Cirrus Posts Solid Beat on Fiscal First Quarter Earnings
ThinkstockCirrus Logic Inc. (NASDAQ: CRUS) released its fiscal first-quarter earnings report Wednesday after the markets closed. The company had $0.54 in earnings per share (EPS) on $282.6 million in revenue versus Thomson Reuters consensus estimates of $0.43 in EPS on…
Cirrus Logic Inc. (NASDAQ: CRUS) released its fiscal first-quarter earnings report Wednesday after the markets closed. The company had $0.54 in earnings per share (EPS) on $282.6 million in revenue versus Thomson Reuters consensus estimates of $0.43 in EPS on $260.73 million in revenue.
The same period from the previous year had $0.37 in EPS on $152.56 million in revenue.
The company gave guidance for the fiscal second quarter; it expects revenue to be in a range of $290 million to $310 million and gross margin in the range of 45% to 47%. There are consensus estimates of $0.46 in EPS on $274.21 million in revenue.
Gross margin for the fiscal first quarter was approximately 47%.
At the end of the quarter, cash, cash equivalents, and marketable securities totaled $222.7 million compared to $343.7 million in the same period from the previous year.
Jason Rhode, President and CEO, said:
The first Quarter was a great quarter for Cirrus Logic. We delivered solid financial results as demand for our smart codecs and amplifiers pushed revenue above the high end of our guidance. fiscal 2016 looks to be an outstanding year with a significant increase in revenue being driven by new products. We expect strong demand for our audio and voice solutions to fuel additional growth in fiscal 2017.
Shares of Cirrus Logic closed Wednesday down 5% at $30.71. Following the release of the earnings report, shares were up 13.5% at $34.85 in the after-hours trading session. The stock has a consensus analyst price target of $39.80 and a 52-week trading range of $16.80 to $38.20. So far on the year, shares are up a whopping 37% year to date.
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