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During 1H16, $SWKS concluded an IRS examination of its federal income tax returns for FY12 and FY13. With the conclusion of the audit, the company decreased the reserve for uncertain tax positions which resulted in the recognition of an income tax benefit of $24MM million in FY16.
$SWKS expects its 1Q18 revenue to be up 15% YoY to $1.05Bil and non-GAAP EPS to be about $1.91, up 19% YoY. Also, the company's BoD declared a cash dividend of $0.32 per share of the Company's common stock, payable on December 12, 2017, to stockholders of record on November 21, 2017.
$SWKS reported a 14% rise in its 4Q17 profit, driven by the global demand for connectivity across Mobile and Internet of Things ecosystems. Net income rose to $281.3MM, or $1.51 per share, from $246.8MM, or $1.31 per share during 4Q16. Adj. EPS was up 24% to $1.82. Revenue jumped 18% YoY to $984.6MM.
$SWKS is making good progress in extending the reach of its portfolio by innovating with higher-end platforms and adding more customers. In 4Q17, the company expects to get its broad markets business on a $1Bil annualized revenue run rate. This area has been growing in double digits and it has helped in revenue growth in 3Q17.
During 3Q17, $SWKS supported Huawei's smartphones with the SkyOne product suite and also extended the DRx solutions across Samsung's Galaxy platforms. The company delivered ZigBee and Wi-Fi devices for Amazon's virtual assistants and ramped advanced 4G/LTE MIMO solutions with leading infrastructure OEMs.
$SWKS declared a cash dividend of $0.32 per share of the company's common stock, representing a 14% increase from the prior quarterly dividend of $0.28 per share. The dividend is payable on August 29, 2017, to stockholders of record on August 8, 2017.
$SWKS reported an increase in 3Q17 results helped by global demand for its connectivity engines. Net income was $246MM or $1.32 per share compared to $185MM or $0.97 per share in 3Q16. Adjusted EPS was $1.57. Revenue was $900.8MM, up 20% YoY and exceeding consensus estimates.
$SWKS said that the business in broad markets was strong in 2Q17, up about 18%. Broad markets business is now getting near $1Bil runrate annually. The company saw an uptick in some of the other mobile customers, specifically Samsung and Huawei.
In 2Q17, Chinese market experienced weakness in Tier 2 and Tier 3 companies, which $SWKS had forecasted in its plan. The lower end of China was weak, but the higher end was strong. The company believes that the Chinese market will be strong in 2H17.
$SWKS expects 3Q17 revenue of $890MM and non-GAAP EPS of $1.52, up 18-23% year-over-year. In addition, the company's BoD declared a cash dividend of $0.28 per share of its common stock, payable on June 6, 2017, to stockholders of record on May 16, 2017.
$SWKS reported a rise in 2Q17 earnings driven by insatiable demand for connectivity spanning Mobile and Internet of Things ecosystems. Net income rose to $224.9MM or $1.20 per share from $208.1MM or $1.08 per share last year. Revenue grew to $851.7MM from $775.1MM. Non-GAAP EPS increased to $1.45 from $1.25.
$SWKS promoted Steven Machuga to VP of worldwide operations. Machuga has been with the company since 1999 and most recently served as its VP of external manufacturing and operations engineering. Bruce Freyman, who has been leading $SWKS' worldwide operations since 2005, is retiring and will serve in an advisory role for a transitional period.
$SWKS said that its BoD authorized the repurchase of up to $500MM of its common stock from time to time prior to Jan. 17, 2019, on the open market. This newly authorized stock repurchase program replaces in its entirety the $400MM stock repurchase program that was approved by the BoD on July 19, 2016 and had $95MM of repurchase authority remaining.
$SWKS said that it has a strong infrastructure position in China and as a percentage of total revenue, China is about 25%. The company said that Samsung's percent in the revenue is below the 10% level, but believes this business will bounce back nicely in 2H17.