24 February 2010


TriQuint grows a more-than-expected 12% in Q4/09

RF front-end product and foundry services provider TriQuint Semiconductor Inc of Hillsboro, OR, USA has reported revenue of $654.3m for 2009, up 14% on 2008’s $573.4m despite the global economic challenges. However, on a non-GAAP basis, gross margin fell from 34% to 33% and net income from $40.3m to $38.8m.

Nevertheless, following sequential growth of just 2% in Q3/2009, fourth-quarter 2009 revenue was $193.3m, up 12% on Q3/2009’s $173m and up 30% on $149m a year ago (and exceeding guidance of $175–185m). All markets grew sequentially (including Mobile Devices by 15%), while year-on-year growth was 55% for Mobile Devices and 15% for Defense & Aerospace.

On a non-GAAP basis, gross margin has risen from 31.7% a year ago and 35% in Q3 to 38.4% (exceeding the expected 35-37%) due to an improved product mix and efficiency improvements achieved in manufacturing processes.

Due partly to increases in product development and selling expenses associated with revenue and design wins, operating expenses rose from Q3’s $44.8m (25.9% of revenue) to a more-than-expected $51m (26.4% of revenue). The late third-quarter acquisition of TriAccess Technologies of Santa Rosa, CA, a provider of cable TV (CATV) and fiber-to-the-home (FTTH) devices, also increased expenses.

Despite this, non-GAAP net income has risen from $6.8m a year ago and $15.7m in Q3 to $22.6m. During the quarter, cash, cash equivalents, and investments rose $19.3m (exceeding the expected $15m) to $153.9m.

“TriQuint found opportunity in the economic challenges of 2009, generating great results in Q4 and a solid year of strategic and financial progress,” says president & CEO Ralph Quinsey. “TriQuint continues to penetrate the high-volume and expanding mobile devices market and is building on our leadership position in networks, defense and aerospace,” he adds. “Our strategy leverages our broad technology portfolio, providing customers with complete RF solutions that simplify their design efforts, yielding faster time to market, improved performance and reduced board-space requirements.”

For first-quarter 2010, TriQuint expects revenue to be down seasonally to $170–175m, non-GAAP gross margin to be 36–38%, and operating expenses to be cut slightly to $50m. Cash reserves should rise by $15m. For full-year 2010, TriQuint expects revenue to grow by about 20%.

See related items:

TriQuint’s growth slows prior to expected Q4 pick-up

TriQuint’s revenue rises 42% sequentially

TriQuint sees demand return as handset inventory burns off

Impairment charges drive TriQuint into Q4 loss

Search: TriQuint