Stock Monitor: Analog Devices Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 6, 2018 / If you want access to our free earnings report on Skyworks Solutions, Inc. (NASDAQ: SWKS) ("Skyworks"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SWKS. The Company reported its financial results on May 03, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The innovator of high-performance analogue semiconductors surpassed market estimates for revenues and earnings for Q2 FY18. Additionally, the Company provided its guidance for the third quarter of the fiscal year 2018. 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
For the second quarter of the fiscal year 2018, Skyworks' revenues improved 7.2% to $913.4 million compared to $851.7 million in the second quarter of 2017, primarily driven by an increase in demand for its components from a key smartphone customer. The Company's revenue numbers exceeded analysts' estimates of $910.4 million.
During Q2 FY18, Skyworks incurred cost of goods sold of $454.7 million versus $426.3 million in Q2 FY17. The Company's gross profit advanced 7.8% to $458.7 million in the reported quarter compared to $425.4 million in the prior year's same period, due to a favorable product mix, lower per-unit materials and manufacturing costs, and higher unit volumes.
Skyworks' total operating expenses increased 17.4% to $169.3 million in Q2 FY18 compared to $144.2 million in Q2 FY17. The Company's total expenses included research and development (R&D) expenses of $106.7 million and selling, general, and administrative expenses (SG&A) of $57.5 million in the reported quarter versus $89.4 million and $47.8 million, respectively, in the comparable period of the prior fiscal year.
Skyworks posted an operating income of $289.4 million in Q2 FY18 compared to $281.2 million in Q1 FY18. The Company's operating margin was 31.7 % in Q2 FY18, declining from 33.0 % in Q2 FY17. The Company's adjusted operating income grew 6% to $331.1 million in the reported quarter compared to $312.5 million in the corresponding quarter of last year.
For the reported quarter, Skyworks' net income soared 22.7% to $276.0 million compared to $224.9 million in the year ago same period. The Company posted an adjusted net income of $302.3 million in Q2 FY18 compared to $272.0 million in Q2 FY17, increasing 11.1% on a y-o-y basis.
Skyworks reported earnings per share (EPS) of $1.50 in Q2 FY18 compared to $1.20 in Q2 FY17, increasing 23% on a y-o-y basis. The Company's adjusted EPS surged 13.1% to $1.64 in the reported quarter versus $1.45 in the year ago comparable period, beating analysts' estimates of $1.60.
As of March 30, 2018, Skyworks' cash and cash equivalents stood at $1.88 billion compared to $1.41 billion as of March 31, 2017. During the second quarter of the fiscal year 2018, the Company generated cash inflows from operating activities of $795.0 million compared to $724.6 million in the second quarter of 2017.
During Q2 FY18, Skyworks repurchased 1.0 million shares of its common stock at a cost of $111.8 million. On May 03, 2018, the Company declared a cash dividend of $0.32 per share of its common stock, payable on June 12, 2018, to stockholders of record as of the close of business on May 22, 2018.
For Q3 FY18, Skyworks expects revenues to be in the range of $875.0 million to $900.0 million. In addition, the Company anticipates non-GAAP diluted EPS to be $1.59 for the third quarter of the fiscal year 2018.
Stock Performance Snapshot
June 05, 2018 - At Tuesday's closing bell, Skyworks Solutions' stock slightly declined 0.84%, ending the trading session at $99.51.
Volume traded for the day: 2.04 million shares.
Stock performance in the last month - up 3.44%; and year-to-date - up 4.80%
After yesterday's close, Skyworks Solutions' market cap was at $18.16 billion.
Price to Earnings (P/E) ratio was at 16.29.
The stock has a dividend yield of 1.29%.
The stock is part of the Technology sector, categorized under the Semiconductor - Integrated Circuits industry. This sector was up 0.4% at the end of the session.
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