Skyworks Solutions Inc (NASDAQ:SWKS) reported better-than-expected first-quarter, but issued second-quarter adjusted EPS guidance below estimates..

Skyworks Solutions reported quarterly earnings of $1.60 per share which beat the analyst consensus estimate of $1.57 per share. The company reported quarterly sales of $1.068 billion which beat the analyst consensus estimate of $1.066 billion.

"Skyworks started the new fiscal year with solid results, growing revenue 4% sequentially and surpassing the midpoint of our guidance," said Liam Griffin, president and CEO of Skyworks.

"We have observed consistent improvement in demand indicators within Broad Markets, while we have successfully supported multiple new product launches in Mobile. Furthermore, we posted another quarter of impressive free cash flow with margins exceeding 30%."

For the second quarter, Skyworks said it expects second-quarter revenue to be between $935 million and $965 million versus estimates of $949.04 million, according to Benzinga Pro. The company anticipates second-quarter adjusted earnings of $1.20 per share versus estimates of $1.22 per share.

Skyworks shares gained 0.8% to close at $87.08 on Wednesday.

These analysts made changes to their price targets on Skyworks following earnings announcement.

• Mizuho analyst Vijay Rakesh downgraded Skyworks from Outperform to Neutral and lowered the price target from $105 to $62.
• B. Riley Securities analyst Craig Ellis downgraded Skyworks from Buy to Neutral and lowered the price target from $110 to $65.
• Stifel analyst Ruben Roy downgraded Skyworks from Buy to Hold and lowered the price target from $105 to $62.

Considering buying SWKS stock? Here’s what analysts think:

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