Cirrus Logic beats by $0.88, beats on revs; guides Q4 revs in-line
- Reports Q3 (Dec) earnings of $2.89 per share, $0.88 better than the FactSet Consensus of $2.01; revenues rose 4.8% year/year to $619 mln vs the $540.1 mln FactSet Consensus.
- Co issues in-line guidance for Q4, sees Q4 revs of $290-350 mln vs. $330.03 mln FactSet Consensus. GAAP gross margin is expected to be between 49 percent and 51 percent; and
Combined GAAP R&D and SG&A expenses are anticipated to range between $138 million and $144 million, including approximately $22 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $114 million and $120 million. - "Cirrus Logic delivered record revenue and earnings per share in the December quarter," said John Forsyth, Cirrus Logic president and chief executive officer. "In addition to our outstanding financial results, we achieved key milestones in the production of our next-generation audio components while also making exciting advances in our process technology and foundry strategy. Furthermore, customer engagement with our laptop solutions was strong, and we made excellent progress on a number of R&D programs in our high-performance mixed-signal business. With a compelling roadmap of products and an amazing track record of execution, we believe we are well-positioned to grow long-term shareholder value."
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