Investing.com -- Oregon-based semiconductor company Qorvo Inc (O:QRVO) announced on Thursday afternoon that Chief Financial Officer Steven Buhaly will retire from the company at the end of the year.
Buhaly, 58, had been the company's CFO since last January, following a $1.6 billion merger between RF Micro Devices and TriQuint Semiconductors several months earlier. Buhaly will remain in his current position until his retirement and will assist in the selection of his successor, the company disclosed in filings with the Securities and Exchange Commission (SEC) last week. Buhaly intends to remain with the company until an orderly transition has been completed.
Qorvo, which designs, manufactures and supplies radio frequency systems for the wireless and broadband communications industry, was valued at $12 billion when it joined the S&P 500 Composite index in June, replacing tobacco company Lorillard (N:LO). Previously, Buhaly served as the CFO and Vice President of Administration & Finance at TriQuint since September, 2007. Prior to that, Buhaly held senior finance positons at Longview Fibre Paper and Packaging, as well as Planar System, where he worked as the company's medical business vice president starting in 1999.
Also on Thursday, Qorvo reported net income of $148 million in its third quarter of fiscal year on adjusted earnings per share of 1.03. Qorvo also finished with revenues of $620.7 million, as it expanded dollar content in a bevy of smartphones set to launch this year from its three largest mobile customers. In addition, the semiconductor company increased its shipments of its antenna control solutions into the China market and secured a multi-year contract for its electronic warfare system during the quarter.
"Qorvo is winning by leveraging our comprehensive portfolio of tightly integrated, world-class RF solutions," Qorvo CEO Bob Bruggeworth said in a statement. "We are growing our dollar content at our three largest mobile customers in the most anticipated marquee smartphones being released this year, and we anticipate strong growth in IDP."
Shares in Qorvo fell 0.51 or 1.32% to 38.27 in after-hours trading.