Free Post Earnings Research Report: Qorvo’s Adjusted EPS Scaled 25.9%
Stock Monitor: NXP Semiconductors Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on Qorvo, Inc. (QRVO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=QRVO. The Company reported its financial results on May 02, 2018, for the fourth quarter of the fiscal year 2018 (Q4 FY18). The Company, which is a provider of innovative radio frequency (RF) solutions that connect the world, exceeded market expectations for revenue and earnings for Q4 FY18. Additionally, the Company provided guidance for the first quarter of the fiscal year 2019. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
On a GAAP basis, Qorvo's revenues improved 3.5% to $665.4 million in Q4 FY18 compared to $643.0 million in Q4 FY17, beating market estimates of $656.6 million. For the reported quarter, the Company's non-GAAP revenues increased to $664.4 million compared to $642.0 million in the year ago same period.
During the reported quarter, Qorvo posted a gross profit and a gross margin on a GAAP basis of $252.6 million and 38.0%, respectively, versus $231.6 million and 36.0%, respectively, in the year ago comparable period. On a non-GAAP basis, the Company's gross profit and gross margin increased to $318.7 million and 48.0%, respectively, in Q4 FY18 compared to $296.5 million and 46.2%, respectively, in Q4 FY17.
During Q4 FY18, Qorvo posted a GAAP operating loss of $31.8 million versus a loss of $24.5 million in Q4 FY17. On a non-GAAP basis, the Company's operating income advanced to $163.1 million in the reported quarter compared to $133.4 million in the prior year's corresponding period.
For Q4 FY18, Qorvo reported a GAAP net loss of $12.5 million, or $0.10 loss per diluted share, compared to a net profit of $55.9 million, or $0.43 income per diluted share, in Q4 FY17. The Company's earnings per share (EPS) on a non-GAAP basis soared 25.9% to $1.07 in the reported quarter compared to $0.85 in the year ago same quarter; surpassing market expectations of $1.05.
Segment Details
Qorvo operates through two segments, namely (i) Mobile Products (MP); and (ii) Infrastructure and Defense Products (IDP).
Qorvo's MP segment did better than expected due to improving demand from China's phone makers. The Company's MP segment won an advanced ‘Phase 6' integrated front-end module, with additional antenna tuning and envelope tracking (ET) components, from a ‘China-based smartphone manufacturer'.
For the reported quarter, Qorvo's IDP segment added record revenues of $212.0 million, increasing 26% on a y-o-y basis, primarily driven by a strong demand for the Company's solutions in defense (advanced radars and other electronic warfare products), and connectivity (Wi-Fi and emerging IoT applications). In the reported quarter, the Company announced the industry's most powerful GaN-on-SiC transistor, boosting signal integrity and range with 1.8KW of output power at 65V.
Cash Matters
As of March 31, 2018, Qorvo's cash and cash equivalents stood at $926.0 million compared to $545.5 million as of April 01, 2017. The Company had a long-term debt of $983.3 million as of March 31, 2018, compared to $989.2 million as of April 01, 2017. During the reported quarter, the Company generated net cash inflow from operating activities of $259.0 million versus $247.1 million in the year ago comparable period. The Company had free cash flow of $226.8 million in Q4 FY18 compared to $81.3 million in Q4 FY17.
On May 23, 2018, Qorvo's Board of Directors approved the repurchase of up to $1 billion share of its outstanding common stock.
Outlook
For Q1 FY19, Qorvo expects revenues to be in the range of $645 million to $665 million. The Company anticipates gross margin to be approximately 44% in Q1 FY19. The Company expects diluted EPS to be $0.75 at the midpoint of the guidance.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Qorvo's stock climbed 1.24%, ending the trading session at $80.93.
Volume traded for the day: 1.13 million shares.
Stock performance in the last month – up 20.07%; previous three-month period – up 0.27%; past twelve-month period – up 2.90%; and year-to-date – up 21.52%
After yesterday's close, Qorvo's market cap was at $10.20 billion.
Price to Earnings (P/E) ratio was at 77.82.
The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry. This sector was up 0.9% at the end of the session.
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