Hillsboro's TriQuint sales up 37 percent

Portland Business Journal:

TriQuint Semiconductor Corp. on Wednesday reported a 37 percent increase in third-quarter revenue.

Shares of Hillsboro-based TriQuint (NASDAQ: TQNT) also reached a new 52-week high in Wednesday trading, though its quarterly results were released after the market closed.

TriQuint reported $237 million in revenue for the quarter, up from $137 million a year ago.

Third-quarter profit meanwhile climbed to $110 million, or 68 cents per share, from $10.5 million, or 7 cents per share, last year thanks to a one-time tax benefit of $72.1 million.

Excluding items such as stock-based compensation, non-cash tax expenses, and charges related to acquisitions, the company earned $44.2 million, or 27 cents per share.

Analysts polled by Thomson Financial, whose projections typically exclude such charges, expected earnings of 26 cents per share.

TriQuint makes chips used mostly in mobile devices such as Apple Inc.’s iPhone and iPad and for communications networks. Its products filter out unwanted signals and amplify the power of a device’s signal, helping it communicate with a network.

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