Backed by robust growth in net revenues, Semiconductor company Skyworks Solutions (SWKS) reported better-than-expected results for the fiscal fourth quarter ended on October 1, 2021.
Revenue & Earnings
Skyworks Solutions reported quarterly net revenues of $1.311 billion, reflecting 37% growth year-over-year. The figure marginally surpassed the consensus estimate of $1.3 billion.
The company’s EPS at the end of the quarter stood at $2.62, a 41.6% growth year-over-year, surpassing the consensus estimate of $2.53.
The company’s net revenue for FY 2021 stood at $5.109 billion, reflecting year-over-year growth of 52.3%. Meanwhile, the company’s EPS for the same period stood at $10.50, a growth of 71.3% year-over-year.
The company expects revenues to be in the range of $1.475 billion to 1.525 billion, for the first quarter of FY 2022. The consensus estimate is pegged at $1.5 billion.
The company forecasts EPS to be $3.10 in Q1 2022, against the consensus estimate of $3.07 per share.
CEO of Skyworks Solutions, Liam K. Griffin, said, “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.”
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On November 4, Rosenblatt Securities analyst Kevin Cassidy reiterated a Buy rating on the stock with a price target of $240, which implies upside potential of 49.3% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 2 Holds. At the time or writing, the average Skyworks Solutions price target was $204.50, which implies upside potential of 27.3% from current levels. Shares have gained 18.2% over the past year.
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