Qorvo (QRVO) Tops Q3 EPS by 9c, Beat on Revenues; Offers Q4 EPS/Revenue Outlook Above Consensus
Qorvo (NASDAQ: QRVO) reported Q3 EPS of $1.69, $0.09 better than the analyst estimate of $1.60. Revenue for the quarter came in at $845.7 million versus the consensus estimate of $841.49 million.
Financial Commentary and Outlook
Mark Murphy, chief financial officer of Qorvo, said, “Our third quarter results exceeded guidance, driven by higher revenue, improved gross margin, and effective cost control. We also achieved record free cash flow on strong operating performance and lower capital spend. Our March quarter guide reflects weakness in the smartphone market, but with improved operating performance and new BAW-based product ramps, we expect continued margin expansion and free cash flow growth in fiscal 2019.”
Qorvo currently believes the demand environment in its end markets supports the following non-GAAPexpectations for the March 2018 quarter:
- Quarterly revenue in the range of $645 million to $665 million
- Gross margin flat-to-up 50 basis points sequentially
- Diluted earnings per share of $1.05 at the midpoint of guidance
GUIDANCE:
Qorvo sees Q4 2018 EPS of $1.05, versus the consensus of $1.60. Qorvo sees Q4 2018 revenue of $645-665 million, versus the consensus of $841.49 million.
For earnings history and earnings-related data on Qorvo (QRVO) click here.