This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXNPEC0E0NG_M.jpg
Investing.com – Skyworks (NASDAQ:SWKS) on Monday reported second-quarter results that beat analysts’ forecasts on both the top and bottom lines, though guidance fell short of estimates as the chipmaker warned of “limited visibility” ahead in the wake of coronavirus-led disruptions.
“Given the supply chain and demand disruptions associated with COVID-19, visibility is limited for the June quarter, resulting in a wider revenue range compared to prior quarters,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks.
“Specifically, in the third fiscal quarter of 2020, we anticipate revenue to be between $670 and $710 million with non-GAAP diluted earnings per share of $1.13 at the midpoint of our revenue range,” Sennesael added. Analysts were expecting EPS of $1.25 and revenue of $729.23 million in the upcoming quarter.
But the company said the impact of the coronavirus pandemic was limited and confirmed it had resumed operations in Mexicali, Mexico.
“After working in close collaboration with state and local officials in Mexicali, on April 27, 2020, we were given permission to resume our Mexicali operations. In resuming the Mexicali operations, we continue to employ safety protocols in accordance with applicable guidance from government officials. We do not expect that the temporary suspension of our Mexicali operations experienced in April will have a significant impact on the company’s overall business operations,” Skyworks said.
“Other than the temporary suspension of manufacturing activities in Mexicali, to date we have not experienced any significant disruptions to our ongoing operations or to our supply chain as a result of the COVID-19 pandemic,” it added.
Skyworks announced earnings per share of $1.34 on revenue of $766.1 million. Analysts polled by Investing.com anticipated EPS of $1.33 on revenue of $758.15 million. That compared wtih an EPS of $1.47 on revenue of $810.4 million in the same period a year before. Skyworks had reported EPS of $1.68 on revenue of $896.1 million in the previous quarter.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
