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Chipmaker Skyworks Solutions (SWKS) surpassed Wall Street targets for its fiscal third quarter on Thursday night and edged up for the current period. SWKS stock fell in prolonged trading.
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The Irvine, Calif.-Based company earned adjusted $ 2.15 per share on sales of $ 1.12 billion in the quarter ended July 2. Analysts had expected Skyworks earnings of $ 2.14 per share on sales of $ 1.1 billion, according to FactSet. Year over year, Skyworks profits grew 72% while sales increased 52%.
For the current quarter, Skyworks expects to earn $ 2.53 per share on sales of $ 1.3 billion. It’s based on the midpoint of his outlook. Wall Street had predicted earnings of $ 2.47 per share for Skyworks on sales of $ 1.23 billion in the quarter ended September, FactSet said.
“Looking ahead, we expect continued momentum as we achieve strong design gains with our mobile customers and extended markets,” Managing Director Liam Griffin said in a press release.
5G wireless is a business driver
Griffin is particularly optimistic about the prospects for the company’s 5G wireless chips.
“A growing array of use cases – from mobile to automotive, cloud computing and smart energy management – are accelerating the adoption of 5G in many end markets,” Griffin said.
He added, “Our decades of experience and deep customer relationships, combined with the strength and scale of our in-house manufacturing capabilities, position Skyworks to enable a wide range of applications and opportunities.
Skyworks manufactures wireless network chips. It produces analog semiconductors for the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, shelves and clothes.
SWKS Stock flirts with point of purchase
In after-hours trading in the stock market today, SWKS stock fell 5.4%, nearly 186. During Thursday’s regular session, SWKS stock rose 2.4% % to 196.67.
Earlier in the trading session on Thursday, Skyworks stock fell back to the 5% buy zone from its recent breakout attempt.
On July 14, SWKS stock hit a buy point of 193.74 on a cup with handle basis, according to IBD MarketSmith charts. But he couldn’t keep his winnings and ended the day below the buy point. He then traded sideways until he soared on Thursday.
MaxLinear stock bursts
More semiconductor stocks move on earnings news Thursday included Allegro MicroSystems (ALGM), Max Linear (MXL) and Power integrations (POWI).
Manchester, NH-based Allegro released better-than-expected results and forecasts for the June quarter on Thursday morning. Its shares jumped 7.3% to 27.12 on Thursday.
MaxLinear, based in Carlsbad, Calif., Released a report on beats and raises on Wednesday evening. Its profits climbed 489% year-on-year to 53 cents per share in the second quarter. Its sales jumped 215% to $ 205.4 million.
MaxLinear stock jumped 12.3% to 48.15 on Thursday. Earlier in the session, it exited a 22-week consolidation period at a buy point of 44.15, according to charts from MarketSmith.
Last Thursday, San Jose, Calif.-Based Power Integrations easily beat Wall Street targets for the second quarter. It earned 83 adjusted cents per share on sales of $ 180.1 million. Year over year, profits increased 152% while sales climbed 69%.
POWI stock was stable, near 85, in late trades.
SWKS share ranks seventh
The SWKS share ranks seventh out of 36 shares of IBD’s semiconductor manufacturing industry group. Skyworks has an IBD Composite Rating of 87 out of 99, according to IBD Stock Checkup. The composite rating assesses a stock’s key growth metrics against all other stocks, regardless of industry group.
Power Integrations ranks 10th in the semiconductor manufacturing industry group. Allegro is the number 15 company of the group.
Meanwhile, MaxLinear ranks 10th out of 30 stocks in IBD’s factory-less chipmakers industry group.
Follow Patrick Seitz on Twitter on @IBD_PSeitz for more articles on consumer technology, software, and semiconductor inventory.
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