Thursday, Skyworks Solutions, Inc. (SWKS), a manufacturer of analog and mixed signal semiconductors, reported an increase in net earnings for the third quarter, helped by higher revenues. The company also issued its guidance for the fourth quarter.
The Woburn, Massachusetts-based company reported net income for the third quarter of $20.5 million or $0.12 per share, up from $11.4 million or $0.07 per share in the previous year quarter.
Net income on a non-GAAP basis increased to $28.9 million or $0.18 per share from $16.8 million or $0.11 per share in the same quarter of the prior year.
On average, 15 analysts polled by First Call/Thomson Financial projected earnings of $0.17 per share for the quarter.
Net revenues for the third quarter were $215.2 million, up 23% from $175.1 million in the same quarter a year ago, beating analysts' estimate of $210.57 million.
Net income for the nine-month period rose to $56.22 million or $0.34 per share from $35.66 million or $0.22 per share a year ago.
For the nine-month period net revenues were $627.45 million, up from $551.19 million a year ago.
Looking ahead, the company expects fourth quarter non-GAAP earnings of $0.20 per share on revenues of $225 million. Analysts, on average, currently expect the company to earn $0.19 per share on revenues of $222.07 million for the fourth quarter.
SWKS closed Thursday's regular trading session at $ 10.85, up $0.55 or 5.34%. In the after-hour trade, the stock gained $0.45 or 4.15%, and traded at $11.30.
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