Triquint Semiconductor Inc fka TQNT

[eastunder]

TriQuint Semiconductor predicts robust recovery; stock jumps


http://www.oregonlive.com/silicon-forest/index.ssf/2013/07/triquint_second-quarter_result.html

TriQuint Semiconductor indicated Wednesday that it has put two difficult years behind it, predicting a "next phase" of growth.

The Hillsboro company forecast a leap in revenue of at least 22 percent during the current quarter, a rousing result that stands in stark contrast to two years of disappointment.

"I believe Q3 is the beginning of a stronger period of performance for TriQuint, built on a differentiated strategy that is defensible and sustainable, chief executive Ralph Quinsey said in a written statement.

His forecast of a robust turnaround delighted investors, who bid the stock up more than 10 percent in after-hours trading.

TriQuint employs about 1,000 at its Hillsboro headquarters, where it makes communications chips used in the iPhone and other mobile devices, and in communications networking gear.

The company said its second-quarter sales totaled $190.1 million, up 7 percent from a year ago and just above its guidance.

TriQuint lost $14.9 million in the quarter, 9 cents a share. The compares to a loss of $13.1 million, 8 cents a share, in the second quarter of 2012.

An early beneficiary of the smartphone revolution, TriQuint didn't have the production capacity to meet demand from the booming market and ended up sidelined on some important deals over the past few years. Revenues had been flat or down for seven straight quarters despite the booming market for mobile technology.

On Wednesday, though, TriQuint said that innovative technology has created a great deal more opportunity for the company going forward.

If it delivers on its third-quarter forecast -- and TriQuint said it has orders booked to 90 percent of its forecast -- the company will enjoy its strongest growth in more than two years.


Foxconn, the contractor who assembles Apple's iPhone, is TriQuint's largest customer, providing roughly a third of its sales. Apple has released its last two iPhones in the fall, and observers expect a new model in the same time frame this year. With demand for new iPhones still feverishly high, that may factor into TriQuint's strong third-quarter forecast.


TriQuint shares closed down 7 cents Wednesday at $6.79 before the company reported financial results. In after-hours trading, though, the stock jumped 71 cents to $7.50 -- above a 52-week high.