Skyworks Solutions Announces $2 Bln Stock Repurchase Program - Quick Facts

(RTTNews) - Skyworks Solutions, Inc. (SWKS) announced that its Board has authorized the repurchase of up to $2 billion of the company's common stock from time to time prior to January 30, 2021, on the open market or in privately negotiated transactions. This newly authorized stock repurchase program replaces in its entirety the $1 billion stock repurchase program that was approved by the Board on January 31, 2018, and had approximately $129 million of repurchase authority remaining. The company currently expects to fund the repurchase program using the company's working capital.

Skyworks' Board of Directors has declared a cash dividend of $0.38 per share of the Company's common stock, payable on March 19, 2019 to stockholders of record at the close of business on February 26, 2019.

For the first-quarter, on a non-GAAP basis, operating income was $356.4 million with non-GAAP diluted earnings per share of $1.83. Revenue for the first fiscal quarter was $972.0 million.

Kris Sennesael, CFO, said: "In the March quarter, we expect diversification and momentum in our high-growth broad markets business to partially offset unit declines in mobile. Specifically, in the second fiscal quarter of 2019, we anticipate revenue to be between $800 and $820 million with non-GAAP diluted earnings per share of $1.43 at the midpoint of our revenue range."