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Traders at Palma are Bullish on RFMD

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RF Micro Devices (RFMD) says it now expects free cash flow for the March 2010 fiscal year to exceed its previous guidance of $130 million. The handset chip company also said it expects to be net cash positive for the fiscal year ended April 2, 2011.

The company said in a statement that it has completed its restructuring plan, and that it now expects “continued strength in financial results, with an emphasis on non-GAAP operating income, free cash flow and return on invested capital.

CEO Bob Bruggeworth said that “RFMD has only begun to demonstrate our operating earnings power.”

Here are the stocks added to the Zacks #1 Rank ("strong buy") List today:

Here are the stocks added to the Zacks #1 Rank ("strong buy") List today:

Wireless chip maker RF Micro Devices (RFMD) this evening reported fiscal Q2 results that beat on top and bottom line and forecast fourth quarter revenue above estimates.

Q2 revenue fell 6%, year over year, to $254.8 million, but was up 19.9% from the prior quarter, the company reported, yielding profit per share, excluding some costs, of 13 cents, almost double the prior quarterly profit.

Those results easily topped average expectations for $233.9 million and 9 cents per share.

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