Skyworks Solutions Q4 Profit Down But Beats Street Estimates

(RTTNews) - Semiconductor company Skyworks Solutions, Inc. (SWKS) on Thursday posted lower income in the fourth quarter, which, however, came in above the Street estimates. Revenues were up 7 percent from last year.

The company posted net income of $302.2 million or $1.88 per share in the fourth quarter, down from $326.3 million or $1.95 per share in the same period last year. Excluding items, income rose to $486.0 million or $3.02 per share from $438.8 million or $2.62 per share a year ago.

During the three-month period, total revenue was up 7 percent to $1.41 billion from $1.31 billion in the previous-year quarter.

On average, analysts polled by Thomson Reuters expected the company to post earnings of $2.90 per share on revenues of $1.40 billion for the fourth quarter.

For the first quarter of 2023, the company expects revenue to be between $1.30 billion and $1.35 billion with adjusted earnings per share of $2.59.

On average, 24 analysts polled by Thomson Reuters expect the company to post earnings of $3.14 per share on revenues of $1.5 billion for the quarter.