Skyworks Solutions Inc. (Nasdaq: SWKS) shares rose 8.3% to $25.20 Tuesday, after the wireless semiconductor company affirmed its upbeat third-quarter forecast. Volume for the stock 10.8 million shares, more than double its daily average.
The Woburn, Mass.-based company is affirming its outlook for above-market growth, excluding its recently announced acquisitions. In April 2011, Skyworks guided to approximately $345 million in revenue with non-GAAP diluted earnings per share of $0.46 for the current quarter.
Further, during the earnings conference call, the Company indicated it was on a path to approach a $1.5-billion-revenue run rate with $2.00 in annualized non-GAAP diluted earnings per share in the September quarter. This growth outlook is being driven by the Company’s broad customer base, diversification into new markets and increasing share gains.
In the June 7 press release announcing the projections, Skyworks Chief Financial Officer, Donald Palette declared, “Skyworks’ core business continues to outperform our addressed markets and we believe this will be clearly reflected in our performance and guidance.
“To be clear,” Palette concluded, “our revenue and non-GAAP earnings outlook for both the June and September quarters is before we add the accretive SiGe and Advanced Analogic Technologies acquisitions.”
Skyworks Solutions, Inc. is an innovator of high reliability analog and mixed signal semiconductors. Leveraging core technologies, Skyworks offers diverse standard and custom linear products supporting automotive, broadband, cellular infrastructure, energy management, industrial, medical, military and mobile handset applications.