Skyworks Beats Q4 Estimates: Will 1Q25 Outlook Drag Shares Down?

Zacks11-14 01:23

Skyworks Solutions SWKS reported non-GAAP earnings of $1.55 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate by 1.97% and declining 29.5% year over year.Revenues of $1.02 ...

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This growth was attributed to the normalization of customer orders and inventory levels, as well as support for seasonal product ramps.In the fourth quarter of fiscal 2024, Skyworks gained design wins in 5G for premium Android smartphones and increased its Wi-Fi 7 pipeline with major partners like Linksys, Charter, and NETGEAR. \n\nSkyworks Solutions, Inc. Price, Consensus and EPS Surprise\n  \nSkyworks Solutions, Inc. price-consensus-eps-surprise-chart | Skyworks Solutions, Inc. Quote\n\nThe company expanded in automotive for 5G front-end modules, infotainment, and digital isolators, showing increased design win momentum.Broad markets contributed nearly 35% to total revenues and up $1 million sequentially. It showed signs of stabilization with demand in edge IoT and automotive electrification, supported by increasing adoption of Wi-Fi 6E and Wi-Fi 7 systems.SWKS’s shares have lost 22.6% against the Zacks Computer and Technology sector’s rise of 39.7% year to date. Skyworks was hurt by high inventory levels, uneven demand across segments, and muted global demand in automotive and industrial markets. These factors may put downward pressure on SWKS’s shares.\nSWKS Operating Details\nNon-GAAP gross margin contracted 70 basis points (bps) on a year-over-year basis to 46.5%.Research & development expenses, as a percentage of revenues, increased 390 bps year over year to 16%.Selling, general and administrative expenses increased 120 bps to 7.2% in the reported quarter.Non-GAAP operating margin contracted 600 bps on a year-over-year basis to 26.7% in the reported quarter.\nSWKS Balance Sheet & Cash Flow\nAs of Sept. 27, 2024, cash & cash equivalents and marketable securities were $1.57 billion compared with $1.28 billion as of June 28, 2024.Long-term debt was $994.3 million as of Sept. 27, 2024, compared with $994 million as of June 28, 2024.Cash generated by operating activities was $476 million in the quarter under discussion compared with $273.5 million in the prior quarter.Free cash flow was $393.2 million, with a 38.4% free cash flow margin.Skyworks paid dividends worth $112 million in the reported quarter.\nSWKS Initiates 1Q25 Guidance\nFor the first quarter of fiscal 2025, the company expects revenues between $1.05 billion and $1.08 billion, up 4% sequentially at the mid-point.Non-GAAP diluted shares are expected to be $1.57 per share.\nSWKS Zacks Rank & Stocks to Consider\nSkyworks currently carries a Zacks Rank #3 (Hold).Adobe ADBE, BiliBili BILI and NVIDIA NVDA are some better-ranked stocks that investors can consider in the broader sector. Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Adobe shares have lost 11.7% year to date. ADBE is set to report its fourth-quarter 2024 results on Dec. 11.Bilibili shares have gained 73.3% year to date. BILI is set to report its third-quarter 2024 results on Nov. 14.NVIDIA shares have gained 199.5% year to date. NVDA is set to report its third-quarter fiscal 2025 results on Nov. 20.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nNVIDIA Corporation (NVDA) : Free Stock Analysis Report\nSkyworks Solutions, Inc. (SWKS) : Free Stock Analysis Report\nAdobe Inc. (ADBE) : Free Stock Analysis Report\nBilibili Inc. Sponsored ADR (BILI) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483859631"}