Latest news with #GrantBrown
Yahoo
23-05-2025
- Entertainment
- Yahoo
‘Sand In My Boots' fest brings $70M impact to South Baldwin, but event's future uncertain
GULF SHORES, Ala. (WKRG) — There has been a version of the Hangout Music Festival on the beach in Gulf Shores since 2010, except for the Covid years. Now, the city wants to get input from local residents about its future. UPDATE: No foul play suspected in death of woman at Pensacola Publix The big beach in Gulf Shores is 'almost' back to normal. The final remnants of the 'Sand in my Boots' festival are slowly disappearing. 'I'm just glad to have it back,' said Susan Parker, now able to set up her beach chair on her favorite stretch of sand. By all accounts, this year's festival was a huge success, pumping an estimated $70 million into the South Baldwin economy. 'It was a very good year for them, it was a very good year for our city, a very good year for all of us and to try and build on that and maintain that is going to be all of our goals,' said Gulf Shores City spokesman Grant Brown. The current franchise agreement with festival organizers expired with the end of 'Sand in my Boots,' and now the decision to be made is whether that was the final curtain for the festival or if it will return, and if it does, what that will look like. 'It doesn't matter to me whatever they do. I just miss having the beach access for the month of May,' said Parker. 'There weren't a lot of bad things that went on,' said newcomer Robin Colbert. 'I didn't see any kind of horrible stuff, so people were pretty respectful of the beach and the area. A lot of mixed feelings, I guess.' A public meeting is expected to happen in the next couple of weeks to hear the pros and cons from local residents and business owners. But, for now, the stages are gone, and the music has been replaced with the sound of the surf. Whether all that returns next year is still up in the air. UPDATE: Mobile police investigating deadly crash as homicide; man found with gunshot wound A decision will have to be made soon. The clock is already ticking on next year's planning for music festivals around the country. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
13-05-2025
- Business
- Yahoo
QRVO Q1 Earnings Call: Revenue Beats Estimates, Margin Initiatives and Tariff Uncertainty in Focus
Communications chips maker Qorvo (NASDAQ: QRVO) announced better-than-expected revenue in Q1 CY2025, but sales fell by 7.6% year on year to $869.5 million. The company expects next quarter's revenue to be around $775 million, close to analysts' estimates. Its non-GAAP profit of $1.42 per share was 41.3% above analysts' consensus estimates. Is now the time to buy QRVO? Find out in our full research report (it's free). Revenue: $869.5 million vs analyst estimates of $850.9 million (7.6% year-on-year decline, 2.2% beat) Adjusted EPS: $1.42 vs analyst estimates of $1.00 (41.3% beat) Adjusted EBITDA: $195.4 million vs analyst estimates of $166.9 million (22.5% margin, 17.1% beat) Revenue Guidance for Q2 CY2025 is $775 million at the midpoint, roughly in line with what analysts were expecting Adjusted EPS guidance for Q2 CY2025 is $0.63 at the midpoint, roughly in line with what analysts were expecting Operating Margin: 3.2%, in line with the same quarter last year Free Cash Flow Margin: 19.6%, up from 18% in the same quarter last year Inventory Days Outstanding: 117, up from 114 in the previous quarter Market Capitalization: $7.32 billion Qorvo's first quarter results were shaped by a mix of product wins, business realignment, and ongoing cost discipline. Management cited the successful launch of its envelope tracking power management solution with its largest smartphone customer and record results in the defense and aerospace segment as key contributors. Frank Stewart, SVP and President of Advanced Cellular, noted, "We're really excited about the fall launch upcoming, really proud of what the team accomplished in capturing content there across multiple product categories." The company also benefitted from continued diversification, with double-digit revenue growth in its Connectivity & Sensors and High Performance Analog businesses. Looking ahead, management attributed forward guidance to expected seasonal declines, ongoing manufacturing consolidation, and external risks such as tariffs. CFO Grant Brown discussed potential tariff impacts, stating, "In the June quarter, we've got about $1 million there, or less than that, and it represents a historical run rate, plus some new tariffs that are relevant in the quarter." The leadership team emphasized its focus on operational efficiency and margin expansion initiatives, while remaining cautious about the unpredictable global trade environment. Qorvo's