Qorvo announces Q4 2019 financial results

Qorvo has announced financial results for the company’s fiscal 2019 fourth quarter, that ended on March 30, 2019. The revenue for Qorvo’s fiscal 2019 fourth quarter was $681 million, gross margin was 39.2%, operating income was $64 million and diluted earnings per share was $0.50.

They ended the fiscal year 2019 strongly with March quarter revenue, gross margin and earnings per share well above their initial expectations. They forecast an even stronger start to fiscal year 2020 and currently project growth in revenue, earnings and free cash flow for full-year fiscal 2020.

Strategic Highlights

  • Acquired Active-Semi International, entering rapidly growing $3B power management market
  • Achieved IDP revenue of $238 million, led by strength in 5G base station deployments, including massive MIMO
  • Awarded entire RF front end section, including BAW filtering, for meshed Wi-Fi access points by a manufacturer of Wi-Fi home networking systems
  • Secured multi-year design win to supply GaAs and GaN components to Lockheed Martin for U.S. Department of Defense ground-based radar program
  • Increased support of 5G massive MIMO infrastructure deployments and secured new design wins across all anticipated sub-6 GHz 5G frequency bands
  • Supplied production volumes of highly integrated mid-/high-band PADs to the world’s top-six smartphone OEMs and received orders for next-generation 5G-enabled variants 
  • Introduced industry’s first stand-alone ET PMIC capable of modulating the power supply at 100 MHz for 5G New Radio (NR) operation
  • Delivered record shipments of BAW-based band 1/3 quadplexers and achieved first design wins for highly integrated BAW-based hexaplexers, enabling higher orders of carrier aggregation 
  • Sampled BAW-based 5G antennaplexer solutions allowing customers to utilize current antenna architectures for 5G devices 
  • Experienced robust revenue growth for tuners and envelope trackers (ET) in support of some of the world’s most popular wearable devices

Bob Bruggeworth, CEO of Qorvo feels that they executed well in the March quarter, and are poised to benefit from multiple long-term growth trends, including 5G, IoT, and the proliferation of GaN. On May 6, Qorvo completed the acquisition of Active-Semi International. This will now enable them to expand their product offerings and extend their reach into new high-growth power management markets.

Qorvo currently believes the demand environment in its end markets will result in quarterly revenues in the range of $780 million to $800 million in the June 2019 quarter.