Xilinx (XLNX) Tops Q1 EPS by 9c, Revenues Beat; Offers 2Q Revenue Mid-Point Guidance Above Consensus

Xilinx (NASDAQ: XLNX) reported Q1 EPS of $0.65, $0.09 better than the analyst estimate of $0.56. Revenue for the quarter came in at $727 million versus the consensus estimate of $725.63 million.

• Revenues of $727 million, exceeding initial guidance and in-line with revised guidance
• Record Data Center Group (DCG) revenue, with 10% sequential and 104% annual growth
• Wireless Group (WWG) revenue increased 27% sequentially
• Free cash flow of $230 million, or 32% of revenue
• Returned $146 million to stockholders through dividends and share repurchases

“Our fiscal Q1 revenue was well above the initial guidance despite ongoing business challenges from COVID-19 and global trade issues,” said Xilinx president and CEO Victor Peng. “Results were driven by strength in the Data Center Group (DCG), Wired and Wireless Group (WWG), and the Industrials market, offsetting expected headwinds in consumer-oriented end markets, including Automotive and Broadcast. The outperformance was due to a combination of strength in multiple end markets, as well as some order acceleration driven by recent additional U.S. government trade restrictions on sales of certain Xilinx products to some customers based, or with operations, in China.”

“Our diversified end markets remain a key strength, and our business continues to perform better than expected even after our revised guidance,” said Xilinx CFO Brice Hill. “This strength is reflected in our results for the first quarter as well as our improved outlook for the fiscal second quarter. We continue to be well positioned to capitalize on opportunities across all our end markets.”

GUIDANCE:

Xilinx sees Q2 2021 revenue of $730-780 million, versus the consensus of $730.26 million.

For earnings history and earnings-related data on Xilinx (XLNX) click here.

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