Synaptics Incorporated reported financial results for its fourth fiscal quarter and fiscal year ended June 27, 2020.
On April 16, 2020, the company completed the divestiture of its Mobile LCD TDDI business, as a result, the company received approximately $139 million in cash proceeds.
Net revenue for the fourth quarter of fiscal 2020 was $277.6 million. GAAP net income for the fourth quarter of fiscal 2020 was $90 million, or $2.55 per diluted share.
For fiscal year 2020, net revenue was $1.33 billion. GAAP net income for fiscal year 2020 was $118.8 million, or $3.41 per diluted share. Non-GAAP net income for fiscal year 2020 was $207.2 million, or $5.95 per diluted share. Fiscal year 2020 was a record high year for Synaptics for both GAAP and non-GAAP earnings per diluted share
“Synaptics delivered a strong finish to our fiscal year with fourth quarter revenues exceeding the mid-point of our guidance, gross margins at the high-end of our guidance, and continued improvement in our operational efficiency,” said Michael Hurlston, Synaptics’ president and CEO.
Cash at the quarter end of June 27, 2020, was $763.4 million. Cash flow from operations during the fourth quarter of fiscal 2020 was $53.5 million.
“Fiscal year 2020 was one of the strongest 12-month periods of financial performance in the company’s history with significant margin expansion and a record-setting earnings per share,” said Dean Butler, CFO of Synaptics. “For our first fiscal quarter, we see robust demand for our products and enter the quarter with a strong backlog despite the uncertainties that remain in the macroeconomy.”
