Overview
Semiconductor solutions provider's fiscal Q3 revenue slightly beat analysts' expectations
Adjusted EPS for fiscal Q3 reported at $2.17
Outlook
Qorvo expects March-quarter revenue of $800 mln, plus or minus $25 mln
Company anticipates non-GAAP gross margin between 48% and 49% for March quarter
Qorvo projects non-GAAP EPS of $1.20, plus or minus 15 cents for March quarter
Result Drivers
LARGEST CUSTOMER - Qorvo's Q3 revenue strength was primarily due to performance at its largest customer, according to CEO Bob Bruggeworth
SEGMENT GROWTH - All operating segments experienced year-over-year revenue growth, with notable strength in automotive components, consumer and enterprise Wi-Fi, D&A, base station, and power management
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Beat*
$993 mln
$987.74 mln (17 Analysts)
Q3 EPS
$1.75
Q3 Adjusted Gross Margin
49.1%
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 21 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy."
Wall Street's median 12-month price target for Qorvo Inc is $98.00, about 18.8% above its January 26 closing price of $82.50
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago
Press Release: ID:nGNX21SW7m
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
