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Qorvo® announced financial results for the Company’s fiscal 2025 second quarter ended September 28, 2024.
On a GAAP basis, revenue for Qorvo’s fiscal 2025 second quarter was $1.047 billion, gross margin was 42.6%, operating income was $9.7 million, and loss per share was $0.18. On a non-GAAP basis, gross margin was 47.0%, operating income was $212.2 million, and diluted earnings per share was $1.88.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “In the September quarter, ACG successfully supported our largest customer’s seasonal smartphone ramp. In HPA, we expanded our D&A business while building a broad-based business in power management. In CSG, we maintained our leadership in Wi-Fi applications while investing to grow in diverse businesses including automotive solutions and SoCs for ultra-wideband and Matter. HPA and CSG are on pace to achieve mid-teen year-over-year growth in fiscal 2025.”
Grant Brown, chief financial officer of Qorvo, said, “In the September quarter, we exceeded the midpoint of guidance in revenue, gross margin and EPS. Looking forward, the flagship and premium tiers in the smartphone market are holding up well, however, content and ramp profiles vary by model, and we are experiencing unfavorable mix. We expect this to continue in the second half of fiscal 2025. In addition, in the mid and entry tiers of Android 5G smartphones, mix has shifted toward entry-tier 5G at the expense of mid-tier 5G. In our current view, we don’t expect this mix shift in Android 5G from mid-tier to entry-tier to reverse. As a result, we are taking appropriate actions, including factory consolidation and operating expense reductions as well as focusing on opportunities that align with our long-term profitability objectives. We currently expect full-year fiscal 2025 revenue and gross margin will be slightly down versus fiscal 2024.”
Qorvo’s current outlook for the December 2024 quarter is:
- Quarterly revenue of approximately $900 million, plus or minus $25 million
- Non-GAAP gross margin of approximately 45%
- Non-GAAP diluted earnings per share between $1.10 and $1.30
Original – Qorvo
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Littelfuse, Inc. reported financial results for the third quarter ended September 28, 2024:
- Net sales of $567 million were down 7% versus the prior year period and organically
- GAAP diluted EPS was $2.32 and adjusted diluted EPS was $2.71
- Cash flow from operations was $80 million and free cash flow was $65 million
“In the third quarter, our global teams delivered strong execution and drove sales and earnings above our expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While we see soft end market conditions extending into the fourth quarter, we remain focused on driving operational excellence while serving our global customer base and delivering meaningful new business wins. Our proven growth strategy, diversification efforts and strong technology capabilities position us to deliver top tier long-term stakeholder value.”
Based on current market conditions, for the fourth quarter the company expects Net sales in the range of $510 – $540 million, adjusted diluted EPS in the range of $1.90 – $2.10 and an adjusted effective tax rate of approximately 14%.
Original – Littelfuse
