Cirrus Logic Earnings: Surprises Investors With These Numbers
Cirrus Logic Inc. (NASDAQ:CRUS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.56%.
Cirrus Logic Inc. Earnings Cheat Sheet
Results: Net income increased to $67.9 million ($0.99 per diluted share) in the quarter versus a net gain of $16.73 million in the year-earlier quarter.
Revenue: Rose 153.33% to $310 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cirrus Logic Inc. reported adjusted net income of $1.64 per share. By that measure, the company beat the mean analyst estimate of $1.41. It beat the average revenue estimate of $285.96 million.
Quoting Management: “Q3 was a great quarter for Cirrus Logic as demand for multiple new products in portable audio drove revenue above our expectations,” said Jason Rhode, president and chief executive officer. “During the quarter, we gained traction with our portable audio and LED lighting products, where we began shipping in additional SKUs and customers…
…Our outlook for the year remains on track, and we are positioned well for further growth in FY14. We continue to see significant opportunities to grow our business with both new and existing customers.”
Revenue increased 59.98% from $193.77 million in the previous quarter. Net income increased 218.19% from $35.45 million in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.8 to a profit $1.01. For the current year, the average estimate has moved up from a profit of $2.8 to a profit of $3.43 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)