Qorvo® Updates Financial Guidance for Fiscal 2021 Second Quarter
September 08 2020 - 4:30PM
Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF
solutions that connect the world, today announced that it is
updating the financial guidance provided for the company’s fiscal
2021 second quarter in its earnings release and conference call on
July 29, 2020.
During the September quarter, broad-based mobile demand for
Qorvo’s advanced 4G and 5G mobile products is exceeding the
company’s original expectations. Qorvo is providing revised
non-GAAP expectations for revenue, gross margin and diluted
earnings per share for the company’s fiscal 2021 second quarter,
along with the prior guidance, in the table below.
|
Updated |
Prior |
Revenue |
Range of $1
billion to $1.03 billion |
Range of $925
million to $955 million |
Gross
margin |
Approximately
50% |
Approximately
50% |
Diluted
earnings per share |
$2.14 at the
midpoint of guidance |
$1.90 at the
midpoint of guidance |
Qorvo is presenting today at Citi’s 2020 Global Technology
Virtual Conference at 5:10 p.m. ET. A live webcast of the
virtual event will be available on the company's web site at the
following URL: http://www.qorvo.com (under "Investors").
Qorvo plans to announce financial results for its fiscal 2021
second quarter on or about November 4, 2020.
Qorvo’s actual quarterly results may differ from the
expectations and projections shown above, and such differences may
be material.
About QorvoQorvo (Nasdaq: QRVO) makes a better
world possible by providing innovative Radio Frequency (RF)
solutions at the center of connectivity. We combine product
and technology leadership, systems-level expertise and global
manufacturing scale to quickly solve our customers’ most complex
technical challenges. Qorvo serves diverse high-growth
segments of large global markets, including advanced wireless
devices, wired and wireless networks and defense radar and
communications. We also leverage unique competitive strengths
to advance 5G networks, cloud computing, the Internet of Things,
and other emerging applications that expand the global framework
interconnecting people, places and things. Visit
www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and
in other countries. All other trademarks are the property of
their respective owners.
This press release contains forward-looking non-GAAP revenue,
gross margin and diluted earnings per share. We provide these
non-GAAP measures to investors on a prospective basis for the same
reasons that we provide them to investors on a historical basis. We
are unable to provide a reconciliation of the forward-looking
non-GAAP financial measures to the most directly comparable
forward-looking GAAP financial measures without unreasonable effort
due to variability and difficulty in making accurate projections
for items that would be required to be included in the GAAP
measures, such as stock-based compensation, acquisition and
integration related costs, restructuring related charges, asset
impairments and the provision for income taxes. We believe such
reconciliations would imply a degree of precision that would be
confusing or misleading to investors. For more information
regarding our use of non-GAAP financial measures, see our earnings
releases available on our website at www.qorvo.com.
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements about our
plans, objectives, representations and contentions, and are not
historical facts and typically are identified by use of terms such
as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential,"
"continue" and similar words, although some forward-looking
statements are expressed differently. You should be aware
that the forward-looking statements included herein represent
management's current judgment and expectations, but our actual
results, events and performance could differ materially from those
expressed or implied by forward-looking statements. We do not
intend to update any of these forward-looking statements or
publicly announce the results of any revisions to these
forward-looking statements, other than as is required under U.S.
federal securities laws. Our business is subject to numerous
risks and uncertainties, including those relating to fluctuations
in our operating results; our substantial dependence on developing
new products and achieving design wins; our dependence on a few
large customers for a substantial portion of our revenue; a loss of
revenue if contracts with the United States government or defense
and aerospace contractors are canceled or delayed or if defense
spending is reduced; the COVID-19 outbreak, which has and will
likely continue to negatively impact the global economy and disrupt
normal business activities, and which may have an adverse effect on
our results of operations; our dependence on third parties; risks
related to sales through distributors; risks associated with the
operation of our manufacturing facilities; business disruptions;
poor manufacturing yields; increased inventory risks and costs due
to timing of customer forecasts; our inability to effectively
manage or maintain evolving relationships with platform providers;
risks from international sales and operations; economic regulation
in China; changes in government trade policies, including
imposition of tariffs and export restrictions; our ability to
implement innovative technologies; underutilization of
manufacturing facilities as a result of industry overcapacity; we
may not be able to borrow funds under our credit facility or secure
future financing; we may not be able to generate sufficient cash to
service all of our debt; restrictions imposed by the agreements
governing our debt; volatility in the price of our common stock;
damage to our reputation or brand; fluctuations in the amount and
frequency of our stock repurchases; our recent and future
acquisitions and other strategic investments could fail to achieve
financial or strategic objectives; our ability to attract, retain
and motivate key employees; our reliance on our intellectual
property portfolio; claims of infringement of third-party
intellectual property rights; security breaches and other similar
disruptions compromising our information; theft, loss or misuse of
personal data by or about our employees, customers or third
parties; warranty claims, product recalls and product liability;
and risks associated with environmental, health and safety
regulations and climate change. Many of the foregoing risks
and uncertainties are, and will continue to be, exacerbated by the
COVID-19 outbreak and any worsening of the global business and
economic environment as a result. These and other risks and
uncertainties, which are described in more detail in Qorvo's most
recent Annual Report on Form 10-K and in other reports and
statements filed with the Securities and Exchange Commission, could
cause actual results and developments to be materially different
from those expressed or implied by any of these forward-looking
statements.
At Qorvo®Doug DeLietoVP, Investor Relations1- 336-678-7968
Qorvo (NASDAQ:QRVO)
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