Cirrus Logic, Inc. (CRUS) Tops Q3 EPS by 28c, Revenues Beat; Offers Q4 Revenue Guidance Above Consensus

Cirrus Logic, Inc. (NASDAQ: CRUS) reported Q3 EPS of $1.41, $0.28 better than the analyst estimate of $1.13. Revenue for the quarter came in at $374.7 million versus the consensus estimate of $346.49 million.

“Cirrus Logic’s revenue for the December quarter exceeded guidance as we experienced higher-than-anticipated volumes for certain components shipping into smartphones,” said Jason Rhode, chief executive officer. “During the quarter, development activities across existing and new product categories progressed, and the company continued to execute on key strategic initiatives. With a compelling pipeline of products addressing audio, voice and other signal-processing applications, we believe Cirrus Logic is well positioned for long-term success.”

Reported Financial Results – Third Quarter FY20

• Revenue of $374.7 million;
• GAAP and non-GAAP gross margin are 52.7 percent and 52.8, respectively;
• GAAP operating expenses of $124.8 million and non-GAAP operating expenses of $103.2 million; and
• GAAP earnings per share of $1.13 and non-GAAP earnings per share of $1.41.

GUIDANCE:

Cirrus Logic, Inc. sees Q4 2020 revenue of $250-290 million, versus the consensus of $245.68 million.

Business Outlook – Fourth Quarter FY20

• Revenue is expected to range between $250 million and $290 million;
• GAAP gross margin to be between 51 percent and 53 percent; and
• Combined GAAP R&D and SG&A expenses to range between $115 million and $121 million, including approximately $14 million in stock-based compensation expense and $3 million in amortization of acquired intangibles;
• GAAP operating expense is expected to include a restructuring charge of approximately $22 million.

For earnings history and earnings-related data on Cirrus Logic, Inc. (CRUS) click here.

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