Cirrus Logic: Fiscal 1Q Earnings Snapshot
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Wednesday reported fiscal first-quarter net income of $4.6 million, after reporting a loss in the same period a year earlier.
The Austin, Texas-based company said it had net income of 8 cents per share. Earnings, adjusted for one-time gains and costs, came to 35 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The chipmaker posted revenue of $238.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $221.9 million.
For the current quarter ending in October, Cirrus Logic said it expects revenue in the range of $300 million to $340 million. Analysts surveyed by Zacks had expected revenue of $287 million.
Cirrus Logic shares have climbed 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $49.22, a rise of 14% in the last 12 months.