Skyworks Reports Q4 and Full Year FY21 Results

Q4 FY21 Results

  • Delivers Record Q4 Revenue of $1.311 Billion, up 17% Sequentially and 37% Y-o-Y
  • Posts Q4 FY21 GAAP Diluted EPS of $1.95, up 34% Y-o-Y; Non-GAAP Diluted EPS of $2.62, up 42% Y-o-Y
  • Guides to Double-Digit Sequential Revenue and Earnings Growth in Q1 FY22

Full Year FY21 Results

  • Delivers Record FY21 Revenue of $5.109 Billion, up 52% Y-o-Y
  • Posts FY21 GAAP Diluted EPS of $8.97, up 87% Y-o-Y; FY21 Non-GAAP Diluted EPS of $10.50, up 71% Y-o-Y
  • Generates Record Operating Cash Flow in FY21 of $1.772 Billion, up 47% Y-o-Y

IRVINE, Calif. — (BUSINESS WIRE) — November 4, 2021 — Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high-performance analog semiconductors connecting people, places and things, today reported fourth fiscal quarter and fiscal year-end results for the period ended Oct. 1, 2021.

Revenue for the fourth fiscal quarter of 2021 was $1.311 billion, up 17 percent sequentially and 37 percent year over year and exceeding consensus estimates. On a GAAP basis, operating income for the fourth fiscal quarter was $327.5 million with diluted earnings per share of $1.95. On a non-GAAP basis, operating income was $487.6 million with non-GAAP diluted earnings per share of $2.62.

For fiscal year 2021, revenue was $5.109 billion, with GAAP diluted earnings per share of $8.97, up 87 percent year over year. Non-GAAP diluted earnings per share for fiscal year 2021 were $10.50, up 71 percent year over year.

“Skyworks set new records for revenue and earnings for the fourth quarter and the fiscal year, delivering significant year-over-year growth in response to robust demand across our expanded product portfolio,” said Liam K. Griffin, chairman, CEO and president of Skyworks. “Our strong performance throughout the initial stage of a multi-year wireless transition has been powered by deep customer relationships and decades of investments in innovative connectivity solutions. Leveraging strategic technologies from high-performance filters to custom gallium arsenide and advanced packaging, our world-class manufacturing capabilities enable us to effectively navigate a complex supply environment, capturing expanding opportunities across our end markets.

“Looking ahead, Skyworks’ cash generation ability is funding capacity expansion and next-generation technology development, positioning us for continued leadership and sustainable growth as the transition to 5G and other advanced connectivity solutions continues.”

Fourth Fiscal Quarter Business Highlights

  • Extended the reach of our Sky5® portfolio, powering the latest launches of leading Tier-1 smartphone OEMs
  • Delivered 5G CPE solutions to Nokia
  • Partnered with Swisscom to launch their Wi-Fi 6 GPON residential gateways
  • Ramped Wi-Fi 6 and 6E platforms at NETGEAR and Cisco
  • Launched connected home and security devices with Amazon Ring and Comcast
  • Shipped Sky5® platforms supporting Samsung’s Galaxy Book Pro 360
  • Captured design wins at Garmin supporting mobile fitness applications
  • Provided power isolation solutions to a strategic manufacturer of EV, residential solar and energy storage systems
  • Supported autonomous driving at a market-leading Robotaxi vehicle platform
  • Enabled advanced Charge Control Unit systems for a Tier-1 European automotive OEM

First Fiscal Quarter 2022 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 press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.

“Based on continued content gains, product ramps and design wins across both mobile and broad markets, we expect further double-digit sequential revenue and earnings growth in the December quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the first fiscal quarter of 2022, we anticipate revenue to be between $1.475 billion and $1.525 billion with non-GAAP diluted earnings per share of $3.10 at the midpoint of our revenue range.”

Dividend Payment

Skyworks’ board of directors has declared a cash dividend of $0.56 per share of the Company’s common stock, payable on Dec. 14, 2021, to stockholders of record at the close of business on Nov. 23, 2021.

Skyworks’ Fourth Quarter 2021 Conference Call

Skyworks will host a conference call with analysts to discuss its fourth quarter fiscal 2021 results and business outlook today at 4:30 p.m. EDT. To listen to the conference call via the Internet, please visit the investor relations section of Skyworks’ website. To listen to the conference call via telephone, please call (844) 583-4549 (domestic) or (825) 312-2257 (international), Conference ID: 4648638.

Playback of the conference call will begin at 9 p.m. EDT on Nov. 4, 2021, and end at 9 p.m. EST on Nov. 11, 2021. The replay will be available on Skyworks’ website or by calling (800) 585-8367 (domestic) or (416) 621-4642 (international), Conference ID: 4648638.

About Skyworks

Skyworks Solutions, Inc. is empowering the wireless networking revolution. Our highly innovative analog semiconductors are connecting people, places and things spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, entertainment and gaming, industrial, medical, military, smartphone, tablet and wearable markets.

Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® and Nasdaq-100® market indices (Nasdaq: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com.

Safe Harbor Statement

This news release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, information relating to future results and expectations of Skyworks (e.g., certain projections and business trends, as well as plans for dividend payments, debt repayment and share repurchases). Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect our future operating results, financial position and cash flows.

These risks, uncertainties and other important factors include, but are not limited to: the effects on our business operations of the global COVID-19 pandemic, including the spread of more contagious variants of the virus that causes COVID-19, as well as of the measures taken to limit COVID-19’s spread, including reduced shift staffing in certain of our manufacturing facilities, as well as potential other disruptions to our business, including but not limited to the suspension or restriction of operations at our facilities and third-party supply chain disruptions, that could result from social distancing measures, employee quarantines, restricting certain employees from working, our requirement that U.S.-based employees receive the COVID-19 vaccination as a condition of employment or additional actions that may be taken by us, our suppliers and partners or governmental authorities in the jurisdictions in which we operate in an effort to contain the COVID-19 pandemic; the susceptibility of the semiconductor industry and the markets addressed by our, and our customers’, products to economic cycles; our reliance on a small number of key customers for a large percentage of our sales; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, supplier components, equipment and shipping and logistics services, including limits on our customers’ ability to obtain such services and materials; our ability to realize the anticipated benefits from the transaction with Silicon Laboratories Inc. (“Silicon Labs”), including the ability to successfully integrate the assets acquired and employees transferred; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., our ability to sell products to Huawei Technologies Co., Ltd. and certain of its affiliates, as well as other specified entities, only pursuant to a limited export license from the U.S. Department of Commerce), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, fluctuations in foreign currency exchange rates, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to obtain design wins from customers; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies, and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; reduced flexibility in operating our business as a result of the indebtedness incurred in connection with the transaction with Silicon Labs; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings with the Securities and Exchange Commission.

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