LONDON, UK / ACCESSWIRE / December 12, 2017 / Active-Investors free earnings report on Qorvo, Inc. (NASDAQ: QRVO) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=QRVO. The Company posted its financial results on November 01, 2017, for the second quarter fiscal 2018 (Q2 FY18). The manufacturer and supplier of radio-frequency systems and solutions' revenue and adjusted diluted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:

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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 we have decided to include it on our blog post. Today's free coverage is available at:

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Earnings Highlights and Summary

For three months ended September 30, 2017, Qorvo's revenue decreased 5% to $821.58 million from $864.70 million in Q2 FY17. For the reported quarter, the Company's adjusted revenue decreased 5% to $820.6 million from $863.7 million in Q3 FY16. The Company's revenue surpassed analysts' expectations of $810.2 million.

During Q2 FY18, Qorvo's gross profit increased 1.3% to $321.02 million from $316.80 million in the same period last year. During Q2 FY18, the Company's gross margin increased 250 basis points to 39.1% of revenue from 36.6% of revenue in the same period last year. For the reported quarter, the Company's adjusted gross margin increased 460 basis points to 47.4% of revenue from 42.8% of revenue in the same period last year.

During Q2 FY18, Qorvo's operating income increased 9.2% to $49.56 million from $45.39 million in the same period last year. For the reported quarter, the Company's operating margin increased 80 basis points to 6% of revenue from 5.2% of revenue in the third quarter of last year.

During Q2 FY18, Qorvo's adjusted operating income increased 17.1% to $230.54 million from $196.81 million in the same period last year. For the reported quarter, the Company's adjusted operating margin increased 530 basis points to 28.1% of revenue from 22.8% of revenue in the third quarter of last year.

During Q2 FY18, Qorvo's earnings before tax (EBT) increased 20% to $35.65 million from $29.72 million in the same period last year. For the reported quarter, the Company's EBT margin increased 90 basis points to 4.3% of revenue from 3.4% of revenue in the third quarter of last year.

For the reported quarter, Qorvo's net income increased 203.1% to $35.92 million on a y-o-y basis from $11.85 million in Q2 FY17. During Q2 FY18, the Company's diluted EPS increased 200% to $0.27 on a y-o-y basis from $0.09 in the same period last year.

For the reported quarter, Qorvo's adjusted net income increased 16.4% to $198.38 million on a y-o-y basis from $170.41 million in Q2 FY17. During Q2 FY18, the Company's adjusted diluted EPS increased 17.8% to $1.52 on a y-o-y basis from $1.29 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $1.44.

Segment Results

For Q2 FY18, the mobile products segment's revenue increased 38% to $630 million on a sequential basis driven by Qorvo's largest customer and stronger demand in China.

The Company's Infrastructure and Defense Products (IDP) revenue increased 21% to a record $190 million on a y-o-y basis and secured record design wins to support strong revenue growth.

Balance Sheet

As on September 30, 2017, Qorvo's cash and cash equivalents increased 5.4% to $574.87 million from $545.46 million on April 01, 2017. For the reported quarter, the Company's total long-term debt increased 0.1% to $989.69 million from $989.15 million in Q4 FY17.

For the reported quarter, the Company's net accounts receivable increased 28.4% to $459.76 million from $357.95 million in Q4 FY17. The Company's accounts payable and accrued liabilities increased 2.6% to $396.94 million in the reported quarter from $386.83 million in the fourth quarter of 2017.

Outlook

For Q3 FY18, the Company expects revenue to be in the range of $830 million to $850 million and gross margin to be 47.5% of revenue.

Stock Performance Snapshot

December 11, 2017 - At Monday's closing bell, Qorvo's stock climbed 1.09%, ending the trading session at $68.62.

Volume traded for the day: 1.35 million shares, which was above the 3-month average volume of 1.26 million shares.

Stock performance in the past twelve-month period ? up 21.49%; and year-to-date ? up 30.13%

After yesterday's close, Qorvo's market cap was at $8.90 billion.

The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry. This sector was up 0.6% at the end of the session.

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