Skyworks Solutions has reported their first fiscal quarter results for the period ending January 1, 2016. They delivered solid financial results in the first fiscal quarter of 2016 driven by their diversification across customers, markets and applications. Revenue for the first fiscal quarter was $926.8 million, up 15 percent year-over-year and 5 percent sequentially, exceeding the First Call consensus estimate of $915.7 million.
On a non-GAAP basis, operating income for the first fiscal quarter of 2016 was $366.6 million, up 30 percent from $282.0 million in the first fiscal quarter of 2015. Non-GAAP diluted earnings per share for the first fiscal quarter was $1.60, $0.02 better than the First Call consensus of $1.58, and up 27 percent from the first fiscal quarter of 2015. On a GAAP basis, operating income for the first fiscal quarter of 2016 was $330.5 million and diluted earnings per share was $1.82.
Q1 Business Highlights
- Commenced volume shipments of telematics solutions at Volkswagen
- Secured first mass production of vehicle-to-vehicle communications sockets at GM
- Supported Google Chromecast and Roku set-top boxes for streaming applications
- Won multiple sockets in flagship smartphone platforms at Samsung and other OEMs
- Ramped microcell radio subsystems at leading infrastructure OEM
- Launched IP security camera solutions at Nest
- Powered Huawei's Mate 8 flagship LTE platform
- Enabled the DJI Phantom 3 drone with a suite of 14 semiconductors
- Leveraged ZigBee® and Bluetooth® capabilities for temperature control and garage door applications in the connected home
- Captured key smart fitness watch design wins at Fitbit
Second Quarter 2016 Outlook
Despite the current market environment, they expect to deliver earnings growth in the March quarter driven by strong gross margin performance and a disciplined approach with expenses. Specifically, for the second fiscal quarter of 2016, they anticipate revenue of $775 million and non-GAAP diluted earnings per share of $1.24.
Dividend Payment
Skyworks' Board of Directors declared a cash dividend of $0.26 per share of the Company's common stock, payable on March 3, 2016 to stockholders of record at the close of business on February 11, 2016.
