Press release
Skyworks Updates Q2 FY20 Outlook
Revised Outlook Reflects Expected Impact of COVID-19 IRVINE, Calif.--(BUSINESS WIRE)-- Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of
About this update from Skyworks Solutions, Inc.
[{"type":"text","content":"\nRevised Outlook Reflects Expected Impact of COVID-19\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nSkyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high-performance analog semiconductors connecting people, places and things, today announced that it is updating its outlook for the second fiscal quarter of 2020 ending March 27, 2020. This update reflects the unanticipated impact that the COVID-19 outbreak is having on the business environment. Based on a current assessment of business conditions, the company now expects for the second fiscal quarter of 2020:\n\n\n\nRevenue between $760 million and $770 million, compared to the prior outlook of between $800 million and $820 million;\n\n\nNon-GAAP diluted earnings per share of $1.34 at the midpoint of the updated revenue range, compared to the prior outlook of $1.46 at the midpoint of the prior revenue range.\n\n\n\n“Although COVID-19 has caused no significant disruption within Skyworks’ manufacturing operations to date, the current demand environment for our products has been negatively impacted by interruptions in global supply chains,” said Liam K. Griffin, president and chief executive officer of Skyworks. “Despite this, we remain upbeat about our design win momentum and our ability to deliver strong profitability and cash flow. As we navigate these challenges, we continue to focus on the health and safety of all our employees, customers and partners worldwide.”\n\n\nThis update is based on information available to management as of the date of this release. Skyworks undertakes no obligation to update the information in this release in the event facts or circumstances change after the date of this release.\n\n\nDiscussion Regarding the Use of Non-GAAP Financial Measures\n\n\nThis press release contains a forward-looking estimate of non-GAAP diluted earnings per share for the second quarter of our 2020 fiscal year (“Q2 2020”). We are unable to provide a reconciliation of our forward-looking estimate to Q2 2020 GAAP diluted earnings per share because certain information needed to make a reasonable forward-looking estimate of GAAP diluted earnings per share for Q2 2020 (other than estimated share-based compensation expense of $0.15 to $0.20 per diluted share, estimated amortization of intangibles of $0.05 to $0.07 per diluted share and certain tax items of -$0.05 to $0.05 per dil...