Skyworks Solutions Inc (SWKS) Reports Q4 and Full Year FY23 Results
Q4 revenue of $1.219 billion, with GAAP diluted EPS of $1.52 and non-GAAP diluted EPS of $2.20
Annual operating cash flow of $1.856 billion, up 30% year-over-year
Free cash flow of $1.646 billion, up 76% year-over-year
Declared a cash dividend of $0.68 per share of the company's common stock
On November 2, 2023, Skyworks Solutions Inc (NASDAQ:SWKS) reported its fourth fiscal quarter and fiscal year-end results for the period ended September 29, 2023. Despite macroeconomic headwinds, the company delivered solid results, reflecting its resilient business model and operational excellence.
Financial Highlights
The revenue for the fourth fiscal quarter of 2023 was $1.219 billion. On a GAAP basis, the operating income for the fourth fiscal quarter was $254.0 million with diluted earnings per share of $1.52. On a non-GAAP basis, the operating income was $397.9 million with non-GAAP diluted earnings per share of $2.20.
The company generated record free cash flow well above $1.6 billion for fiscal 2023, increasing 76% year-over-year. The annual operating cash flow was $1.856 billion, up 30% year-over-year.
Commentary
Skyworks delivered solid results despite macroeconomic headwinds reflecting our resilient business model and operational excellence, said Liam K. Griffin, chairman, chief executive officer and president of Skyworks. We generated record free cash flow well above $1.6 billion for fiscal 2023, increasing 76% year-over-year. In light of the cycle volatility, we continue to make strategic investments in growth areas, expanding our customer base and diversifying the reach of our business.
Business Highlights
During the fourth fiscal quarter, Skyworks secured 5G content for premium Android smartphones including Google Pixel 8, Samsung Galaxy S23 FE and several models in the VOX ecosystem. The company also accelerated design wins in Wi-Fi, including NETGEARs Wi-Fi 7 mesh system, Linksys Velop Pro 6E tri-band mesh router and TP-Links quad-band Wi-Fi 7 router.
Outlook
For the first fiscal quarter of 2024, Skyworks expects revenue to be $1.175 to $1.225 billion. At the mid-point of the revenue range, the company anticipates non-GAAP diluted earnings per share of $1.95.
Dividend Payment
Skyworks board of directors has declared a cash dividend of $0.68 per share of the companys common stock, payable on Dec. 12, 2023, to stockholders of record at the close of business on Nov. 21, 2023.
Explore the complete 8-K earnings release (here) from Skyworks Solutions Inc for further details.
This article first appeared on GuruFocus.
