The 10-second takeaway
For the quarter ended June 30 (Q1), Cirrus Logic missed estimates on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded and GAAP earnings per share contracted significantly.
Gross margins expanded, operating margins dropped, net margins dropped.
Cirrus Logic logged revenue of $99.0 million. The seven analysts polled by S&P Capital IQ foresaw a top line of $101.5 million on the same basis. GAAP reported sales were 7.3% higher than the prior-year quarter's $92.2 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.22. The six earnings estimates compiled by S&P Capital IQ forecast $0.21 per share. GAAP EPS of $0.10 for Q1 were 23% lower than the prior-year quarter's $0.13 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 54.0%, 230 basis points better than the prior-year quarter. Operating margin was 10.6%, 490 basis points worse than the prior-year quarter. Net margin was 7.0%, 290 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $132.1 million. On the bottom line, the average EPS estimate is $0.40.
Next year's average estimate for revenue is $546.9 million. The average EPS estimate is $1.68.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 659 members out of 684 rating the stock outperform, and 25 members rating it underperform. Among 88 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 82 give Cirrus Logic a green thumbs-up, and six give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cirrus Logic is outperform, with an average price target of $34.50.
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