- Delivers Record Revenue of $984.6 Million, Up 18% Y-o-Y
- GAAP Operating Margin 35.1%; Non-GAAP Operating Margin 38.5%
- GAAP Diluted EPS $1.51, Up 15% Y-o-Y; Non-GAAP Diluted EPS $1.82, Up 24% Y-o-Y
- Generates $425.4 Million in Cash Flow from Operations
- FY17 Revenue of $3.7 Billion; $5.41 in GAAP Diluted EPS and $6.45 in Non-GAAP Diluted EPS; $1.5 Billion in Cash Flow from Operations
- Guides Q1FY18 Revenue Up 15% Y-o-Y and Non-GAAP Diluted EPS Up 19% Y-o-Y
IRVINE, Calif. — (BUSINESS WIRE) — November 6, 2017 — Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high performance analog semiconductors connecting people, places and things, today reported fourth fiscal quarter and year-end results for the period ending September 29, 2017. Revenue for the fourth fiscal quarter was $984.6 million, up 18 percent year-over-year and exceeding consensus estimates.
On a GAAP basis, operating income for the fourth fiscal quarter of 2017 was $345.9 million with diluted earnings per share of $1.51. On a non-GAAP basis, operating income was $379.2 million with non-GAAP diluted earnings per share of $1.82, up 24 percent year-over-year and $0.07 better than consensus estimates.
For fiscal year 2017, revenue was a record $3.7 billion, up 11 percent year-over-year, with GAAP diluted earnings per share of $5.41 and cash flow from operations of $1.5 billion. Non-GAAP diluted earnings per share for fiscal year 2017 was also a record $6.45, up 16 percent year-over-year.
“Skyworks is capitalizing on global demand for connectivity across Mobile and Internet of Things ecosystems as demonstrated by our record fourth quarter and fiscal 2017 performance,” said Liam K. Griffin, president and chief executive officer of Skyworks. “The connected economy is gaining significant momentum and enhancing the way we live, work, play and educate. At the same time, the broad range of usage cases and expanding scope of newly connected platforms are crowding radio spectrum and stressing network capacity. These dynamics portend a digital traffic jam while creating a tremendous opportunity. Given our strategic investments, technology breadth and differentiated system solutions, Skyworks is well positioned to empower revolutionary 5G applications, enabling up to 100x increases in speed and near-zero latency with expanding network capacity. Our ambitious vision of ‘connecting everyone and everything, all the time’ has never been more relevant and exciting.”
Fourth Quarter Business Highlights
- Powered Samsung’s flagship LTE platforms with proprietary DRx™ modules, GPS devices and DC/DC converters
- Expanded content across Huawei’s premium smartphones with low/mid/high band SkyOne® and SkyBlue™ architectures
- Supported Oppo, Vivo and Xiaomi product launches in China
- Enabled Sonos’ newest HiFi platforms incorporating Amazon’s Alexa virtual assistant technology
- Ramped ultra-low-power Bluetooth® solutions for advanced location trackers
- Delivered innovative ZigBee® and ISM modules for Bosch’s home security systems and Cisco’s smart street lights
- Captured design wins in Nest’s next generation smart thermostats
- Introduced 802.11ax Wi-Fi engines for home and commercial environments
- Commenced volume production of in-vehicle telematics systems at Hyundai
- Secured connectivity wins at DJI for virtual reality and drone applications
- Launched precision GPS and antenna technology in FitBit’s smart watches
- Unveiled high power solutions with leading base station OEMs for 5G massive MIMO deployments
First Fiscal Quarter 2018 Outlook
We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.
“Our market outperformance is being driven by new customers and content
growth across an increasingly diverse set of end market applications,”
said Kris Sennesael, senior vice president and chief financial officer
of Skyworks. “Specifically, in the first fiscal quarter of 2018 we
expect revenue to be up 15 percent year-over-year to $1.050 billion,
with non-GAAP diluted earnings per share of $1.91, up 19 percent