FEGO PAUL J sold $250K of QRVO

Skyworks extended its exchange offers for Qorvo's 2029 and 2031 notes to Sept. 11, 2026. Up to $850M of new 2029 notes and $700M of 2031 notes are offered. As of Sept. 1, 90.30% of 2029 notes and 93.29% of 2031 notes were tendered. Settlement is contingent on merger closure.

Qorvo (QRVO), a semiconductor company, agreed to be acquired by Skyworks (SWKS) in late 2025. The stock traded between $74.92 and $109.49 over the past year, closing at $94.73 on August 31, 2026, with a market cap of $8.48 billion. FPA Queens Road Small Cap Value Fund sold its position after the acquisition announcement.

Qorvo (QRVO) reported fiscal 2027 Q1 earnings and revenue above estimates, driven by its High-Performance Analog segment. Revenue was $784.8M, down slightly YoY, but net income rose to $85.8M. Analysts raised forward estimates, though concerns remain about its reliance on a single customer for 41% of revenue. The company projects $4.0B revenue and $597.6M earnings by 2029, requiring 2.5% yearly revenue growth.

Skyworks Solutions said it expects to finish its roughly $22B acquisition of Qorvo by year-end, earlier than its prior early-2027 target, after reporting fiscal Q3 results that beat analysts. Skyworks discontinued its 71 cents/share dividend and authorized a $2B buyback. Q3 revenue fell to $935M; analysts expected $926M. The deal values Qorvo at $32.50 cash plus 0.960 Skyworks share per share.

Qorvo reported fiscal Q1 2027 revenue of $784.8m, down 2.9% from $808.3m last quarter and 4.2% from $818.8m a year ago. Gross margin rose to 52.8% non-GAAP. Net income was $146.6m ($1.64/share). Operating cash flow was $139.5m and free cash flow $115.3m. Qorvo expects FY2027 gross margin above 50% and EPS above $7.00.

Qorvo reported quarterly revenue of $777.8M, up year over year. Net income rose to $85.8M from $25.6M, with basic EPS $0.97 and diluted EPS $0.96. The company repurchased $49.9M of stock, spent $172.2M on R&D, and ended with $3.47B equity and $5.94B assets, according to its filings.