Shares of Skyworks surged in extended trading on Wednesday as investors responded to the Apple partner's strong third-quarter results.
WOBURN, Mass. (TheStreet) - Shares of Skyworks(:SWKS) surged in extended trading on Wednesday as investors responded to the Apple(:AAPL) partner's strong fiscal third-quarter results.
The semiconductor specialist brought in revenue of $389 million, up from $356.1 million in the same period last year, and above its own guidance of $383 million. Wall Street was looking for revenue of $383.9 million.
Excluding items, Skyworks earned 45 cents a share, compared to 49 cents a share in the prior year's quarter. The consensus view was for earnings of 43 cents a share in the June-ended period, according to Thomson Reuters.
Investors responded positively to the numbers, pushing Skyworks' shares up 10.36% to $29.40 in extended trading.
"Skyworks outperformed our addressable markets last quarter and the stage is set for a strong back half of 2012," explained David Aldrich, the Skyworks CEO, in a statement released after market close. "Our innovative solutions are powering the world's most popular smartphones, tablets, home automation platforms and network infrastructure systems."
The company, he added, is also gaining share in markets such as automotive, medical, avionics, military, location services and broadband communications.
Skyworks also offered healthy guidance on Wednesday, projecting fourth-quarter revenue between $415 million and $420 million and earnings of 50 to 51 cents a share. The current average estimate of analysts polled by Thomson Reuters is for a profit of 51 cents a share on revenue of $418.6 million in the September-ending period.
The Woburn, Mass.-based company, which is one of TheStreet's Breakout Stocks, is a key iPhone and iPad partner, providing a front-end module for the latest Apple tablet. Skyworks had two power amplifier modules within the Verizon(:VZ) CDMA version of the iPad 2 and three transit modules in the AT&T(:T) iPad 2, according to teardowns of the devices.
--Written by James Rogers in New York.
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