Cirrus Logic Inc. Q1 adjusted earnings Beat Estimates

(RTTNews) - Cirrus Logic Inc. (CRUS) announced earnings for first quarter that dropped from the same period last year.

The company's bottom line came in at $17.21 million, or $0.29 per share. This compares with $18.21 million, or $0.30 per share, in last year's first quarter.

Excluding items, Cirrus Logic Inc. reported adjusted earnings of $32.24 million or $0.54 per share for the period.

Analysts had expected the company to earn $0.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.3% to $277.25 million from $242.57 million last year.

Cirrus Logic Inc. earnings at a glance:

-Earnings (Q1): $32.24 Mln. vs. $31.88 Mln. last year. -EPS (Q1): $0.54 vs. $0.53 last year. -Analysts Estimate: $0.40 -Revenue (Q1): $277.25 Mln vs. $242.57 Mln last year.

-Guidance: Next quarter revenue guidance: $430 - $470 Mln