Cirrus Logic Earnings: Here’s Why Shares are Down Now
Cirrus Logic Inc. (NASDAQ:CRUS) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3.41%.
Cirrus Logic Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 63.89% to $0.59 in the quarter versus EPS of $0.36 in the year-earlier quarter.
Revenue: Rose 86.99% to $206.87 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cirrus Logic Inc. reported adjusted EPS income of $0.59 per share. By that measure, the company missed the mean analyst estimate of $0.81. It missed the average revenue estimate of $209.57 million.
Quoting Management: “FY13 was a tremendous year for Cirrus Logic. We experienced substantial growth in our revenue and operating profit, we significantly expanded our footprint in portable audio and we launched our new LED lighting products,” said Jason Rhode, president and chief executive officer. “We are aligned with the best customers around, and our team is actively engaged in new developments that are expected to drive our growth over time.”
Key Stats (on next page)…