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Technology Stocks : Triquint Semiconductor (TQNT)

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From: Savant

2/12/2014 6:08:37 AM

of 995

TriQuint Semi beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY14 EPS in-line

Reports Q4 (Dec) earnings of $0.16 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 14.6% year/year to $267.7 mln vs the $266.03 mln consensus.

Co issues downside guidance for Q1, sees EPS of ($0.13)-($0.11) vs. $0.04 Capital IQ Consensus Estimate; sees Q1 revs of $170-180 mln vs. $224.57 mln Capital IQ Consensus Estimate.

Co cites seasonality and a large customer's inventory correction in Mobile Device products.

Co issues in-line guidance for FY14, sees EPS to meet or beat $0.49 vs. $0.49 Capital IQ Consensus Estimate. Looking at 2014 as a whole, we expect revenue growth in the mid single digits as strong growth in premium filters is partially offset by significant reductions in lower margin amplifiers and non-strategic foundry revenue. Revenue seasonality should be roughly similar to 2013 with about 40% of revenue coming in the first half of the year. Non-GAAP gross margin is expected to grow about 500 basis points from 2013 levels due to these product mix changes and cost reductions in operations. Operating expenses are expected to decline modestly from 2013. We currently believe non-GAAP earnings per share will meet or beat the current analyst consensus of $0.49.

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