Company Forecasts Diversified Revenue Growth, Margin Expansion, And Operating Leverage In The September Quarter
(PRNewswire) —Quarterly Highlights:
- Revenue Increases Approximately $90.3 Million Year-Over-Year To $293.0 Million
- On A GAAP Basis, Gross Margin Is 31.9% And GAAP Diluted EPS Is $0.01, Versus $(0.07) In Q1 Fiscal 2013
- On A Non-GAAP Basis, Gross Margin Is 35.1% And Diluted EPS Is $0.09, Versus $0.01 In Q1 Fiscal 2013
- RFMD Anticipates Revenue Of Approximately $305 Million To $310 Million And Non-GAAP EPS Of Approximately $0.10 To $0.11 In The September 2013 Quarter
RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency solutions, today reported financial results for the Company's fiscal 2014 first quarter, ended June 29, 2013.
Quarterly revenue increased approximately 4.4% sequentially and 45% year-over-year to a record $293.0 million, compared to $280.6 million in the prior quarter and $202.7 million in the corresponding period of fiscal 2013. The sequential and year-over-year increases in revenue reflected broad-based adoption of RFMD's best-in-class RF solutions.
GAAP gross margin for the June 2013 quarter was 31.9%, quarterly operating income was $3.2 million, and quarterly net income was $1.6 million, or $0.01 per share.
On a non-GAAP basis, gross margin expanded by 70 basis points sequentially and 100 basis points year-over-year to 35.1%, quarterly operating income totaled $28.0 million, and quarterly net income was $25.6 million, or $0.09 per diluted share.
Strategic Highlights
- RFMD's Cellular Products Group (CPG) achieved highly-diversified, year-over-year revenue growth of 56%, led by nearly every major manufacturer of smartphones, tablets, and handsets, across all tiers and air standards
- CPG benefited in the entry smartphone segment from participation on major reference designs and expanding customer engagements at Lenovo, Coolpad, Skycom, WaterWorld, and others
- CPG enjoyed increasing industry adoption of its envelope tracking and antenna control solutions
- CPG's leading carrier aggregation switch portfolio was selected to enable the world's first LTE-Advanced handset
- RFMD's Multi-Market Products Group (MPG) delivered broad-based sequential revenue growth across multiple markets, including WiFi, Power Broadband, and Hi-Rel applications
- Year-over-year, MPG achieved 10.4% growth, with high-performance WiFi growing 77%, led by expanding participation on leading consumer premises equipment platforms
GAAP RESULTS | ||||||||||||||||||||||
(in millions, except |
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percentages and per |
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Q1 Fiscal |
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Q4 Fiscal |
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Change |
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Q1 Fiscal |
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Change |
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share data) |
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2014 |
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2013 |
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vs. Q4 2013 |
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2013 |
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vs. Q1 2013 |
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Revenue |
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$ |
293.0 |
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$ |
280.6 |
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4.4 |
% |
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$ |
202.7 |
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44.5 |
% |
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Gross Margin |
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31.9 |
% |
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31.4 |
% |
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0.5 |
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ppt |
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31.7 |
% |
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0.2 |
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ppt | |||||
Operating Income (Loss) |
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$ |
3.2 |
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$ |
1.7 |
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$ |
1.5 |
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$ |
(12.9) |
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$ |
16.1 |
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Net Income (Loss) |
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$ |
1.6 |
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$ |
(16.0) |
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$ |
17.6 |
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$ |
(19.1) |
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$ |
20.7 |
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Diluted EPS |
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$ |
0.01 |
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$ |
(0.06) |
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$ |
0.07 |
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$ |
(0.07) |
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$ |
0.08 |
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NON-GAAP RESULTS | ||||||||||||||||||||||
(excluding share-based compensation, amortization of intangibles, acquired inventory step-up and revaluation, acquisition-related costs, intellectual property rights (IPR) litigation costs, loss on an asset transfer transaction, start-up costs, loss on retirement of convertible subordinated notes, restructuring and disposal costs, certain consulting costs, (gain) loss on PP&E, loss (income) from equity investment, non-cash interest expense on convertible subordinated notes and tax adjustments) | ||||||||||||||||||||||
(in millions, except |
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percentages and per |
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Q1 Fiscal |
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Q4 Fiscal |
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Change |
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Q1 Fiscal |
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Change |
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share data) |
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2014 |
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2013 |
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vs. Q4 2013 |
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2013 |
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vs. Q1 2013 |
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Gross Margin |
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35.1 |
% |
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34.4 |
% |
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0.7 |
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ppt |
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34.1 |
% |
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1.0 |
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ppt | |||||
Operating Income |
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$ |
28.0 |
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$ |
20.6 |
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$ |
7.4 |
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$ |
3.9 |
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$ |
24.1 |
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Net Income |
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$ |
25.6 |
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$ |
17.1 |
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$ |
8.5 |
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$ |
2.7 |
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$ |
22.9 |
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Diluted EPS |
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$ |
0.09 |
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$ |
0.06 |
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$ |
0.03 |
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$ |
0.01 |
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$ |
0.08 |
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