Qorvo, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 27, 2014; Provides Earnings Guidance for the Quarter Ending March 2015
January 28, 2015 at 09:16 pm
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Qorvo, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 27, 2014. For the quarter, the company reported revenue of $397,086,000 compared to $288,520,000 a year ago. Income from operations was $103,635,000 compared to $15,392,000 a year ago. Income before income taxes was $103,431,000 compared to $14,396,000 a year ago. Net income was $87,863,000 or $1.18 per diluted share compared to $6,235,000 or $0.09 per diluted share a year ago. Non-GAAP operating income was $121,452,000 compared to $39,965,000 a year ago. Non-GAAP net income was $108,403,000 or $1.46 per diluted share compared to $36,360,000 or $0.51 per diluted share a year ago. Net cash provided by operating activities was $72.1 million. Free cash flow was $51.4 million. Purchases of property and equipment were $20.7 million.
For the nine months, the company reported revenue of $1,076,074,000 compared to $892,232,000 a year ago. Income from operations was $224,734,000 compared to $28,083,000 a year ago. Income before income taxes was $189,821,000 compared to $25,028,000 a year ago. Net income was $189,821,000 or $2.56 per diluted share compared to $13,688,000 or $0.19 per diluted share a year ago.
For the quarter ending March 2015, the company expects quarterly revenue to be in the range of $615 million to $625 million, diluted EPS in the range of $0.80 to $0.90 and a tax rate of approximately 5% to 10%. Gross margin expected to be in the range of 46% to 48%.
Qorvo, Inc. specializes in the design, production and marketing of radio-frequency components and solutions. In particular, the group makes power amplifiers, embedded modules, selector switches, duplexers, power management devices, wireless connection solutions, frequency convertors, oscillators, couplers and optical components.
Net sales break down by activity as follows:
- mobile terminals and electronic devices (76.3%);
- defense and aeronautics equipment, network infrastructures (23.7%).
At the end of March 2022, the group had 7 production sites located in the United States (3), China (2), Costa Rica and Germany.
Net sales break down geographically as follows: the United States (41.5%), China (32.3%), Taiwan (7.4%), Asia (13.4%) and Europe (5.4%).
Qorvo, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 27, 2014; Provides Earnings Guidance for the Quarter Ending March 2015