Solid Earnings Report from Skyworks Solutions (SWKS) but Tepid Reaction
By Trader Mark | January 22, 2011 3:09 AM EST
I am a bit surprised by the lack of reaction to what appears to be a very nice report from Skyworks Solutions (SWKS) last evening. Beat by a penny and raised guidance for next quarter by 1-3 cents over current expectations. Perhaps it has to do with the huge run (almost 100% from trough to peak) the stock has enjoyed the past 6 months, which has discounted some of the news.
- Cellphone chipmaker Skyworks Solutions Inc (SWKS) posted better-than-expected quarterly results and forecast second-quarter above market estimates on firm demand for smartphones, tablets and a shift to 4G.
- For January-March quarter Skyworks forecast second-quarter earnings of 38-40 cents a share, excluding items, on revenue of $310-$320 million. Analysts were looking for earnings of 37 cents a share, before items, on revenue of $306.5 million.
- In the October-December quarter, Skyworks net income doubled to $60.9 million, or 32 cents a share, from $28 million, or 16 cents a share, a year ago. Excluding items, it earned 41 cents a share, above analysts' view of 40 cents a share.
- Revenue at the company rose 37% to $335.1 million, above analysts expectation of $334 million.
Cramer had the CEO on last evening - 8 minute video