original guidance midpoint of $680 million. On a non-GAAP basis, operating income for the fourth fiscal quarter of 2014 was $235.7 million, up 81 percent from $130.3 million in the fourth fiscal quarter of 2013. Non-GAAP diluted earnings per share for the fourth fiscal quarter of 2014 was $1.12, including a $0.03 fiscal year-end tax benefit, compared to $0.64 for the prior year fourth fiscal quarter. On a GAAP basis, operating income for the fourth fiscal quarter of 2014 was $198.1 million and diluted earnings per share was $0.90. For fiscal year 2014, revenue was $2.3 billion, up 28 percent from fiscal 2013, while non-GAAP diluted earnings per share was $3.24, up 47 percent year-over-year. GAAP diluted earnings per share for fiscal 2014 was $2.38.
Skyworks’s advanced solutions are at the heart of mobile connectivity and the Internet of Things, and are empowering exciting new applications spanning mobile payments, to streaming music services, to on-demand media. Given thier accelerating design win momentum and deep product pipeline, they have never been better positioned to grow demonstrably faster than their addressable markets and in turn, to deliver best-in-class financial returns.
Fourth Quarter Business Highlights
- Ramped high performance analog control ICs at GoPro® for action video cameras
- Commenced volume production of custom 4G/LTE modules leveraging proprietary TC-SAW filter technology
- Introduced low power Bluetooth solutions for Tile, Inc. item location applications
- Unveiled revolutionary diversity receive modules for LTE smartphones
- Delivered switching and connectivity modules for Xiaomi's Mi3 platform
- Expanded wearable designs, including 3 new Smartwatch programs
- Enabled ZigBee®-based thermostat and lighting platforms at GE and iControl
- Supported Rockwell Collins with GPS applications supporting avionics
- Captured short range communications sockets at General Motors for collision avoidance systems
- Powered Netgear's 9-stream routers with 802.11ac solutions
Dividend Increase
Skyworks' Board of Directors has declared a cash dividend of $0.13 per share of the Company's common stock, an 18% increase over the dividend for the prior quarter. The dividend is payable on December 11, 2014 to stockholders of record at the close of business on November 18, 2014.
First Fiscal Quarter 2015 Outlook
Fiscal 2014 was a record year for Skyworks as they exceeded key metrics in each and every quarter and crossed the $2 billion revenue threshold. Based on broad customer demand and crisp operational execution, they are now scaling to more than a $3 billion revenue run-rate with annualized non-GAAP earnings per share approaching $5.00. Specifically, for the first fiscal quarter of 2015, they anticipate revenue to be up 52 percent year-over-year to $770 million with further margin expansion yielding $1.18 of non-GAAP diluted earnings per share.
