Qorvo (QRVO) Tops Q3 EPS by 42c, Revenues Beat; Offers 4Q EPS/Revenue Guidance

Qorvo (NASDAQ: QRVO) reported Q3 EPS of $3.08, $0.42 better than the analyst estimate of $2.66. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.06 billion.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered an exceptional quarter helping our customers keep the world connected through the deployment of 5G, the roll-out of Wi-Fi 6 and 6E, and emerging technologies like precision location ultra-wideband. We are sustaining technology leadership in these markets and innovating in new ones including biotechnologies. In January, the National Institutes of Health selected Qorvo for its program to add COVID-19 testing capacity.”

GUIDANCE:

Qorvo sees Q4 2021 EPS of $2.42, versus the consensus of $2.01. Qorvo sees Q4 2021 revenue of $1025-1055 million, versus the consensus of $943.86 million.

Mark Murphy, chief financial officer of Qorvo, said, “We expect robust end market demand to continue into the March quarter driving strong year-over-year revenue growth and operating margin expansion. For the full fiscal year, we now project free cash flow of approximately $1 billion.”

Qorvo currently believes the demand environment in its end markets supports the following expectations for the March 2021 quarter:

• Quarterly revenue of $1.025 billion to $1.055 billion
• Non-GAAP gross margin of 50.5% to 51%
• Non-GAAP diluted earnings per share of $2.42 at the midpoint of guidance

Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

For earnings history and earnings-related data on Qorvo (QRVO) click here.

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