Source: Skyworks Solutions.
Shares of Skyworks Solutions (SWKS 5.59%) jumped as much as 9.6% higher in after-hours trading, following the release of impressive third-quarter results.
Sales in the third quarter jumped 35% year over year to land at $587 million, 3% above Skyworks' mid-quarter guidance update. Non-GAAP earnings increased 54%, to $0.83 per diluted share, once again exceeding updated guidance figures. Analysts had pinned their estimates to the updated guidance, and ended up underestimating the final results.
Looking ahead, Skyworks CFO Donald Palette sees "sustainable, above-market growth for the foreseeable future." In the fourth quarter, the company expects to deliver adjusted earnings near $1.00 per share on $680 million in total sales. Street projections only call for $0.87 per share and $608 million, respectively.
"Skyworks is entering a new and exciting growth phase driven by global wireless proliferation and the Internet of Things. Quite simply, we are capitalizing on the macro trend to connect virtually everyone and everything, all the time," said CEO David Aldrich in a prepared statement. "Skyworks is setting the pace for analog semiconductor industry growth in terms of both revenue and value creation."
Coming into this report, Skyworks shares had gained 109% during the previous 52 weeks. If the after-hours surge holds overnight, the stock will have delivered 126% one-year returns when the opening bell rings tomorrow.
