Needham & Company Upgrades Qorvo Inc (QRVO) to Buy; $88 PT
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Qorvo Reports Fiscal 2015 Fourth Quarter Results
May 6, 2015 4:00 PM EDTGREENSBORO, N,C. and HILLSBORO, Ore., May 6, 2015 (GLOBE NEWSWIRE) --
Quarterly Financial Highlights
GAAP quarterly revenue increased 46% year-over-year to $634.9 million, when compared to the combined quarterly March 2014 revenue of RF Micro Devices (RFMD) and TriQuint Semiconductor (TriQuint) On a GAAP basis, gross margin was 29.8%, operating loss was $102.5 million, and EPS was $0.04; GAAP operating results include approximately $250 million of merger-related accounting entries and costs Non-GAAP gross margin was 50.4%, reflecting favorable product mix, improved yields, and synergies Non-GAAP operating income was $169.6 million Non-GAAP diluted EPS was $1.11 Qorvo repurchased approximately 760,000 shares of... More