Skyworks Solutions Inc (NASDAQ:SWKS) reported its third quarter earnings this Thursday and as expected, crossed all the estimates. The company’s third-quarter revenues increased 34.7% on a year-over-year to $587 million, which has beaten the estimated consensus of 570 million. Skyworks Solutions Inc (NASDAQ:SWKS) announced EPS of $0.83, a 54% increase from the same period last year. Analysts had estimated $0.80. The company also declared a dividend of $0.11 per share, payable on August 21.
Discussing some hot stocks in a program, FBN’s Charles Payne said that he had already predicted that Skyworks Solutions Inc (NASDAQ:SWKS) will pick up in the coming days and the great quarterly report has given a great push to the company to achieve its long terms goals in the market for the coming quarters. Payne said that he picked Skyworks Solutions Inc (NASDAQ:SWKS) stock in June because of its potential to grow. Payne thinks that Skyworks stock will keep getting stronger in the coming weeks. He said:
“They reported last night earnings that beat [consensus]by 3 cents but the number was so great when you look beneath the hood. It’s pretty clear that they have a full wind in their selves, at least five firms today upped their target. My target is 58 plus.”
The semiconductor giant reported a profit of $266.6 million, 140 basis points (bps) YoY higher. Net profit is up 60% to $179 million. Skyworks Solutions Inc’s (NASDAQ:SWKS) operating cash flow is $199 million, of which $68 million was invested in the development and assembly sector of its manufacturing domain to meet the elevated demands.