Skyworks Solutions (SWKS) is slated to release fourth-quarter fiscal 2024 results on Nov. 12.For the fourth quarter of fiscal 2024, earnings are expected to be $1.52 per share at the mid-point of the revenue guidance.The Zacks Consensus Estimate for earnings has remained steady at $1.52 per share in the past 30 days. The projection indicates a 30.91% decline from the figure reported in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The company expects revenues ...

Skyworks’ (SWKS) shares have underperformed the Zacks Computer & Technology sector and its peers Qorvo (QRVO) and Broadcom (AVGO) on a year-to-date basis.Skyworks’ shares have dropped 14%, while Broadcom’s shares have surged 54%. Qorvo’s shares have declined 9.7% year to date. The broader sector has appreciated 22.5% over the same timeframe.The underperformance can be attributed to persistent challenges in broad markets and data centers due to elevated inventory levels amid ongoing recovery. Sluggishness in ...

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Skyworks Solutions (SWKS) reported third-quarter fiscal 2024 non-GAAP earnings of $1.21 per share, in line with the Zacks Consensus Estimate and declining 30.1% year over year.Revenues of $905.5 million dropped 15.5% on a year-over-year basis and missed the consensus mark of $913 million.Mobile revenues contributed nearly 61% to total revenues and declined 21% sequentially.Broad markets contributed nearly 39% to total revenues and increased 1% sequentially.Operating DetailsNon-GAAP gross margin contracted 1 ...

Skyworks Solutions Inc SWKS reported mixed third-quarter financial results on Tuesday.Skyworks Solutions reported quarterly earnings of $1.21 per share which missed the analyst consensus estimate of $1.23 and is a 30.06% decrease from the same period last year.Quarterly sales came in at $905.5 million which beat the analyst consensus estimate of $900.4 million and represents a 15.47% decrease in sales from the same period last year."Skyworks generated solid results and strong profitability consistent with o ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $906 million, with earnings per share (EPS) of $1.21 and free cash flow of $249 million [6] - Year-to-date free cash flow reached $1.3 billion, representing a 40% free cash flow margin [6] - Gross margin was 46%, up 100 basis points sequentially, driven by cost-reduction actions and favorable mix shifts [13] - Operating income was $219 million, with an operating margin of 24% [14] - Cash and investments grew to nearly $1.3 billion, with $1 billion in debt [15] Business Line Performance - Mobile revenue accounted for 61% of total revenue, down 21% sequentially, while broad markets contributed 39%, up 1% sequentially [13] - The company secured 5G content for premium Android smartphones, including Google Pixel 8a, Samsung Galaxy M, and Oppo Reno12 [12] - In broad markets, the company delivered 2 consecutive quarters of sequential growth since the December bottom, with expectations for modest growth in 2024 [8] - Edge IoT demand is improving, with strong design wins for WiFi 7 systems, expected to drive a multiyear upgrade cycle [8] Market Performance - In mobile, inventory levels and order patterns are normalizing, with generative AI expected to drive a smartphone replacement cycle [7] - In automotive and industrial, excess inventory levels are being worked through, with signs of stabilization and bullishness on design wins for connected car and EV markets [8] - Traditional data center and wireless infrastructure inventory levels remain elevated, prolonging recovery, but end customers are expected to replenish inventory once conditions stabilize [8] Company Strategy and Industry Competition - The company is well-positioned for the migration of generative AI to the edge, with expectations of a smartphone replacement cycle driven by AI applications [9] - Skyworks is targeting high-performance timing solutions for next-generation data centers, including 800 gig and 1.6 terabit Ethernet switches in optical modules [10] - The company believes in a hybrid approach to AI computing, combining on-device and cloud-based solutions, which aligns with its strengths in RF technology and advanced packaging [11] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the long-term impact of AI on the smartphone market, expecting a multiyear upgrade cycle [7][9] - The company anticipates revenue of $1 billion to $1.04 billion for Q4 2024, with mobile business expected to grow 20% sequentially [16] - Gross margin is projected to be in the range of 46% to 47% for Q4, with further expansion expected due to cost-reduction actions and higher utilization rates [16] Other Important Information - The company paid $109 million in dividends and repurchased 764,000 shares for $77 million in Q3 [15] - A 3% increase in the quarterly dividend to $0.70 per share was announced, reflecting confidence in the company's long-term strategic outlook [15] Q&A Session Summary Question: Equilibrium sell-through revenue levels in broad markets [18] - The company is gaining share in auto and connected car markets, with strong design wins and growth opportunities in safety systems and driver assist [19] - WiFi 7 upgrade cycles are progressing well, with significant volume expected in home, enterprise, commercial, and industrial markets [20] Question: Shape of the wireless business cycle and Android opportunities [21] - Stronger demand signals are emerging, with opportunities in Android and AI-enabled smartphones [22][23] Question: Broad markets inventory correction and growth outlook [25] - Broad markets have seen 2 consecutive quarters of sequential growth, with further growth expected in Q4 [26] - Inventory correction is largely over in consumer enterprise, but ongoing in automotive and industrial markets [26] Question: Gross margin trajectory and cash return strategy [28][29][45] - Gross margins are expected to improve further, driven by cost reductions, higher utilization, and favorable product mix [30] - The company is committed to returning excess cash flow to shareholders through dividends and share buybacks, with optionality for strategic M&A [48][49] Question: AI impact on smartphone refresh cycle and content gains [37][42] - AI is expected to drive a long-term smartphone upgrade cycle, with significant content gain opportunities in future generations [38][43] Question: AI opportunities in IoT and robotics [51] - The company sees potential for AI technologies to expand into IoT and robotics, leveraging existing RF expertise [52][54] Question: Impact of internal modem adoption by largest customer [56] - The company maintains a strong relationship with its largest customer but cannot provide specific details on potential impacts [57] Question: Inventory levels in data center and wireless infrastructure [58] - Inventory levels remain elevated in traditional data center and wireless infrastructure, with recovery expected to be prolonged [59] Question: Integration trends in RF technology [61] - The company is well-positioned to compete in high-end markets with best-in-class RF technology and manufacturing scale [62] Question: AI content uplift in smartphones [63] - AI will drive higher demands on RF technology, including filtering, latency, and throughput, aligning with the company's strengths [65]

