RTTNews | Jul 30, 2020 10:07AM EDT

10:07 Thursday, July 30, 2020 (RTTNews.com) - Qorvo Inc. (QRVO) hit a 52-week high of $128.45 Thursday morning, after the company issued upbeat guidance for the second quarter, while reporting first-quarter results. The stock has been trading in the range of $67.54 - $128.45 for the past one year, and is currently trading at $125.10, up $9.82 or 8.52%.

For the second-quarter, the company expects non-GAAP earnings per share of $1.90 at the midpoint of guidance; revenue in the range of $925 million to $955 million. Analysts expect the company to report earnings of $1.44 per share and revenue of $802.77 million for the second-quarter.

Q1 Results

The company's first-quarter net income rose to $96.9 million or $0.83 per share from $39.5 million or $0.33 per share in the previous year.

On a non-GAAP basis, earnings per share was $1.50 compared to $1.36 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude certain special items.

Revenue for the quarter increased to $787.5 million from $775.6 million last year. Analysts expected revenue of $730.17 million for the quarter.

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