Stock Monitor: Inphi Post Earnings Reporting

LONDON, UK / ACCESSWIRE / February 16, 2018 / Active-Investors.com has just released a free earnings report on Qorvo, Inc. (NASDAQ: QRVO). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=QRVO. The Company reported its third quarter fiscal 2018 operating and financial results on January 31, 2018. The chipmaker delivered better than expected revenue and earnings results, a record IDP segment?s revenue, and a record free cash flow. The Company also provided an outlook for its upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Inphi Corporation (NYSE: IPHI), which also belongs to the Technology sector as the Company Qorvo. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Qorvo most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=QRVO

Earnings Highlights and Summary

On a GAAP basis, Qorvo's revenues were $845.7 million for the third quarter of the fiscal year 2018, ended December 30, 2017; up 2% compared to $826.3 million. On a non-GAAP basis, the Company's revenues were $844.8 million versus $825.4 million in the year-earlier same quarter. Qorvo's revenue numbers beat analysts' estimates of $840.9 million.

During Q3 FY18, Qorvo reported a GAAP gross margin of 39.8%, up 220 basis points (bps) compared to 37.6% in Q3 FY17. On a non-GAAP basis, the Company's gross margin was 48.0%, up 370 bps versus 44.3% in the year-ago comparable period. For Q3 FY18, Qorvo posted an operating income of $80.3 million, up 31% compared to $61.4 million in Q3 FY17. On a non-GAAP basis, the Company's operating income advanced 22% to $254.3 million in Q3 FY18 versus $208.7 million in Q3 FY17.

For Q3 FY18, Qorvo reported a GAAP net loss of $33.1 million, or $0.26 loss per diluted share, compared to a net loss of $78.6 million, or $0.62 loss per diluted share, in Q3 FY17. The Company posted non-GAAP earnings of $1.69 per share versus $1.35 per share in the year-earlier comparable quarter. Qorvo's earnings beat Wall Street's estimates of $1.60 per share.

Segment Results

During Q3 FY18, Qorvo's Mobile Products (MP) segment's revenues totaled $642.09 million compared to $656.79 million in Q3 FY17. The Company's Infrastructure and Defense Products (IDP) segment notched record revenues of $202.68 million, up 20% compared to $168.59 million in the year-earlier corresponding quarter, reflecting a continued strength in defense, including advanced radars and other electronic warfare products, and in connectivity, including Wi-Fi and emerging Internet of Things (IoT) applications. This was the seventh consecutive quarter of double-digit y-o-y growth in the IDP segment.

Cash Matters

During Q3 FY18, Qorvo's cash flow from operations increased to $270.1 million compared to $220.4 million for Q3 FY17, helping to drive a record free cash flow of $224.6 million. The Company's capital expenditure was $45.5 million for the reported quarter compared to $136.5 million for the year-ago same period. This y-o-y decline was primarily due to a lower capital expenditure related to projects initiated in FY17 to increase premium filter capacity and for manufacturing cost savings initiatives. As of December 30, 2017, the Company's cash was $841.33 million compared to $545.46 million as of April 01, 2017. During the reported quarter, Qorvo repurchased approximately 1.1 million shares of its common stock for approximately $80.0 million.

Outlook

In the fourth quarter of the fiscal year 2018, Qorvo is forecasting non-GAAP income in the range of $645 million to $665 million; gross margin to be flat to up 50 bps sequentially; and diluted earnings of $1.05 per share at the midpoint of its guidance. The Company is estimating a 20% y-o-y growth in the IDP segment. For the upcoming quarter, Qorvo's free cash flow is expected to be around $200 million.

Stock Performance Snapshot

February 15, 2018 - At Thursday's closing bell, Qorvo's stock slightly declined 0.33%, ending the trading session at $78.56.

Volume traded for the day: 1.39 million shares.

Stock performance in the last month ? up 10.88%; previous three-month period ? up 0.19%; past twelve-month period ? up 16.96%; and year-to-date ? up 17.96%

After yesterday's close, Qorvo's market cap was at $9.98 billion.

Price to Earnings (P/E) ratio was at 365.40.

The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry. This sector was up 1.5% at the end of the session.

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