Skyworks more than doubles first-quarter profit

Skyworks more than doubles first-quarter profit

Associated Press

Chip maker Skyworks Solutions Inc. said Thursday that its fiscal first-quarter profit more than doubled on strong demand for its chips found in popular tablet computers and smart phones, and issued a strong forecast for the second quarter.

The Woburn-based company said its net income totaled $60.9 million, or 32 cents per share, compared with year-earlier earnings of $28 million, or 16 cents per share. Excluding one-time items, it earned 45 cents per share in the latest period.

Revenue rose 37 percent to $335.1 million from $245.1 million.

Analysts polled by FactSet were expecting earnings of 44 cents per share on revenue of $333.9 million. Analysts typically do not include one-time items in their estimates.

For the second quarter, the company forecast adjusted earnings of 38 to 40 cents per share on revenue between $310 million and $320 million. That would represent a 30 to 34 percent year-over-year jump in sales.

Analysts surveyed by FactSet expect earnings of 37 cents per share on revenue of $307.8 million, on average.

The stock closed earlier at $30.03, down $1.88, or 5.9 percent.

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