Skyworks Solutions (SWKS) came out with quarterly earnings of $1.21 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.73 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this chipmaker would post earnings of $1.52 per share when it actually produced earnings of $1.55, delivering a surprise of 1.97%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Skyworks, which belongs t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 28, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission file number 001-05560 Skyworks Solutions, Inc. (Exact name of registrant as specified in its charter) Delaw ...

Revenue and Earnings - Revenue for Q3 FY24 was $906 million, with GAAP diluted EPS of $0.75 and non-GAAP diluted EPS of $1.21[1][2] - Q3 FY24 GAAP operating income was $130 million, while non-GAAP operating income was $219 million[2] - Skyworks expects Q4 FY24 revenue to be between $1.00 billion and $1.04 billion, with non-GAAP diluted EPS of $1.52 at the midpoint[5] - Gross profit for Q3 FY24 was $364.1 million, compared to $464.1 million in the same period last year[12] - GAAP gross profit for Q3 2024 was $364.1 million, down from $464.1 million in Q3 2023, with a gross margin of 40.2% compared to 43.3% in the prior year[13] - Non-GAAP gross profit for Q3 2024 was $416.1 million, down from $509.0 million in Q3 2023, with a gross margin of 46.0% compared to 47.5% in the prior year[13] - GAAP operating income for Q3 2024 was $130.4 million, down from $230.7 million in Q3 2023, with an operating margin of 14.4% compared to 21.5% in the prior year[13] - Non-GAAP operating income for Q3 2024 was $219.0 million, down from $326.6 million in Q3 2023, with an operating margin of 24.2% compared to 30.5% in the prior year[13] - GAAP net income for Q3 2024 was $120.9 million, down from $195.8 million in Q3 2023, with diluted earnings per share of $0.75 compared to $1.22 in the prior year[13] - Non-GAAP net income for Q3 2024 was $195.1 million, down from $276.3 million in Q3 2023, with diluted earnings per share of $1.21 compared to $1.73 in the prior year[13] - Net income for the three months ended June 28, 2024, was $120.9 million, compared to $195.8 million for the same period in 2023[25] Cash Flow and Financial Position - Year-to-date operating cash flow reached $1.35 billion with a 43% margin, and free cash flow was $1.27 billion with a 40% margin[1] - GAAP net cash provided by operating activities for Q3 2024 was $273.5 million, down from $305.7 million in Q3 2023, with a margin of 30.2% compared to 28.5% in the prior year[13] - Non-GAAP free cash flow for Q3 2024 was $249.1 million, down from $274.4 million in Q3 2023, with a margin of 27.5% compared to 25.6% in the prior year[13] - Cash, cash equivalents, and marketable securities increased to $1,283.9 million as of June 28, 2024, from $738.5 million as of September 29, 2023[24] - Net cash provided by operating activities for the three months ended June 28, 2024, was $273.5 million, compared to $305.7 million for the same period in 2023[25] - Capital expenditures for the three months ended June 28, 2024, were $24.4 million, compared to $31.3 million for the same period in 2023[25] - Repurchase of common stock under the stock repurchase program for the three months ended June 28, 2024, was $77.3 million[25] - Dividends paid for the three months ended June 28, 2024, were $109.1 million, compared to $98.7 million for the same period in 2023[25] - Net increase in cash and cash equivalents for the three months ended June 28, 2024, was $58.0 million, compared to a decrease of $111.0 million for the same period in 2023[25] - Cash and cash equivalents at the end of the period on June 28, 2024, were $1,263.4 million, compared to $721.6 million for the same period in 2023[25] Dividend and Shareholder Returns - Skyworks increased its quarterly dividend by 3% to $0.70 per share[1][6] - Dividends paid for the three months ended June 28, 2024, were $109.1 million, compared to $98.7 million for the same period in 2023[25] Business Performance and Outlook - The company anticipates a 20% sequential increase in mobile business for Q4 FY24[5] - Skyworks secured 5G content for premium Android smartphones, including Google Pixel 8a and Samsung Galaxy M[3] - The company supported the launch of Wi-Fi 7 tri-band routers and access points with NETGEAR, TP-Link, and Cambium Networks[3] - Skyworks accelerated its design win pipeline in automotive, focusing on telematics, infotainment, and CV2X[3] Non-GAAP Financial Measures - The company uses non-GAAP financial measures to evaluate operating performance, make decisions, and compare against peers, excluding items like share-based compensation and acquisition-related expenses[14][15] - Non-GAAP financial measures are calculated by excluding specific items from GAAP measures, such as share-based compensation, acquisition-related expenses, and restructuring charges[16][17][18][19] - Forward-looking estimate of Q4 2024 non-GAAP diluted earnings per share includes estimated share-based compensation expense of $0.25 to $0.35 per diluted share, estimated amortization of intangibles of $0.20 to $0.30 per diluted share, and certain tax items of -$0.05 to $0.10 per diluted share[21] - Total share-based compensation for the three months ended June 28, 2024, was $42.7 million, compared to $44.8 million for the same period in 2023[23]

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