Skyworks Delivers $402.3 Million in Revenue and $0.54 of Non-GAAP Diluted EPS ($0.34 GAAP) in Q4 FY11

  • Posts 28 Percent Year-Over-Year and 13 Percent Sequential Revenue Growth
  • Expands Operating Margin 110 Basis Points Year-Over-Year to 27.2 Percent on a Non-GAAP Basis (19.3 Percent GAAP)
  • Generates $123 Million in Cash Flow from Operations
  • Exits the Quarter with $411 Million in Cash

WOBURN, Mass. — (BUSINESS WIRE) — November 3, 2011 — Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high reliability analog and mixed signal semiconductors enabling a broad range of end markets, today reported fourth fiscal quarter and year end 2011 results. Revenue for the quarter was $402.3 million versus guidance of $400 million, and was up 28 percent year-over-year and 13 percent sequentially. For fiscal year 2011, revenue was $1.419 billion versus $1.072 billion in fiscal 2010, a 32 percent increase.

On a non-GAAP basis, operating income for the fourth fiscal quarter was $109.4 million, up from $81.8 million in the prior-year period, reflecting a 34 percent increase. Non-GAAP diluted earnings per share for the fourth fiscal quarter was $0.54 compared to $0.43 for the same period a year ago, a 26 percent improvement. On a GAAP basis, operating income for the fourth fiscal quarter of 2011 was $77.7 million and diluted earnings per share was $0.34.

For fiscal 2011, operating income was $384.7 million on a non-GAAP basis, up 56 percent from $246.3 million in fiscal 2010, while non-GAAP diluted earnings per share for the year was $1.89 compared to $1.26 in fiscal 2010, a 50 percent improvement. On a GAAP basis, operating income for fiscal 2011 was $295.3 million and diluted earnings per share was $1.19.

“Skyworks’ solid performance demonstrates the strength of our diversified business model, continued share gains and operational leverage,” said David J. Aldrich, president and chief executive officer of Skyworks. “At a higher level, despite the current economic environment, we believe that long-term industry fundamentals remain strong as analog content and complexity continue to increase. Given our differentiated product portfolio, technology leadership, broad customer engagements and scale, Skyworks is strategically well positioned to capitalize on the growing number of platforms that are becoming wirelessly enabled and, in turn, to outperform our addressed markets.”

Q4 Business Highlights

  • Expanded gross margin by 90 basis points year-over-year to 44.7 percent on a non-GAAP basis (43.4 percent GAAP)
  • Improved operating margin by 110 basis points year-over-year to 27.2 percent on a non-GAAP basis (19.3 percent GAAP)
  • Ramped 3G/LTE multimode, multiband solutions for Samsung’s next generation Galaxy S™ II smart phone platforms
  • Supported ZTE’s launch of tablets and notebooks with EDGE and WCDMA/LTE front-end solutions
  • Introduced a family of low noise amplifiers for wireless infrastructure and networking applications
  • Shipped switch matrix solutions to Siemens Healthcare for deployment in their Magnetic Resonance Imaging (MRI) scanners
  • Designed into a leading manufacturer’s platform for hearing aids using ultra low power amplifiers
  • Commenced volume shipments of ZigBee®-enabled solutions to multiple ODMs in support of home security applications

First Fiscal Quarter 2012 Outlook

“We anticipate revenue in the first fiscal quarter of 2012 to be up 16 percent year-over-year in the $390 million range,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “Our guidance reflects near term market weakness largely offset by new program ramps. Operationally, we expect to deliver non-GAAP diluted earnings per share of $0.50. Note, our outlook excludes any contribution from Advanced Analogic Technologies.”

For further information regarding use of non-GAAP measures in this press release, please refer to the Discussion Regarding the Use of Non-GAAP Financial Measures set forth below.

Skyworks’ Fourth Fiscal Quarter 2011 Conference Call

Skyworks will host a conference call with analysts to discuss its fourth fiscal quarter 2011 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please visit the investor relations section of Skyworks’ Web site. To listen to the conference call via telephone, please call 888-312-3052 (domestic) or 719-325-2107 (international), confirmation code: 1214860.

Playback of the conference call will begin at 9:00 p.m. Eastern time on November 3, and end at 9:00 p.m. Eastern time on November 10. The replay will be available on Skyworks’ Web site or by calling 888-203-1112 (domestic) or 719-457-0820 (international), pass code: 1214860.

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