Skyworks Reports Q3 FY23 Results
-- Delivers Revenue of $1.071 Billion -- Posts GAAP Diluted EPS of $1.22 and Non-GAAP Diluted EPS of $1.73 -- Generates Quarterly Operating Cash Flow of $305.7 Million and Record Year-to-Date Operating Cash Flow of $1.491 Billion -- Guides to Double-Digit Sequential Revenue and Non-GAAP Diluted EPS Growth in Q4 FY23 -- Increases Quarterly Dividend by 10% to $0.68 Per Share IRVINE, Calif.--(BUSINESS WIRE)--August 07, 2023--
Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high-performance analog and mixed signal semiconductors connecting people, places and things, today reported third fiscal quarter results for the period ended June 30, 2023.
Revenue for the third fiscal quarter of 2023 was $1.071 billion. On a GAAP basis, operating income for the third fiscal quarter was $230.7 million with diluted earnings per share of $1.22. On a non-GAAP basis, operating income was $326.6 million with non-GAAP diluted earnings per share of $1.73.
“Skyworks’ resilient business model and disciplined execution enabled us to deliver record operating and free cash flow for the first three quarters of the fiscal year,” said Liam K. Griffin, chairman, chief executive officer and president of Skyworks. “Our targeted investments in next-generation technologies are generating solid momentum going into the second half of calendar year 2023.”
Third Fiscal Quarter Business Highlights
-- Secured 5G content for Android smartphones across all tiers with Google, Samsung, Oppo, Vivo and Xiaomi -- Delivered Sky5(R) platforms for leading North American carriers' 5G customer premise equipment -- Supported the launches of Wi-Fi 7 tri-band routers with NETGEAR and TP-Link -- Powered Bell's Wi-Fi 6E Giga Hub home gateway -- Provided 5 GHz cognitive wireless audio system on chip solutions supporting Samsung Q-Symphony soundbars -- Enabled 5G small cell deployments with a top North American operator -- Ramped timing solutions for AI data centers at a leading cloud provider -- Leveraged our expanding power isolation portfolio with a leading EV supplier
Fourth Fiscal Quarter 2023 Outlook
We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this earnings release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.
“We expect double-digit sequential revenue and earnings growth in the September quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the fourth fiscal quarter of 2023, we anticipate revenue to be between $1.190 billion and $1.240 billion with non-GAAP diluted earnings per share of $2.10 at the midpoint of our revenue range, representing sequential revenue and non-GAAP diluted earnings per share growth of 13% and 21%, respectively. In addition, given our conviction in Skyworks’ business outlook and strong cash flow generation, we are announcing another substantial increase to our quarterly dividend.”