RF Micro Devices Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 28, 2013; Provides Earnings Guidance for the Fourth Quarter Ending March 2014 and Full Year of Fiscal 2015
January 28, 2014 at 04:02 pm
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RF Micro Devices Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 28, 2013. For the quarter, revenue was $288.5 million against $271.2 million last year. Income from operations was $15.4 million against $5.7 million last year. Income before income taxes was $14.4 million against $4.5 million last year. Net income was $6.2 million or $0.02 per diluted share against net loss of $1.4 million or $0.01 per diluted share last year. Non-GAAP operating income was $40 million against $26.8 million last year. Non-GAAP net income was $36.4 million or $0.13 per diluted share against $21.3 million or $0.08 per diluted share last year. Net cash provided by operating activities was $70.4 million. Purchases of property and equipment were $15.6 million. The year-over-year increase in revenue was primarily attributable to dollar content increases in smartphones.
For the nine months, revenue was $892.2 million against $683.5 million last year. Income from operations was $28.1 million against loss from operations of $17.3 million last year. Income before income taxes was $25.0 million against loss before income taxes of $25 million last year. Net income was $13.7 million or $0.05 per diluted share against net loss of $37.0 million or $0.13 per diluted share last year.
For the fourth quarter ending March 2014, the company expects revenue of approximately $250 million to $260 million, non-GAAP gross margin of approximately 40%, non-GAAP tax rate of approximately 10% - 15% and non-GAAP EPS of approximately $0.09 - $0.10. The company anticipates another quarter of margin expansion in year-over-year improvements in operating income and earnings per share.
The company anticipates double-digit revenue growth for fiscal 2015 with 40% gross margin, expanding operating margin and significant EPS growth. Tax rate will probably be in the 15% range, plus or minus.
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%).
RF Micro Devices Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 28, 2013; Provides Earnings Guidance for the Fourth Quarter Ending March 2014 and Full Year of Fiscal 2015