Qorvo, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company reported revenue of $845,739,000 compared to $826,347,000 a year ago. Income from operations was $80,320,000 compared to $61,381,000 a year ago. Income before income taxes was $65,440,000 compared to $44,541,000 a year ago. Net loss was $33,082,000 or $0.26 per diluted share compared to $78,638,000 or $0.62 per diluted share a year ago. Non-GAAP operating income was $254,271,000 compared to $208,679,000 a year ago. Non-GAAP net income was $220,210,000 compared to $177,269,000 a year ago. Non-GAAP net income per share, diluted was $1.69 compared to $1.35 a year ago. Net cash provided by operating activities was $270.1 million and purchases of property and equipment was $45.5 million. Free cash flow was $224.6 million. Non-GAAP sales were $844.8 million.

For the nine months, the company reported revenue of $2,308,153,000 compared to $2,389,582,000 a year ago. Income from operations was $102,055,000 compared to $112,515,000 a year ago. Income before income taxes was $60,824,000 compared to $64,593,000 a year ago. Net loss was $27,787,000 or $0.22 per diluted share compared to $72,466,000 or $0.57 per diluted share a year ago.

For the fourth quarter ending March 2018, the company expects quarterly revenue in the range of $645 million to $665 million; gross margin flat-to-up 50 basis points sequentially, due primarily to reduced volumes of low-band PADs and an increased mix of higher-margin IDP business; and diluted earnings per share of $1.05 at the midpoint of guidance. Free cash flow is expected to be around $200 million. The company expects fourth quarter non-GAAP tax rate to remain below 8.5%.

The company expects CapEx to end the full fiscal year 2018 below 10% of sales, down from 18% of sales last year.

Based on outlook and current interpretation of recent U.S. tax law changes, the company projects fiscal year 2019 non-GAAP tax rate to be 10% or lower. The company is targeting free cash flow of $800 million in fiscal year 2019.