Qorvo, Inc. Q1 adjusted earnings Beat Estimates

(RTTNews) - Qorvo, Inc. (QRVO) announced a profit for its first quarter that advanced from the same period last year.

The company's earnings totaled $285.63 million, or $2.51 per share. This compares with $96.92 million, or $0.83 per share, in last year's first quarter.

Excluding items, Qorvo, Inc. reported adjusted earnings of $322.63 million or $2.83 per share for the period.

Analysts had expected the company to earn $2.45 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 40.5% to $1.11 billion from $0.79 billion last year.

Qorvo, Inc. earnings at a glance:

-Earnings (Q1): $322.63 Mln. vs. $175.08 Mln. last year. -EPS (Q1): $2.83 vs. $1.50 last year. -Analysts Estimate: $2.45 -Revenue (Q1): $1.11 Bln vs. $0.79 Bln last year.

-Guidance: Next quarter EPS guidance: $3.24 Next quarter revenue guidance: $1.235 - $1.265 Bln