Skyworks Solutions Beats Q1 Expectations

Skyworks Solutions Inc SWKS reported first fiscal quarter results Thursday for the period ending January 2, 2015.

Revenue came in at $805.5 million, above estimates of $773.59 million and up 59 percent year-over-year and 12 percent sequentially, exceeding the company’s original guidance of $770 million.

Non-GAAP diluted earnings per share for the first fiscal quarter was $1.26, above estimates of $1.19 and up 88 percent from the $0.67 reported for the first fiscal quarter of 2014.

“We are off to a solid start to fiscal 2015,” said David J. Aldrich, chairman and chief executive officer of Skyworks. “Our business results are being fueled by a global surge in connectivity across a wide-ranging set of applications and by the increase in analog-rich content that is required to power today’s most innovative devices.”

“For the second fiscal quarter of 2015, we anticipate revenue to be $750 million—up 56 percent year-over-year with non-GAAP diluted earnings per share of $1.12,” according to the Executive Vice President and Chief Financial Officer of Skyworks, Donald W. Palette.

Analysts had expected Q2 revenue of $708.72 and EPS of $1.04.

Skyworks Solutions Inc traded at $79.53 in the after hours market, up 0.25 percent.