Reuters: Hot Stocks: UPDATE 2-Skyworks 3rd-qtr beats on rising smartphone, tablet demand

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UPDATE 2-Skyworks 3rd-qtr beats on rising smartphone, tablet demand Jul 18th 2012, 22:38 Wed Jul 18, 2012 6:38pm EDT * Q3 adj EPS $0.45 vs est $0.44 * Q3 revenue $389 mln vs $382.2 mln * Sees Q4 EPS $0.50-$0.51 vs est $0.51 * Sees Q4 revenue $415 mln-$420 mln vs est $418.6 mln * Shares up 10 pct after market July 18 (Reuters) - Cellphone chipmaker Skyworks Solutions Inc's third-quarter results beat analysts' expectations on higher demand for smartphones and tablets, sending its shares up 12 percent in after-market trading. The company, which recently tied up with Broadcom Corp to make WiFi chips, also gained market share in other businesses such as automotive, medical, avionics and broadband communications. Skyworks' customers include Foxconn Technology Co, Samsung Electronics Co HTC Corp and Research in Motion. The company reported a third-quarter profit of $49.3 million, or 26 cents per share, compared with $51.5 million, or 27 cents per share last year. Excluding items, it earned 45 cents per share. Revenue rose 9 percent to $389 million. Analysts on average were expecting earnings of 44 cents per share on revenue of $382.2 million, according to Thomson Reuters I/B/E/S. Skyworks, which makes chips used in cellphones to connect to the mobile network, competes with RF Micro Devices, Anadigics and Triquint Semiconductor. "Based on new program ramps and the depth of our product pipeline, we expect to outpace market growth in the second half of 2012," Chief Financial Officer Donald Palette said in a statement. The company expects fourth-quarter earnings of 50 cents to 51 cents per share, on revenue of $415 million to $420 million. Analysts on an average are expecting earnings of 51 cents per share, on revenue of $418.6 million. "Skyworks is trying to keep its guidance reasonable, given what is going on with everybody else in the market right now," Northland Securities analyst Tom Sepenzis said. Chipmaker Qualcomm Inc cut its current quarter revenue and earnings forecast on Wednesday, citing weaker-than-expected demand for semiconductors and cellphones. Sepenzis said investors think Skyworks is playing it safe, but it is still better than the rest of the market. Shares of Woburn, Massachusetts-based Skyworks were up $2.51 at $29.15 in trading after the bell on Wednesday on the Nasdaq. The stock closed at $26.64 in regular trading. Link this Share this Digg this Email Reprints

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