RFMD Q1'FY15 revenues boost 23.6% to $316.3mn

25 Jul '14

3 min read

Financial Outlook

-RFMD currently believes the demand environment in its end markets supports the following expectations and projections for the September 2014 quarter:

-RFMD expects quarterly revenue of approximately $345 million

-RFMD expects non-GAAP gross margin to be approximately flat to up 25 basis points sequentially

-RFMD expects non-GAAP operating expenses to be approximately flat

-RFMD expects a non-GAAP tax rate of approximately 10% - 15%

-RFMD expects non-GAAP diluted EPS of approximately $0.27

-RFMD's actual quarterly results may differ from these expectations and projections, and such differences may be material.

Bob Bruggeworth, president and CEO of RFMD, said, "RFMD is enjoying positive market dynamics creating sustainable, long-term opportunities for growth and diversification, and we are positioned better than ever to translate our diversified revenue growth into superior financial performance.

"In the September quarter, RFMD anticipates broad-based revenue growth supported by new smartphone ramps, content increases in LTE, deepening penetration of 802.11 ac, and continued broad market strength. We expect our diversified revenue growth to outpace the growth rate of our underlying markets and drive continued robust growth in RFMD's gross profit, operating profit, and earnings per share."

Dean Priddy, CFO and vice president of administration of RFMD, said, "On the strength of a 24% sequential increase in quarterly revenue, non-GAAP gross profit expanded 38% sequentially to a record $149 million and non-GAAP operating profit expanded 135% sequentially to a record $78.9 million. Non-GAAP gross margin was 47.1%, up 510 basis points versus the prior quarter.

"RFMD is executing to a financial model, and we are committed to delivering gross margin that is consistently industry-leading with operating expenses at twenty percent of revenue. We continue to unlock new opportunities to expand margin, and we anticipate continued robust improvements in operating income, earnings per share, and free cash flow."

RFMD

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