Skyworks Solutions has announced its fourth fiscal quarter and year-end results for the period ended September 28, 2018. Revenue for the fourth fiscal quarter was a record $1.008 billion, up 13 percent sequentially and exceeding consensus estimates.
The company delivered a record fourth quarter and fiscal 2018, marking its ninth consecutive year of revenue and non-GAAP earnings growth ─ demonstrably outperforming the broader semiconductor industry. From industrial IoT to frictionless commerce, autonomous vehicle, ubiquitous streaming and virtual reality, the company is revolutionizing the way the world communicates. As 5G rapidly approaches, Skyworks is pushing the performance envelope with its comprehensive Sky5 platform and positioning to extend reach across a wide array of high growth applications.
Fourth Quarter Business Highlights
- Validated leadership performance of Sky5 suite for 5G New Radio architectures
- Introduced 5G wideband, 16-state antenna aperture tuners
- Powered Samsung’s Galaxy flagship smartphones
- Deployed massive MIMO and small cell solutions for global infrastructure
- Secured wireless networking sockets at Cisco for high-density enterprise applications
- Launched millimeter wave RF technology at a major avionics supplier
- Ramped connectivity and telematics engines with BMW, Geely, Hyundai, Tesla and Toyota
- Supported DOCSIS 3.1 CATV modems/gateways with 2.4 and 5 GHz front-ends
- Captured LTE Cat M content within u-blox’s machine-to-machine modules
- Leveraged smart audio solutions at Microsoft, Nintendo and Sony gaming platforms
Detailed Financial Results
On a GAAP basis, operating income for the fourth fiscal quarter of 2018 was $340.1 million with diluted earnings per share of $1.58. On a non-GAAP basis, operating income was $379.6 million with non-GAAP diluted earnings per share of $1.94, $0.03 better than Company guidance.
For fiscal year 2018, revenue was $3.868 billion, up 6 percent year-over-year with GAAP diluted earnings per share of $5.01. Non-GAAP diluted earnings per share for fiscal year 2018 was $7.22, up 12 percent from fiscal year 2017.
First Fiscal Quarter 2019 Outlook
Skyworks’ continued strength in broad markets coupled with the launch of a diverse set of high performance mobile solutions is offsetting unit declines in premium smartphones and overall China softness. According to Kris Sennesael, Senior Vice President and CFO of Skyworks, specifically in the first fiscal quarter of 2019, the company anticipates revenue to be between $1.000 billion and $1.020 billion with non-GAAP diluted earnings per share of $1.91 at the midpoint of revenue range. Despite the near term industry weakness, Skyworks intends to deliver the tenth consecutive fiscal year of revenue and non-GAAP earnings growth.
Skyworks’ Board of Directors has declared a cash dividend of $0.38 per share of the Company's common stock, payable on December 18, 2018, to stockholders of record at the close of business on November 27, 2018.
