Skyworks stock repurchases

For those who wondered whether Skyworks would really buy back shares, they generated $154.5 million in cash flow during the quarter and exited the quarter with roughly $1.2 billion in cash on hand and no debt. They also repurchased 2 million shares of their common stock (2 million!), at an average price of just over $67.50 a share (great price). They also say that with the confidence they have in their long-term business trends, they expect to continue to be very active with share repurchases at current levels.

And they expect 51% gross margins even with the tough conditions, and say they see future upside, and for revenue above what they expect suggest you model 60% incremental margins. Wow!