Cirrus Logic Q1 Profit Rises

(RTTNews) - Cirrus Logic, Inc. (CRUS) Tuesday reported first-quarter net income of $39.7 million or $0.69 per share, up from $17.21 million or $0.29 per share.

Adjusted earnings for the quarter rose to $1.12 per share, up from $0.54 per share last year.

Revenues for the quarter rose to $393.6 million from $277.3 million last year.

Analysts polled by Thomson Reuters estimate earnings of $0.83 per share on revenues of $366.44 million for the quarter.

"Cirrus Logic delivered record revenue for the June quarter, above the high end of guidance, as component shipments into smartphones exceeded expectations, and we continued to benefit from strong demand for flagship devices," said John Forsyth, Cirrus Logic president and chief executive officer.

"We remain focused on delivering long-term growth through our investment in new technologies and high-performance mixed-signal products. With a compelling pipeline of low-power, low-latency signal processing components, we believe the company is well-positioned to drive content expansion opportunities in FY24 and beyond," he added.

Looking forward to the second quarter, the company expects revenues of $450 million to $490 million. Analysts currently estimate revenues of $470.69 million for the quarter.

The company also announced that its Board of Directors recently authorized the repurchase of up to an additional $500 million of the company's common stock, in addition to the $136.1 million remaining from the Board's previous share repurchase authorization in January 2021.