Skyworks 4Q profit rises sharply on tax benefit

WOBURN, Mass. - Skyworks Solutions Inc., which makes chips for mobile communications, said Thursday its fiscal fourth-quarter earnings more than doubled on higher revenue and an income tax benefit.

Net income for the quarter ended Oct. 3 rose to $54.8 million, or 33 cents per share, from $22 million, or 14 cents per share, in the year-ago period. The company recorded a tax benefit of $34.4 million in the latest quarter.

Adjusted to exclude one-time items, earnings were $36 million, or 21 cents per share.

Analysts polled by Thomson Reuters expected income of 20 cents per share. Analyst estimates typically exclude one-time items.

Revenue rose 22 percent to $232.6 million from $190.5 million, topping Wall Street's estimate for $226 million.

For the year, profit nearly doubled to $111 million, or 68 cents per share, from $57.7 million, or 36 cents per share. Revenue rose to $860 million from $741.7 million.

Shares lost 68 cents, or 9.6 percent, to close at $6.42. But in aftermarket trading, the stock rebounded 88 cents, or 13.7 percent, to $7.30. The stock has traded in a 52-week range of $5.45 to $11.24.

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