GREENSBORO, N.C., July 30, 2024 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 first quarter ended June 29, 2024.
Strategic Highlights
- Grew quarterly revenue 36% year-over-year and exceeded mid-point of revenue guidance by $37 million
- Transitioned Beijing and Dezhou operations to Luxshare and integrated Anokiwave into Qorvo
On a GAAP basis, revenue for Qorvo’s fiscal 2025 first quarter was $887 million, gross margin was 37.5%, operating income was $4.6 million, and diluted earnings per share was $0.00. On a non-GAAP basis, gross margin was 40.9%, operating income was $98.1 million, and diluted earnings per share was $0.87.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the June quarter, we fully integrated Anokiwave into Qorvo, adding silicon beam-forming ICs and IF-RF conversion products. We are investing in technology leadership to broaden our market exposure and drive growth, and we are executing on cost and productivity initiatives to structurally enhance our gross margin.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the mid-point of June quarterly guidance for revenue, gross margin and EPS. For the September quarter, we expect sequential increases in revenue, gross margin and EPS. We are leveraging internal factories which are critical differentiators for each of our operating segments, while outsourcing to our robust foundry and OSAT partner network where we benefit from their scale and R&D investments.”
Qorvo’s current outlook for the September 2024 quarter is:
- Quarterly revenue of approximately $1.025 billion, plus or minus $25 million
- Non-GAAP gross margin between 46% and 47%
- Non-GAAP diluted earnings per share between $1.75 and $1.95
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) | |||||||||||||||||||
| Q1 Fiscal 2025 | Q4 Fiscal 2024 | Q1 Fiscal 2024 | Sequential Change | Year-over-Year Change | |||||||||||||||
| Revenue | $ | 886.7 | $ | 941.0 | $ | 651.2 | $ | (54.3 | ) | $ | 235.5 | ||||||||
| Gross profit | $ | 332.3 | $ | 381.9 | $ | 229.1 | $ | (49.6 | ) | $ | 103.2 | ||||||||
| Gross margin | 37.5 | % | 40.6 | % | 35.2 | % | (3.1) ppt | 2.3 ppt | |||||||||||
| Operating expenses | $ | 327.7 | $ | 351.9 | $ | 277.2 | $ | (24.2 | ) | $ | 50.5 | ||||||||
| Operating income (loss) | $ | 4.6 | $ | 30.0 | $ | (48.1 | ) | $ | (25.4 | ) | $ | 52.7 | |||||||
| Net income (loss) | $ | 0.4 | $ | 2.7 | $ | (43.6 | ) | $ | (2.3 | ) | $ | 44.0 | |||||||
| Weighted-average diluted shares | 96.5 | 97.3 | 98.5 | (0.8 | ) | (2.0 | ) | ||||||||||||
| Diluted EPS | $ | 0.00 | $ | 0.03 | $ | (0.44 | ) | $ | (0.03 | ) | $ | 0.44 | |||||||
| SELECTED NON-GAAP RESULTS (1) | |||||||||||||||||||
| (In millions, except for percentages and EPS) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Q1 Fiscal 2025 | Q4 Fiscal 2024 | Q1 Fiscal 2024 | Sequential Change | Year-over-Year Change | |||||||||||||||
| Revenue | $ | 886.7 | $ | 941.0 | $ | 651.2 | $ | (54.3 | ) | $ | 235.5 | ||||||||
| Gross profit | $ | 362.7 | $ | 400.4 | $ | 279.5 | $ | (37.7 | ) | $ | 83.2 | ||||||||
| Gross margin | 40.9 | % | 42.5 | % | 42.9 | % | (1.6) ppt | (2.0) ppt | |||||||||||
| Operating expenses | $ | 264.5 | $ | 253.2 | $ | 232.7 | $ | 11.3 | $ | 31.8 | |||||||||
| Operating income | $ | 98.1 | $ | 147.2 | $ | 46.7 | $ | (49.1 | ) | $ | 51.4 | ||||||||
| Net income | $ | 83.5 | $ | 135.5 | $ | 33.6 | $ | (52.0 | ) | $ | 49.9 | ||||||||
| Weighted-average diluted shares | 96.5 | 97.3 | 99.3 | (0.8 | ) | (2.8 | ) | ||||||||||||
| Diluted EPS | $ | 0.87 | $ | 1.39 | $ | 0.34 | $ | (0.52 | ) | $ | 0.53 | ||||||||