first quarter financial performance reflected momentum in defense and aerospace, key content wins in mobile, and ongoing portfolio optimization. Management discussed improvements from manufacturing consolidation and portfolio adjustments, as well as tailwinds from elevated global defense spending. Mobile content expansion: Qorvo achieved notable design wins with its largest smartphone customer, including the ramp of an envelope tracking power management chip, which management says positions the company for over 10% year-over-year content growth in the customer's upcoming fall model. Defense and aerospace strength: The High Performance Analog segment posted record revenue in defense and aerospace, driven by demand for radar, satellite communications (SATCOM), and electronic warfare (EW) applications. Management highlighted a $5 billion-plus sales opportunity pipeline in this area. Connectivity and sensors growth: Qorvo's Connectivity & Sensors Group continued to expand its ultra-wideband (UWB) and Wi-Fi product lines, with progress in automotive and consumer applications. The automotive UWB sales funnel exceeded $2 billion, reflecting growing traction in secure keyless entry and in-cabin sensing. Manufacturing footprint consolidation: The company is closing its Costa Rica facility and relocating production to Asia, aiming to reduce costs and align capacity with customer locations. Management expects these actions to support gross margin improvements going forward. Portfolio streamlining: Qorvo exited lower-margin Android programs and divested its silicon carbide business, reallocating resources to higher-margin, differentiated products and segments. These moves are expected to reduce revenue volatility and improve profitability. Management's outlook for the next quarter and year is shaped by seasonal demand cycles, ongoing cost control measures, and external uncertainties like tariffs and macroeconomic conditions. Mobile segment seasonality: Qorvo expects a seasonal slowdown with its largest customer in the June quarter, but anticipates content growth in premium smartphone launches later in the year, which could offset some of the cyclicality. Defense and connectivity diversification: The company is prioritizing expansion in defense, aerospace, and automotive connectivity, projecting double-digit growth in both the High Performance Analog and Connectivity & Sensors segments, which are less tied to consumer cycles. Tariff and trade risks: Management remains cautious regarding new and evolving tariffs, highlighting that direct impacts are currently modest but could increase if international trade policies shift. The company is implementing supply chain flexibility and mitigation strategies to manage these risks. Thomas O'Malley (Barclays): Asked about the drivers of content growth with the largest smartphone customer and potential pricing pressure. Management explained gains were broad-based across product types, with premium content wins offsetting mass-tier declines. Harsh Kumar (Piper Sandler): Sought clarification on whether recent revenue included pull-forwards due to tariffs. CEO Bob Bruggeworth and CFO Grant Brown said any activity was modest and typical for a new phone launch, with no abnormal demand shifts observed. Chris Caso (Wolf Research): Inquired about the company's assumptions and mitigation strategies regarding tariffs. Grant Brown provided a detailed breakdown of tariff exposure and emphasized supply chain flexibility to limit direct impacts. Karl Ackerman (BNP Paribas): Asked if content growth with the largest customer was limited to internal basebands or also included third-party models. Management confirmed that content gains were achieved across both internal and third-party platforms. Srini Pajjuri (Raymond James): Requested detail on the defense and aerospace business's run rate and growth drivers. Philip Chesley, segment president, cited a $400 million current run rate, broad-based demand across radar, EW, and SATCOM applications, and significant opportunities in U.S. and European defense markets. In the coming quarters, the StockStory team will be watching (1) execution on content expansion with Qorvo's largest smartphone and Android customers, especially in upcoming premium device launches; (2) realization of expected margin improvements from manufacturing consolidation and portfolio streamlining; and (3) continued double-digit growth in defense, aerospace, and automotive connectivity businesses. Tariff impacts and macroeconomic shifts will also be key factors to monitor. Qorvo currently trades at a forward P/E ratio of 14.1×. At this valuation, is it a buy or sell post earnings? The answer lies in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
