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TriQuint Semiconductor, preparing to merge, on track for best year ever [The Oregonian, Portland, Ore. :: ](Oregonian (Portland, OR) Via Acquire Media NewsEdge) July 23--TriQuint Semiconductor posted second-quarter financial results above its forecasts Tuesday, positioning it for its best year ever -- fueled by demand for faster wireless communication technology. The Hillsboro company will be sharing its spoils with merger partner RF Micro Devices, which is also producing banner results. The two plan to combine sometime later this year. TriQuint makes specialized communications chips for smartphone makers, communications networks and for the defense industry. Apple contractor Foxconn accounts for roughly a third of TriQuint's sales, and TriQuint chips have been in each of the last several generations of iPhone. Second-quarter revenues totaled $230.8 million, up 21 percent from a year ago and above TriQuint's forecast, which topped out at $225 million. Profits totaled $5.2 million, or 3 cents a share. That's up from a loss of $14.9 million, 9 cents a share, in the second quarter last year. Still, investors may have been hoping for better. Shares closed Wednesday at $17.25, down 53 cents before TriQuint reported financial results. They fell another 55 cents in after-hours trading. TriQuint now forecasts 2014 revenue of $983.4 million, up 10 percent from a year ago. "We continue to see robust demand in our infrastructure and mobile markets as worldwide demand for 4G LTE services ramp up with very strong demand for LTE base station products and premium filters for smartphones," TriQuint chief executive Ralph Quinsey said in a written statement. He said the company's gross profit margin for the year would be above 40 percent, excluding various non-cash expenses. TriQuint's merger partner, RFMD, reports financial results Thursday. But both companies have been reporting improved financial performance and steadily improving share prices. Investors are enthusiastic about the prospect of cost savings when the two combines combine, and TriQuint's shares have been trading near a 52-week high. TriQuint has about 900 employees at its Hillsboro headquarters and chip factory. RFMD's chief executive will run the combined company, which has yet to take a name. The two companies haven't said whether the new business will be based in Hillsboro, in RFMD's headquarters in North Carolina, or somewhere else. They also haven't said whether they will keep operating TriQuint's Oregon chip factory; the companies have acknowledged they will have excess production capacity. -- Mike Rogoway; twitter: @rogoway; phone: 503-294-7699 ___ (c)2014 The Oregonian (Portland, Ore.) Visit The Oregonian (Portland, Ore.) at www.oregonian.com Distributed by MCT Information Services |