GREENSBORO, N.C., May 01, 2024 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2024 fourth quarter ended March 30, 2024.
Strategic Highlights
- Grew quarterly revenue 49% year-over-year and exceeded the mid-point of revenue guidance by $16 million
- Completed acquisition of Anokiwave, a leading supplier of high-performance silicon integrated circuits for intelligent active array antennas for Defense, SATCOM, 5G, and other beam forming applications
On a GAAP basis, revenue for Qorvo’s fiscal 2024 fourth quarter was $941 million, gross margin was 40.6%, operating income was $30 million, and diluted earnings per share was $0.03. On a non-GAAP basis, gross margin was 42.5%, operating income was $147 million, and diluted earnings per share was $1.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered year-over-year revenue growth in the March quarter in each of our three operating segments. There are global macro trends supporting our markets that are increasing customer requirements for efficiency, latency, throughput, and other critical performance metrics where Qorvo delivers significant competitive advantage.
“During the quarter, we acquired Anokiwave, and we are excited to accelerate the adoption of their technology while developing more highly integrated system solutions that leverage our D&A and power management portfolios. Qorvo continues to expand our technology portfolio to drive growth and diversify our business across markets, customers and product categories.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “In fiscal 2024, Qorvo achieved significant content gains with key mobile customers and robust revenue growth in our defense and aerospace business. As we begin fiscal 2025, flagship smartphone ramps and large defense programs are down seasonally, and we expect product mix to trend toward mass market 5G products and associated higher-cost inventories in the June quarter. In the September quarter, we anticipate substantial sequential gross margin improvement. For full-year fiscal 2025, we expect modest revenue growth and margin improvement compared to fiscal 2024. We continue to take proactive steps to reduce capital intensity and structurally enhance our gross margin profile.”
Qorvo’s current outlook for the June 2024 quarter is:
- Quarterly revenue of approximately $850 million, plus or minus $25 million
- Non-GAAP gross margin between 40% and 41%
- Non-GAAP diluted earnings per share between $0.60 and $0.80
See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.
| SELECTED GAAP RESULTS | |||||||||||||||||||
| (In millions, except for percentages and EPS) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Q4 Fiscal 2024 | Q3 Fiscal 2024 | Q4 Fiscal 2023 |
Sequential
Change |
Year-over-Year
Change | |||||||||||||||
| Revenue | $ | 941.0 | $ | 1,073.9 | $ | 632.7 | $ | (132.9 | ) | $ | 308.3 | ||||||||
| Gross profit | $ | 381.9 | $ | 387.9 | $ | 114.7 | $ | (6.0 | ) | $ | 267.2 | ||||||||
| Gross margin | 40.6 | % | 36.1 | % | 18.1 | % | 4.5 | ppt | 22.5 | ppt | |||||||||
| Operating expenses | $ | 351.9 | $ | 429.4 | $ | 303.7 | $ | (77.5 | ) | $ | 48.2 | ||||||||
| Operating income (loss) | $ | 30.0 | $ | (41.6 | ) | $ | (189.0 | ) | $ | 71.6 | $ | 219.0 | |||||||
| Net income (loss) | $ | 2.7 | $ | (126.9 | ) | $ | (138.4 | ) | $ | 129.6 | $ | 141.1 | |||||||
| Weighted-average diluted shares | 97.3 | 97.2 | 99.5 | 0.1 | (2.2 | ) | |||||||||||||
| Diluted EPS | $ | 0.03 | $ | (1.31 | ) | $ | (1.39 | ) | $ | 1.34 | $ | 1.42 | |||||||
| SELECTED NON-GAAP RESULTS (1) | |||||||||||||||||||
| (In millions, except for percentages and EPS) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Q4 Fiscal 2024 | Q3 Fiscal 2024 | Q4 Fiscal 2023 |
Sequential
Change |
Year-over-Year
Change | |||||||||||||||
| Revenue | $ | 941.0 | $ | 1,073.9 | $ | 632.7 | $ | (132.9 | ) | $ | 308.3 | ||||||||
| Gross profit | $ | 400.4 | $ | 470.5 | $ | 261.2 | $ | (70.1 | ) | $ | 139.2 | ||||||||
| Gross margin | 42.5 | % | 43.8 | % | 41.3 | % | (1.3 | ) ppt | 1.2 | ppt | |||||||||
| Operating expenses | $ | 253.2 | $ | 234.0 | $ | 227.4 | $ | 19.2 | $ | 25.8 | |||||||||
| Operating income | $ | 147.2 | $ | 236.5 | $ | 33.8 | $ | (89.3 | ) | $ | 113.4 | ||||||||
| Net income | $ | 135.5 | $ | 205.9 | $ | 25.7 | $ | (70.4 | ) | $ | 109.8 | ||||||||
| Weighted-average diluted shares | 97.3 | 97.8 | 100.4 | (0.5 | ) | (3.1 | ) | ||||||||||||
| Diluted EPS | $ | 1.39 | $ | 2.10 | $ | 0.26 | $ | (0.71 | ) | $ | 1.13 | ||||||||
