Q4 Earnings Highlights: Microchip Technology (NASDAQ:MCHP) Vs The Rest Of The Analog Semiconductors Stocks
Looking back on analog semiconductors stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Microchip Technology (NASDAQ:MCHP) and its peers.
Demand for analog chips is generally linked to the overall level of economic growth, as analog chips serve as the building blocks of most electronic goods and equipment. Unlike digital chip designers, analog chip makers tend to produce the majority of their own chips, as analog chip production does not require expensive leading edge nodes. Less dependent on major secular growth drivers, analog product cycles are much longer, often 5-7 years.
The 15 analog semiconductors stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.7% while next quarter’s revenue guidance was above.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.1% since the latest earnings results.
Spun out from General Instrument in 1987, Microchip Technology (NASDAQ: MCHP) is a leading provider of microcontrollers and integrated circuits used mainly in the automotive world, especially in electric vehicles and their charging devices.
Microchip Technology reported revenues of $1.19 billion, up 15.6% year on year. This print exceeded analysts’ expectations by 0.6%. Overall, it was a strong quarter for the company with a solid beat of analysts’ adjusted operating income estimates and a beat of analysts’ EPS estimates.
Steve Sanghi, Microchip’s CEO and President commented that, “Our fiscal third quarter results exceeded our expectations, with net sales of $1.186 billion growing 4% sequentially, and 15.6% year-over-year, well above our original guidance. We believe the broad-based recovery across our end markets, combined with significant margin expansion, demonstrates the tangible impact of our nine-point recovery plan execution. Our non-GAAP operating profit grew sequentially more than our net sales did in the December quarter, highlighting the operational momentum we have in our business.”
Microchip Technology Total Revenue
Unsurprisingly, the stock is down 18.4% since reporting and currently trades at $63.71.
Result of a merger of Alpha Industries and the wireless communications division of Conexant, Skyworks Solutions (NASDAQ: SWKS) is a designer and manufacturer of chips used in smartphones, autos, and industrial applications to amplify, filter, and process wireless signals.
Skyworks Solutions reported revenues of $1.04 billion, down 3.1% year on year, outperforming analysts’ expectations by 3.4%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.
Skyworks Solutions Total Revenue
Skyworks Solutions scored the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.9% since reporting. It currently trades at $54.85.
Named after the founder’s ancestral village in present-day Lithuania, Vishay Intertechnology (NYSE:VSH) manufactures simple chips and electronic components that are building blocks of virtually all types of electronic devices.
Vishay Intertechnology reported revenues of $800.9 million, up 12.1% year on year, exceeding analysts’ expectations by 0.7%. Still, it was a slower quarter as it posted a significant miss of analysts’ adjusted operating income estimates and EPS in line with analysts’ estimates.
As expected, the stock is down 19.7% since the results and currently trades at $16.66.
Originally a temperature sensor control maker and a subsidiary of Texas Instruments for 60 years, Sensata Technology Holdings (NYSE: ST) is a leading supplier of analog sensors used in industrial and transportation applications, best known for its dominant position in the tire pressure monitoring systems in cars.
Sensata Technologies reported revenues of $917.9 million, up 1.1% year on year. This result beat analysts’ expectations by 0.6%. Taking a step back, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but revenue guidance for next quarter meeting analysts’ expectations.
The stock is down 6.9% since reporting and currently trades at $33.68.
Founded by two MIT graduates, Ray Stata and Matthew Lorber in 1965, Analog Devices (NASDAQ:ADI) is one of the largest providers of high performance analog integrated circuits used mainly in industrial end markets, along with communications, autos, and consumer devices.
Analog Devices reported revenues of $3.16 billion, up 30.4% year on year. This print surpassed analysts’ expectations by 1.4%. It was a very strong quarter as it also produced revenue guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
Analog Devices pulled off the fastest revenue growth among its peers. The stock is down 7.5% since reporting and currently trades at $312.30.
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