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Semiconductor maker Skyworks Solutions sets above-expectations profit goal
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WOBURN, Mass. - Semiconductor maker Skyworks Solutions Inc. said Thursday that revenue will grow in the current quarter, and set a profit target above analysts' expectations.
Skyworks said it would earn 25 cents per share, excluding special items, in the current quarter, the first in its fiscal year. The company predicted sales would rise 13 percent to 15 percent year-over-year to between $238 million and $242 million.
Analysts, who usually exclude items from their forecasts, have predicted earnings of 22 cents per share on sales of $230.8 million, on average.
Chief Financial Officer Donald W. Palette said the company is cautious about the broader economy but based its outlook on "improving order visibility and backlog strength" in sales of chips for mobile internet, energy management and analog uses.
The company gave the outlook while releasing results for its fiscal fourth quarter, which ended Oct. 2. It earned $56 million on sales of $228.1 million, down from profit of $54.8 million and sales of $232.6 million a year ago.
Skyworks shares rose 64 cents, or 6.2 percent, to $10.97 in regular trading, then climbed another 38 cents, or 3.5 percent, to $11.35 in extended trading after the financial report.
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