Skyworks Solutions Announces First Quarter Financial Results | Skyworks Solutions Announces First Quarter Financial ResultsFinancial Buzz

Skyworks Solutions Announces First Quarter Financial Results

Skyworks Solutions, Inc. (NASDAQ: SWKS) reported financial results for the first quarter ended January 1st, 2021.  The company reported revenue of USD 1.51 Billion, a 58% rise sequentially that exceeded consensus estimates.  Operating income reached USD 571 Million with diluted earnings per share of USD 3.05. 

“Skyworks delivered all-time record quarterly results, leveraging our expansive technology reach,” said Liam K. Griffin, president and chief executive officer of Skyworks. “Demand for our proven solutions continues to accelerate across a growing set of customers and end markets, powering the world’s most impactful use cases, from 5G mobile platforms to IoT, wireless infrastructure, autonomous transport and machine-to-machine installations.

“Importantly, the multi-year wireless transition is now underway, creating a burgeoning set of new opportunities. With deep customer engagements, underpinned by decades of technology investments and scale, Skyworks is uniquely positioned to lead.”

“We expect the continued and rapid adoption of multiple wireless protocols to drive strong year-over-year growth for Skyworks,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the second fiscal quarter of 2021, we anticipate revenue to be between $1.125 billion and $1.175 billion with non-GAAP diluted earnings per share of $2.34 at the midpoint of our revenue range, representing revenue growth of 50% and non-GAAP diluted earnings per share growth of 75%, compared to the second fiscal quarter of 2020.

“Additionally, our board of directors has approved a new $2 billion stock repurchase program, reflecting their confidence in our business model driven by sustained above-market growth and strong cash flow generation.”

The company board of directors have announced a cash dividend of USD 0.50 per share of the company’s common stock that will be payable on March 9th, 2021 to stockholders of record at close of business on February 16th, 2021. 

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