Qorvo® Announces Fiscal 2019 Third Quarter Financial Results

GREENSBORO, N.C., Feb. 07, 2019 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2019 third quarter, ended December 29, 2018.  On a GAAP basis, revenue for Qorvo’s fiscal 2019 third quarter was $832 million, gross margin was 40.7%, operating income was $81 million and diluted earnings per share was $0.55.  On a non-GAAP basis, revenue for Qorvo’s fiscal 2019 third quarter was $832 million, gross margin was 49.5%, operating income was $261 million and diluted earnings per share was $1.85.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered record EPS and free cash flow in the December quarter despite softness in the smartphone market.  I am pleased with our operational performance and excited about our position in the markets we serve, including 5G, Wi-Fi 6, IoT, and defense.”

Quarterly Highlights

  • Significantly increased shipments of 5G massive MIMO infrastructure solutions to multiple OEMs and secured additional design wins across all anticipated 5G frequency bands, from sub-6GHz to millimeter wave
  • Selected to supply high-frequency BAW filters for multi-year defense aerospace program, significantly extending the frequency range of Qorvo’s BAW technology
  • Secured design win to supply both the 2.4GHz and 5GHz FEMs for the Netgear® Orbi™ Voice tri-band distributed Wi-Fi system
  • Commenced shipments of multi-protocol Zigbee/BLE SoCs for electronic shelf labeling applications
  • Commenced shipments of mid-/high-band PAD and ultra-high band (UHB) 3.5GHz FEM to leading Korea-based smartphone manufacturer 
  • Expanded support of Huawei to include mid-/high-band PAD, low-band PAD, antenna tuning and envelope tracking PMIC for Mate 20
  • Selected by MediaTek to support 5G reference design with UHB 3.5GHz FEMs, enabling early 5G device demos
  • Commenced commercial shipments of cellular IoT system-in-package modules for LTE CAT-M and NB-IoT applications, in collaboration with Nordic Semiconductor

Financial Commentary and Outlook

Mark Murphy, chief financial officer of Qorvo, said, “Qorvo's March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP.  Looking forward, our expanding growth opportunities in IDP, sharp focus on high-value programs in Mobile Products and actions to improve our cost structure are expected to drive another year of record earnings and free cash flow in fiscal ‘20.”

Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the March 2019 quarter:

  • Quarterly revenue in the range of $660 million to $680 million
  • Gross margin of approximately 47%
  • Diluted earnings per share of $1.05 at the midpoint of guidance

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 reconciliation of GAAP and non-GAAP financial information, attached.

   
   SELECTED GAAP RESULTS
   (Unaudited)
  (In millions, except for percentages and EPS)
   For the quarter ended
December 29, 2018
  For the quarter ended
September 29, 2018
  Change vs. Q2
FY 2019
Revenue$832.3 $884.4 $(52.1)
Gross profit$338.4 $353.5 $(15.1)
Gross margin 40.7% 40.0% 0.7ppt
Operating expenses$257.2 $263.0 $(5.8)
Operating income$81.2 $90.5 $(9.3)
Net income$69.5 $32.1 $37.4 
Weighted average diluted shares 126.8  128.6  (1.8)
Diluted EPS$0.55 $0.25 $0.30 


   SELECTED NON-GAAP RESULTS1
   (Unaudited)
  (In millions, except for percentages and EPS)
   For the quarter ended
December 29, 2018
  For the quarter ended
September 29, 2018
  Change vs. Q2
FY 2019
Revenue$832.3  $ 884.4   $ (52.1 )
Gross profit $ 411.8   $ 421.6   $ (9.8 )
Gross margin   49.5 %   47.7 %   1.8 ppt
Operating expenses $ 150.5   $ 168.3   $ (17.8 )
Operating income $ 261.3   $ 253.3   $ 8.0  
Net income $ 234.1   $ 224.9   $ 9.2  
Weighted average diluted shares   126.8     128.6     (1.8 )
Diluted EPS $ 1.85   $ 1.75   $ 0.10  

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