Synaptics Reports Earnings Results for the Second Quarter 2015; Provides Earnings Guidance for the Third Quarter Ending March 2015 and Second Half of Fiscal 2015
January 30, 2015 at 02:54 am IST
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Synaptics reported earnings results for the second quarter 2015. For the quarter, the company reported revenue of $463.7 million, up 125% over the year ago quarter. Earnings were $1.46 per share on a non-GAAP basis, up from $0.86 per share last year. Cash flow from operations for the quarter was a negative $16.5 million, resulting primarily from post-acquisition inventory purchases of $115 million from Renesas, which owned most of the RSP inventory prior to its system cutover at the end of October. Capital expenditures for the quarter were $14.7 million.
The company provided earnings guidance for the third quarter ending March 2015 and second half of fiscal 2015. The company is very optimistic regarding its outlook for the second half of fiscal 2015 and is tracking well towards its combined operating model following the integration of RSP. The company anticipates non-GAAP cash-based tax rate for the remainder of the year to be in the range of 16% to 18%.
Considering its backlog of $245 million entering the March quarter, customer forecasts and the resulting expected product mix, the company anticipates revenue to be in the range of $450 to $490 million, an increase of 120% to 140% over the prior year period. The company expects the revenue mix from mobile and PC to be similar to the preceding quarter. GAAP expenses will also include noncash charges of approximately $26 million related to intangibles amortization, of which approximately $19 million will be reflected in cost of sales. The company anticipates non-GAAP cash-based tax rate for the March quarter to be in the range of 16% to 18%. Non-GAAP net income per diluted share for the March quarter is anticipated to be in the range of $1.40 to $1.70 per share.
Synaptics Incorporated is a developer and fabless supplier of mixed signal semiconductor solutions. The Company delivers complete chip, firmware and software semiconductor solutions that allow its customers to integrate advanced functions into their end products. It serves Internet of things (IoT), personal computer and mobile markets. Its IoT market solutions consist of wireless connectivity (Wi-Fi, Bluetooth and global positioning system, or GPS) products, System-on Chip (SoC), products, display and touch-integrated circuits for use in automobiles, and a range of audio and video products and solutions. It provides custom and semi-custom product solutions for navigation, cursor control, and access to devices or applications through fingerprint authentication, and human presence detection solutions, for many of the PC OEMs. Its mobile product applications include smartphones, tablets, large touchscreen applications, as well as a variety of mobile, handheld, and entertainment devices.
Synaptics Reports Earnings Results for the Second Quarter 2015; Provides Earnings Guidance for the Third Quarter Ending March 2015 and Second Half of Fiscal 2015