Cirrus Logic Inc. Q2 Profit Decreases, but beats estimates

(RTTNews) - Cirrus Logic Inc. (CRUS) released a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $75.41 million, or $1.34 per share. This compares with $87.19 million, or $1.52 per share, in last year's second quarter.

Excluding items, Cirrus Logic Inc. reported adjusted earnings of $101.56 million or $1.80 per share for the period.

Analysts on average had expected the company to earn $1.54 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.0% to $481.06 million from $540.57 million last year.

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

-Earnings (Q2): $75.41 Mln. vs. $87.19 Mln. last year. -EPS (Q2): $1.34 vs. $1.52 last year. -Analyst Estimates: $1.54 -Revenue (Q2): $481.06 Mln vs. $540.57 Mln last year.

-Guidance: Next quarter revenue guidance: %510 - %570 Mln