TriQuint Semiconductor Inc. (TQNT) reported revenues of $193.3 million in the fourth quarter of 2009, up 12% sequentially and up 30% year-over-year. Revenues grew from all end markets. In particular, Mobile Devices grew 55% year over year and 15% sequentially. Defense & Aerospace grew 15% year over year.
The results beat management’s updated guidance of revenues around $190 million, provided in January 2010. Gross margin came in at 38.4%, up from 35.0% in the prior quarter and 31.7% in the year-ago quarter, driven by an improved product mix and efficiency improvements achieved in manufacturing processes.
Operating expenses for the quarter came in at $51.0 million or 26.4% of total revenues compared to 25.9% of revenues in the prior quarter. Increases in product development and selling expenses associated with revenue and design wins contributed to the sequential quarterly increase in operating expenses. The acquisition of TriAccess Technologies also increased expenses sequentially.
Net income for the quarter came in at $22.6 million or 14 cents per share, easily beating the Zacks Consensus Estimate of 11 cents and management’s expectation of 12 – 13 cents. This compares to a net income of $15.7 million or 10 cents in the third quarter of 2009 and a net income of $6.8 million or 5 cents per share in the year-ago quarter.
Revenue for 2009 came in at $654.3 million, up 14% from the prior year. Gross margin for 2009 came in at 33%, down from 34% recorded in 2008. Net income came in at $38.8 million or 25 cents per share, missing the Zacks Consensus Estimate of 29 cents.
TriQuint exited 2009 with cash, equivalents and investments of $153.9 million, an increase of $19.3 million from the prior quarter, Going forward, management projects revenues between $170 million and $175 million in the first quarter of 2010. Management stated that TriQuint continues to penetrate the high-volume and rapidly expanding mobile devices market and aims to build on its leadership position in networks, defense and aerospace.
Gross margin for the first quarter is estimated between 36% and 38%. Operating expenses are projected to be about $50 million. Net income per share is forecasted between 8 cents and 10 cents. Cash is expected to increase by about $15 million.
For full fiscal 2010, management expects revenue to grow by 20%. TriQuint is an original equipment manufacturer of semiconductor communication integrated circuits. The company specifically targets the wireless handset segment, infrastructure networks and defense markets.
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