Skyworks Solutions Inc. (SWKS) recently reported a decrease in their earnings for the first quarter, compared to the previous year. However, these results still exceeded Wall Street's predictions. The company's net income came in at $231.3 million, equating to $1.44 per share. This stands in contrast to the $309.4 million, or $1.93 per share, reported in the first quarter of the preceding year.
After accounting for individual factors, Skyworks Solutions Inc. reported adjusted earnings of $317.0 million or $1.97 per share for the quarter. These figures surpassed the average prediction of $1.95 per share from analysts surveyed by Thomson Reuters. It's important to note that these estimates usually exclude unique items.
Unfortunately, the company witnessed a 9.8% decrease in revenue for the quarter, falling to $1.20 billion from $1.33 billion last year.
To sum up the GAAP earnings, the company’s earnings in Q1 were $231.3 million down from $309.4 million last year. EPS in Q1 were $1.44 compared to $1.93 last year. The analyst estimates were $1.95. The revenue for Q1 was $1.20 billion down from $1.33 billion last year.
Looking forward, the company forecasts an EPS of $1.52 for the next quarter and anticipates revenue between $1.02 billion and $1.07 billion.
