Skyworks Solutions Q1 Profit Drops; Philip Brace Appointed As CEO

Skyworks Solutions

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Kaufen / Verkaufen

(RTTNews) - Skyworks Solutions, Inc. (SWKS) on Wednesday reported results for the first quarter, with profit dropping from last year, as revenues decreased. The company approved a new $2 billion stock repurchase program. Skyworks also appointed Philip Brace as the new CEO.

Revenues for the first quarter were $1.068 billion, down from $1.201 billion last year.

Net income for the first quarter was $162 million or $1.00 per share, compared to $231.3 million or $1.44 per share last year.

Adjusted net income for the quarter was $258.3 million or $1.60 per share, compared to $317.0 million or $1.97 per share last year.

Analysts had a consensus earnings estimate of 1.57 per share on revenues of $1.07 billion.

Looking forward to the second quarter, the company expects revenue between $935 million to $965 million and adjusted earnings per share of $1.20 at the mid-point.

The company also approved a new $2 billion stock repurchase program as part of its "disciplined capital allocation strategy."

Skyworks' board of directors also declared a cash dividend of $0.70 per share. The dividend is payable on March 17, 2025, to stockholders of record at the close of business on February 24, 2025.

Separately, Skyworks announced that Philip Brace has been appointed president and chief executive officer and a member of the board of directors, effective February 17, 2025.

Brace succeeds Liam Griffin, who will step down as president and CEO. Griffin will remain with Skyworks in an advisory role for three months to help ensure a smooth transition.

Griffin has also stepped down as a member of the board of directors, and Christine King, who has served as Skyworks' lead independent director since 2019, has been appointed chairman of the board of directors.