Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and
things, today updated its guidance for the first fiscal quarter
ended December 28, 2018. The company now expects:
- Revenue of approximately $970 million,
compared to the prior guidance of revenue between $1.000 billion
and $1.020 billion; and
- Non-GAAP diluted earnings per share in
the range of $1.81 to $1.84, compared to the prior guidance of
$1.91 at the midpoint of the prior guidance revenue range.
“First fiscal quarter results were impacted by unit weakness
across our largest smartphone customers,” said Liam K. Griffin,
president and chief executive officer of Skyworks. “Despite these
near-term challenges, our broad markets business tracked in-line
with our prior outlook. In addition, cash flow generation continued
to be strong, allowing us to return cash to shareholders through
share repurchases and dividends.”
This update is preliminary in nature, based on information
available to management as of the date of this release, and is
subject to further changes upon completion of our standard
quarter-end closing procedures. Skyworks’ independent registered
public accounting firm has not completed its review of our results
for the first fiscal quarter ended December 28, 2018. We undertake
no obligation to update the information in this release in the
event facts or circumstances change after the date of this
release.
Skyworks’ First Fiscal Quarter 2019 Conference Call
Skyworks will conduct a conference call with analysts to discuss
its first quarter fiscal 2019 results and business outlook on
February 5, 2019, at 5:00 p.m. Eastern time.
After the close of the market on February 5, and prior to the
conference call, Skyworks will issue a copy of the earnings press
release via Business Wire. The press release may also be viewed on
Skyworks’ website at www.skyworksinc.com.
To listen to the conference call via the Internet, please visit
the investor relations section of Skyworks’ website. To listen to
the conference call via telephone, please call (800) 230-1059
(domestic) or (612) 234-9959 (international), confirmation code:
462168.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on February 5, and end at 9:00 p.m. Eastern time on February
12. The replay will be available on Skyworks’ website or by calling
(800) 475-6701 (domestic) or (320) 365-3844 (international), access
code: 462168.
Discussion Regarding the Use of Non-GAAP Financial
Measures
This press release contains a forward-looking estimate of
non-GAAP diluted earnings per share for the first quarter of our
2019 fiscal year (“Q1 2019”). We are unable to provide a
reconciliation of our forward-looking estimate of Q1 2019 GAAP
diluted earnings per share to a forward-looking estimate of Q1 2019
non-GAAP diluted earnings per share because certain information
needed to make a reasonable forward-looking estimate of GAAP
diluted earnings per share for Q1 2019 (other than estimated
share-based compensation expense of $0.10 to $0.20 per diluted
share, certain tax items of $0.00 to $0.15 per diluted share and
estimated amortization of intangibles of $0.07 to $0.11 per diluted
share) is difficult to predict and estimate and is often dependent
on future events that may be uncertain or outside of our control.
Such events may include unanticipated changes in our GAAP effective
tax rate, unanticipated one-time charges related to asset
impairments (fixed assets, inventory, intangibles or goodwill),
unanticipated acquisition-related expenses, unanticipated
litigation settlement gains, losses and expenses and other
unanticipated non-recurring items not reflective of ongoing
operations. The probable significance of these unknown items, in
the aggregate, is estimated to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. Our
forward-looking estimates of both GAAP and non-GAAP measures of our
financial performance may differ materially from our actual results
and should not be relied upon as statements of fact.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places and things spanning a number of new and
previously unimagined applications within the aerospace,
automotive, broadband, cellular infrastructure, connected home,
industrial, medical, military, smartphone, tablet and wearable
markets.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). For more information,
please visit Skyworks’ website at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes “forward-looking statements” intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to future results and expectations
of Skyworks (e.g., certain projections and business
trends, plans for dividend payments, the use of its stock
repurchase program, and cash return rate to shareholders).
Forward-looking statements can often be identified by words such as
“anticipates,” “expects,” “forecasts,” “intends,” “believes,”
“plans,” “may,” “will,” or “continue,” and similar expressions and
variations or negatives of these words. All such statements are
subject to certain risks, uncertainties and other important factors
that could cause actual results to differ materially and adversely
from those projected, and may affect our future operating results,
financial position and cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: revenue and/or expense adjustments
identified in the course of the quarter-end accounting review; the
susceptibility of the semiconductor industry and the markets
addressed by our, and our customers’, products to economic
downturns; our reliance on several key customers for a large
percentage of our sales; the volatility of our stock price;
declining selling prices, decreased gross margins, and loss of
market share as a result of increased competition; our ability to
obtain design wins from customers; economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate, including security and health
risks, imposition of trade protection measures (e.g., tariffs or
taxes), increased import/export restrictions and controls, and
possible disruptions in transportation networks and fluctuations in
foreign currency exchange rates; changes in laws, regulations
and/or policies that could adversely affect our operations and
financial results, the economy and our customers’ demand for our
products, or the financial markets and our ability to raise
capital; fluctuations in our manufacturing yields due to our
complex and specialized manufacturing processes; our ability to
develop, manufacture and market innovative products, avoid product
obsolescence, reduce costs in a timely manner, transition our
products to smaller geometry process technologies, and achieve
higher levels of design integration; the quality of our products
and any defect remediation costs; the availability and pricing of
third-party semiconductor foundry, assembly and test capacity, raw
materials and supplier components; our ability to retain, recruit
and hire key executives, technical personnel and other employees in
the positions and numbers, with the experience and capabilities,
and at the compensation levels needed to implement our business and
product plans; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; our ability to prevent theft
of our intellectual property, disclosure of confidential
information, or breaches of our information technology systems;
uncertainties of litigation, including potential disputes over
intellectual property infringement and rights, as well as payments
related to the licensing and/or sale of such rights; our ability to
continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties; our ability to make
certain investments and acquisitions, integrate companies we
acquire, and/or enter into strategic alliances; and other risks and
uncertainties, including, but not limited to, those detailed from
time to time in our filings with the Securities and Exchange
Commission.
The forward-looking statements contained in this news release
are made only as of the date hereof, and we undertake no obligation
to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and other countries. Third-party
brands and names are for identification purposes only, and are the
property of their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20190108006065/en/
Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061
Investor Relations:Mitch Haws(949) 231-3223
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