Cirrus Logic Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Cirrus Logic Inc. (CRUS) announced earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $15.60 million, or $0.28 per share. This compares with $39.71 million, or $0.69 per share, in last year's first quarter.

Excluding items, Cirrus Logic Inc. reported adjusted earnings of $38.02 million or $0.67 per share for the period.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 19.5% to $317.02 million from $393.64 million last year.

Cirrus Logic Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $15.60 Mln. vs. $39.71 Mln. last year. -EPS (Q1): $0.28 vs. $0.69 last year. -Analyst Estimates: $0.41 -Revenue (Q1): $317.02 Mln vs. $393.64 Mln last year.

-Guidance: Next quarter revenue guidance: $430 - $490 Mln