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Synaptics Reports 3Q Fiscal 2020 Results

Net revenue for the third quarter of fiscal 2020 was $328.1 million.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Synaptics Incorporated reported financial results for its third quarter ended March 28, 2020.

Net revenue for the third quarter of fiscal 2020 was $328.1 million. GAAP net income for the third quarter of fiscal 2020 was $5 million, or $0.14 per diluted share. Non-GAAP net income for the third quarter of fiscal 2020 was $52.3 million, or $1.49 per diluted share.

“Our focus on improving mix and controlling costs led to better than expected profitability in the March quarter despite revenue being slightly lower than anticipated as the initial impact from COVID-19 affected the supply chain and end-demand,” said Michael Hurlston, president and CEO, Synaptics. “We continue to invest in our product portfolio with the goal to further improve margins and expect to remain well positioned with our customers when demand normalizes.”

Cash at March 28, 2020 was $472 million. Cash flow from operations during the third quarter of fiscal 2020 was $48 million.

“With the TDDI divestiture completed, we are entering into the June quarter with a backlog of $240 million,” Dean Butler, CFO of Synaptics, added. “Taking into consideration greater market uncertainty due to the ongoing impact from COVID-19, we believe that subsequent bookings, customer forecasts and product sell-in and sell-through patterns will result in revenue for the fourth quarter of fiscal 2020 to be in the range of $260 to $290 million. Based upon this guidance, we expect the revenue mix from mobile, IoT and PC products to be approximately 45%, 23% and 32% respectively.”

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