Skyworks Solutions, Inc. (SWKS) has reported an 8.07 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $224.90 million, or $1.20 a share in the quarter, compared with $208.10 million, or $1.08 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $272 million, or $1.45 a share compared with $242.30 million or $1.25 a share, a year ago. Revenue during the quarter grew 9.88 percent to $851.70 million from $775.10 million in the previous year period. Gross margin for the quarter contracted 42 basis points over the previous year period to 49.95 percent. Total expenses were 66.98 percent of quarterly revenues, up from 66.75 percent for the same period last year. That has resulted in a contraction of 23 basis points in operating margin to 33.02 percent.
Operating income for the quarter was $281.20 million, compared with $257.70 million in the previous year period.
However, the adjusted operating income for the quarter stood at $312.50 million compared to $285 million in the prior year period. At the same time, adjusted operating margin contracted 8 basis points in the quarter to 36.69 percent from 36.77 percent in the last year period.
"Skyworks exceeded financial expectations in the second fiscal quarter of 2017 driven by insatiable demand for high-speed, reliable, always-on connectivity spanning Mobile and Internet of Things ecosystems," said Liam K. Griffin, president and chief executive officer of Skyworks. “We are capitalizing on these powerful macrotrends, pushing the technology envelope and extending our product reach to enable the world’s most exciting communications platforms. At a higher level, we are well positioned to create shareholder value while executing on our ambitious vision of connecting everyone and everything, all the time."
For the third-quarter 2017, Skyworks Solutions, Inc. projects revenue to be $890 million. On an adjusted basis, the company forecasts diluted earnings per share to be $1.52.
Operating cash flow improves significantly
Skyworks Solutions, Inc. has generated cash of $731.80 million from operating activities during the first half, up 46.42 percent or $232 million, when compared with the last year period. The company has spent $115.50 million cash to meet investing activities during the first six months as against cash outgo of $116.90 million in the last year period.
The company has spent $293.20 million cash to carry out financing activities during the first six months as against cash outgo of $249 million in the last year period.
Cash and cash equivalents stood at $1,406.90 million as on Mar. 31, 2017, up 19.48 percent or $229.40 million from $1,177.50 million on Apr. 01, 2016.
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