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TriQuint Announces Fourth Quarter and Full Year 2010 Results
TriQuint Semiconductor, announced its financial results for the quarter and year ended December 31, 2010, including the following highlights:
▪ Revenue for the quarter was $253.4 M, up 7% from Q3'10 and 31% from Q4'09
▪ Revenue for the year was a record $878.7 M
▪ Mobile Devices quarterly revenue grew 12% from Q3'10 and 34% from Q4'09
▪ Networks revenue for Q4'10 grew 50% over Q4'09 and 2010 revenue grew 54% over 2009
▪ Non-GAAP Net Income for the quarter was $42.8 M, or $0.25 per diluted share, up nearly 90% from Q4'09
▪ Complete 3G RF front-end selected by Samsung for its popular Galaxy Tab and Galaxy S smartphone series
▪ Honored by Raytheon Space and Airborne Systems (SAS) with Supplier Excellence Award
▪ Released 77 GHz chipset portfolio used in Delphi Automotive motion detection products
▪ Nearly tripled our 40 Gb/s optical revenue and a key supplier to Europe's first 100 Gb/s optical data link
Commenting on the results for the quarter ended December 31, 2010, Ralph Quinsey, President and Chief Executive Officer, said, “TriQuint turned in record 2010 financial results growing revenue 34%. GAAP net income for the year grew almost 12 fold and non-GAAP earnings almost tripled. I am very pleased with the performance of the company. With the world transitioning to a mobile Internet, I expect a strong market and see another solid growth year for TriQuint in 2011.”
Summary Financial Results for the Quarter and Year Ended December 31, 2010:
Revenue for the fourth quarter of 2010 was $253.4 M, up 31% from the fourth quarter of 2009 and 7% sequentially. Revenue for 2010 was $878.7 M, up 34% from 2009. Networks continued to enjoy a strong rebound from the lows of 2009, with quarterly revenue growing 50% year over year. Mobile Devices showed robust growth, with quarterly revenue increasing 12% sequentially and 34% year over year.
Gross margin for the fourth quarter of 2010 was 39.0%, up from 37.4% in the fourth quarter of 2009. Gross margin for 2010 was 39.9%, up from 31.9% for 2009. On a non-GAAP basis, gross margin for the fourth quarter was 40.1%, up from 38.4% in the fourth quarter of 2009. Non-GAAP gross margin for 2010 was 41.0%, up from 33.0% for 2009.
Operating expenses for the fourth quarter of 2010 were $61.6 M, or 24% of revenue, up from $59.1 M in the previous quarter and $53.9 M in the fourth quarter of 2009. Operating expenses for 2010 were $234.7 M. Non-GAAP operating expenses for the quarter were $58.0 M or 23% of revenue. Non-GAAP operating expenses for 2010 were $221.0 M or 25% of revenue.
Net income for the fourth quarter of 2010 was $42.5 M, or $0.25 per diluted share. Net income for 2010 was $190.8 M or $1.17 per diluted share. Non-GAAP net income for the fourth quarter was $42.8 M, or $0.25 per diluted share. Non-GAAP net income for 2010 was $137.7 M, or $0.83 per diluted share.