Trade Resources Industry Views RF Micro Devices Reported Financial Results for The Company's Fiscal 2014 Q2

RF Micro Devices Reported Financial Results for The Company's Fiscal 2014 Q2

RF Micro Devices, Inc., a global leader in the design and manufacture of high-performance radio frequency solutions, reported financial results for the Company's fiscal 2014 second quarter, ended September 28, 2013.

Quarterly Highlights:

-Quarterly Revenue Increases 48% Year-Over-Year To A Record $310.7 Million

-GAAP Gross Margin Is 33.7% And GAAP Diluted EPS Is $0.02, Versus $(0.06) In Q2 Fiscal 2013

-Non-GAAP Gross Margin Is 36.2% And Non-GAAP Diluted EPS Is $0.12, Versus $0.03 In Q2 Fiscal 2013

-In The December 2013 Quarter, RFMD Anticipates Revenue To Be Approximately Flat To Up 5% Sequentially

-RFMD Expects Non-GAAP Gross Margin To Expand Sequentially By Approximately 120 bps And Non-GAAP EPS Of Approximately $0.13 To $0.14 In The December 2013 Quarter

September quarterly revenue increased approximately 6% sequentially and 48% year-over-year to a record $310.7 million, compared to $293.0 million in the prior quarter and $209.7 million in the corresponding quarter of the prior year. The sequential and year-over-year increases in revenue were due primarily to generation-over-generation increases of RFMD's best-in-class RF solutions in the industry's marquee smartphones.

On a GAAP basis, gross margin for the September 2013 quarter was 33.7%, quarterly operating income was $9.5 million, and quarterly net income was $5.9 million, or $0.02 per share. On a non-GAAP basis, gross margin expanded by 110 basis points sequentially and 100 basis points year-over-year to 36.2%, quarterly operating income totaled $37.2 million, or 12% of sales, and quarterly net income was $33.9 million, or $0.12 per diluted share. During the September quarter, the Company repurchased 2.4 million shares of stock at an average price of $5.03.

Strategic Highlights

-RFMD's Cellular Products Group (CPG) grew revenue 7% sequentially and 59% year-over-year

-CPG expanded its dollar content in the September quarter in the world's leading 4G LTE smartphones

-CPG benefited in the entry segment, with leading market share on major reference designs and expanded customer engagements with Xiaomi, Coolpad, Lenovo, Huawei, and others

-CPG ramped production of new average power tracking (APT) and envelope tracking (ET) power amplifiers (PAs), PA duplexers, antenna control solutions, antenna switch modules, and diversity switches

-CPG enjoyed favorable design activity for its industry-leading carrier aggregation switch portfolio

-Year-over-year, RFMD's Multi-Market Products Group (MPG) delivered 12% growth across multiple markets, with high-performance Wi-Fi growing 49% and broadband cable TV and Hi-Rel applications both growing over 20%

-MPG experienced strong design activity for its Wi-Fi front ends for both mobile devices and consumer premises equipment.

Source: http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=154396
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