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TriQuint Semiconductor Inc. Reports Operating Results (10-Q)

November 10, 2010 | About:
10qk

10qk

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TriQuint Semiconductor Inc. (TQNT) filed Quarterly Report for the period ended 2010-10-02.

Triquint Semiconductor Inc. has a market cap of $1.66 billion; its shares were traded at around $10.68 with a P/E ratio of 17.8 and P/S ratio of 2.5. TQNT is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

For the three months ended October 2, 2010, Futaihua Industrial (Shenzhen) Co Ltd, a sister company of Foxconn, and Samsung Electronics Co Ltd, accounted for 24% and 12% of our revenues, respectively. For the nine months ended October 2, 2010, Futaihua Industrial (Shenzhen) Co Ltd, accounted for 19% of our revenues. For the three and nine months ended September 26, 2009, Futaihua Industrial (Shenzhen) Co Ltd, accounted for 21% and 19% of our revenues, respectively. Some of our mobile device customers use multiple subcontractors for product assembly and test. Therefore, revenues for our customers may not necessarily represent the entire business of a single mobile device manufacturer.

Revenues from our mobile devices market products increased approximately 37% for the three months ended October 2, 2010 compared to the three months ended September 26, 2009. The revenue increase resulted primarily from a higher volume of sales of our WCDMA products. Revenues from our WCDMA products increased approximately 65% for the three months ended October 2, 2010 compared to the three months ended September 26, 2009. These products collectively accounted for 63% of mobile devices revenues for the three months ended October 2, 2010 and 53% of mobile devices revenues for the three months ended September 26, 2009. Revenues from our WLAN products increased approximately 49% for the three months ended October 2, 2010 compared to the three months ended September 26, 2009. These products accounted for 14% of mobile devices revenues for the three months ended October 2, 2010 compared with 13% of mobile devices revenues for the three months ended September 26, 2009.

The increases in WCDMA and WLAN product revenues were partially offset by decreases in revenues from sales of our code division multiple access (CDMA) products and from our global system for mobile communication (GSM)/general packet radio service (GPRS) products of approximately 26% and 27%, respectively, for the three months ended October 2, 2010 compared to the three months ended September 26, 2009. The revenues from our CDMA products and GSM/GPRS products comprised approximately 8% and 6%, respectively, of total mobile devices revenues for the three months ended October 2, 2010, compared to 15% and 11%, respectively, of total mobile devices revenues for the three months ended September 26, 2009.

Revenues from our mobile devices market products increased approximately 33% for the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009. The revenue increase resulted primarily from a higher volume of sales of our WCDMA products. Revenues from our WCDMA products increased approximately 54% for the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009. These products collectively accounted for 59% of mobile devices revenues for the nine months ended October 2, 2010 and 51% of mobile devices revenues for the nine months ended September 26, 2009. Revenues from our WLAN products increased approximately 94% for the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009. These products accounted for 14% of mobile devices revenues for the nine months ended October 2, 2010, compared with 10% of mobile devices revenues for the nine months ended September 26, 2009.

Revenues from our networks market products increased approximately 56% for the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009, as a result of increases in sales across all of our markets. Our radio access, emerging markets, and transport products increased 18%, 198% and 46%, respectively; in the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009.

Revenues from our defense & aerospace market products increased approximately 20% for the nine months ended October 2, 2010 compared to the nine months ended September 26, 2009. The increase in revenue was primarily the result of a 70% increase in radar products revenue. As a percentage of our total revenues, defense & aerospace products decreased to 11% for the nine months ended October 2, 2010 from 13% for the nine months ended September 26, 2009.

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