Qorvo® Announces Fiscal 2021 Second Quarter Financial Results

GREENSBORO, N.C., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2021 second quarter, ended October 3, 2020.

On a GAAP basis, revenue for Qorvo’s fiscal 2021 second quarter was $1.06 billion, gross margin was 46.4%, operating income was $222 million and diluted earnings per share was $1.18.  On a non-GAAP basis, gross margin was 51.7%, operating income was $329 million and diluted earnings per share was $2.43.  Fiscal year 2021 is a 53-week fiscal year, and the September quarter was a 14-week fiscal quarter.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “In the second quarter, Qorvo outperformed our updated guidance on revenue, gross margin and EPS.  Strength was diversified across customers and supported by multiyear technology upgrade cycles, including 5G and Wi-Fi 6.  Customers are requiring more and better RF in highly integrated form factors to enable their next-generation products.”

Strategic Highlights

  • Expanded shipments of integrated main path solutions, including low-band, mid-/high- and ultra-high-band modules, across multiple tier-one smartphone OEMs
  • Increased volume shipments of BAW-based antennaplexer solutions to multiple tier-one smartphone OEMs
  • Acquired ultra-wideband (UWB) software and system solution pioneer 7Hugs Labs S.A.S. to enhance Qorvo’s capabilities in UWB system solutions and accelerate adoption across mobile, IoT and automotive ecosystems
  • Signed partnership agreement with leading design services company Sigma Connectivity to develop advanced UWB solutions and assist customers in the creation of breakthrough applications
  • Enjoyed broad-based content gains in Wi-Fi 6 in support of leading suppliers of smartphones, tablets, mesh networks, gateways, smart speakers and virtual reality headsets
  • Awarded multiple design wins in support of 5G massive MIMO base stations and commenced shipments of GaN amplifiers for massive MIMO C-band base station deployments
  • Launched high-performance BAW filters for 5G small cells and repeaters to enable 5G band 41 and Wi-Fi coexistence
  • Achieved strong growth in power management products driven by solid state storage in client/enterprise computing and brushless motor control applications
  • Awarded multi-year U.S. government State-of-the-Art Heterogeneous Integrated Packaging (SHIP) program, recognizing Qorvo’s leadership in advanced RF semiconductor packaging

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said, “We project robust end market demand to continue into the December quarter.  With our product and technology mix, operating performance and capital discipline, we are projecting record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year.”

Qorvo currently believes the demand environment in its end markets supports the following expectations for the December 2020 quarter:

  • Quarterly revenue of $1.06 billion, plus or minus $15 million
  • Non-GAAP gross margin of approximately 52.5%
  • Non-GAAP diluted earnings per share of $2.65 at the midpoint of guidance

Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

Selected Financial Information

The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.


   SELECTED GAAP RESULTS 
   (Unaudited) 
  (In millions, except for percentages and EPS) 
   For the quarter ended
October 3, 2020
  For the quarter ended
June 27, 2020
  Change vs. Q1
FY 2021
 
Revenue$1,060.3 $787.5 $272.8  
Gross profit$491.6 $325.8 $165.8  
Gross margin 46.4% 41.4% 5.0 ppt
Operating expenses$269.9 $233.1 $36.8  
Operating income$221.6 $92.7 $128.9  
Net income $ 136.9   $ 96.9   $ 40.0    
Weighted average diluted shares   116.2     116.8     (0.6 )  
Diluted EPS $ 1.18   $ 0.83   $ 0.35    

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