Cirrus Logic Inc. (CRUS) reported third-quarter fiscal 2024 adjusted earnings per share (EPS) of $2.89, which beat the Zacks Consensus Estimate by 43.8%. Also, the bottom line increased 20.4% from the prior-year quarter’s $2.40.Total revenues of $619 million surpassed the Zacks Consensus Estimate by 14.7% and increased 5% year over year. The uptick was driven by solid sales of components shipping and smartphones, owing to strength in orders from its largest customer.Following the announcement, the company’s ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q3 2024 Earnings Conference Call February 6, 2024 5:00 PM ET Company Participants Chelsea Heffernan - VP, IR John Forsyth - President and CEO Venk Nathamuni - CFO Conference Call Participants Tore Svanberg - Stifel Matt Ramsay - TD Cowen Thomas O'Malley - Barclays Christopher Rolland - Susquehanna Financial Group Ananda Baruah - Loop Capital Markets Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Third Quarter Fiscal Year 2024 Financ ...

Cirrus Logic (CRUS) came out with quarterly earnings of $2.89 per share, beating the Zacks Consensus Estimate of $2.01 per share. This compares to earnings of $2.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 43.78%. A quarter ago, it was expected that this chipmaker would post earnings of $1.54 per share when it actually produced earnings of $1.80, delivering a surprise of 16.88%.Over the last four quarters, the company h ...

AUSTIN, Texas--(BUSINESS WIRE)--Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the third quarter fiscal year 2024, which ended December 30, 2023, as well as the company’s current business outlook. “ Cirrus Logic delivered record revenue and earnings per share in the December quarter,” said John Forsyth, Cirrus Logic president and chief executive officer. “ In addition to our outstanding f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____ to ____ Commission File Number 0-17795 CIRRUS LOGIC, INC. (Exact name of registrant as specified in its charter) | Delaware | | | 77-0024818 | | --- | --- | --- | - ...

AUSTIN, Texas--(BUSINESS WIRE)--Cirrus Logic (Nasdaq: CRUS) announced today a collaboration with Intel and Microsoft on a new PC reference design which will feature Cirrus Logic's high-performance audio and power technologies and Intel's forthcoming client processor, codenamed Lunar Lake. In addition to creating a richer, more immersive audio experience for laptops, this collaboration will also reduce heating, extend battery life, and enable smaller, thinner designs. The reference design features the Cir ...

Investors interested in stocks from the Electronics - Semiconductors sector have probably already heard of United Microelectronics Corporation (UMC) and Cirrus Logic (CRUS) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven ...

Company Announcement - Cirrus Logic congratulates Deirdre Hanford, a board member since 2018, on her appointment as CEO of Natcast, the expected operator of the CHIPS for America National Semiconductor Technology Center [1] - Deirdre Hanford will not stand for reelection to the Cirrus Logic Board in July 2024 due to her new role [2] - John Forsyth, President and CEO of Cirrus Logic, praised Deirdre Hanford's expertise and leadership, stating her appointment is a major boost for the semiconductor industry [2] Industry Impact - Natcast aims to bring together the U S government and key stakeholders from the semiconductor ecosystem to address critical challenges in advancing U S semiconductor technology [1] - The appointment of Deirdre Hanford as CEO of Natcast highlights the importance of leadership in addressing technological barriers in the domestic semiconductor industry [2] Company Overview - Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions for top mobile and consumer applications [3] - The company is headquartered in Austin, Texas, and is globally recognized for its award-winning corporate culture [3]

AUSTIN, Texas--(BUSINESS WIRE)--Cirrus Logic, Inc. (NASDAQ: CRUS) today announced that the company will post its third quarter fiscal year 2024 financial results and business outlook on the Investor Relations area of its website on Tuesday, Feb. 6, at approximately 4 p.m. EST. Cirrus Logic will host a live Q&A webcast session at 5 p.m. EST that same day to answer questions related to its financial results and business outlook. A replay of the Q&A session will be available on the website listed above beginn ...

Financial Data and Key Metrics Changes - Cirrus Logic reported revenue of $481.1 million for Q2 fiscal 2024, which is near the top end of guidance and represents a 52% increase quarter-over-quarter, driven by higher volumes from new smartphone launches [5][13] - Year-over-year revenue decreased by 11%, reflecting a reduction in components shipped to smartphones and continued weakness in general market product sales [13] - Non-GAAP gross profit was $247 million with a gross margin of 51.3%, above the high end of guidance, and increased by 90 basis points sequentially due to lower supply chain costs [13][14] - Non-GAAP operating income was $132.5 million, representing 27.5% of revenue, and non-GAAP net income was $101.6 million or $1.80 per share [15] Business Line Data and Key Metrics Changes - The smartphone audio business saw multiple customers introducing new flagship devices featuring Cirrus Logic's audio components, with expectations for more devices in the first half of the coming calendar year [6][7] - Shipments of the latest camera controller ramped up ahead of a customer's product launch, highlighting the importance of camera features in differentiating products [7] - The company is also investing in new intellectual property for battery monitoring and performance, expanding its technology portfolio [8] Market Data and Key Metrics Changes - Cirrus Logic is actively engaged with the top 5 laptop OEMs, shipping content to each and focusing on design win opportunities for next-generation laptop models [9][10] - The company noted favorable trends in the laptop market, including a post-pandemic demand for high-quality audio and the desire for thinner, lighter devices [9] - The Android smartphone market presents challenges, with varying levels of haptic adoption among OEMs, but flagship devices continue to show appreciation for high-quality haptics [28][35] Company Strategy and Development Direction - The company aims to lead in smartphone audio and is on track to introduce a next-generation custom boosted amplifier and a 22-nanometer smart codec next year [6][8] - There is a focus on expanding high-performance mixed-signal content in smartphones and diversifying into new applications and markets beyond smartphones, particularly in laptops [9][11] - The company is optimistic about future growth opportunities in the laptop market, which may exceed those in the Android smartphone market over time [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for future growth, with new products in the pipeline and momentum in market diversification efforts [12][20] - The company anticipates a decline in inventory levels in Q3 fiscal 2024 as it draws down inventory to support seasonal product ramps [16] - Management acknowledged the challenges in the Android market but emphasized strong relationships with key OEMs and the potential for growth in the laptop segment [35] Other Important Information - The company ended Q2 fiscal 2024 with approximately $352.5 million in cash and cash equivalents, down from the previous quarter due to inventory build-up and stock repurchases [15] - For Q3 fiscal 2024, revenue is expected to range from $510 million to $570 million, with gross margin projected between 49% and 51% [18] Q&A Session Summary Question: Opportunities in the Windows laptop market compared to Android smartphones - Management highlighted strong relationships with customers across the Windows laptop market and noted engagement with Intel, indicating a favorable position for future designs [25][26] Question: Inventory balance and wafer supply commitments - Management confirmed that inventory levels are expected to decline in Q3 and that the current quarter is anticipated to be the high point for inventory this fiscal year [30][32] Question: Android market opportunities in haptics - Management stated that while flagship Android phones are adopting haptics, the overall market may face headwinds due to cost considerations [28][35] Question: Timing for 22-nanometer products and laptop content ramp - Management clarified that the 22-nanometer smart codec is currently sampling and expected to be introduced in the latter half of next calendar year, with a gradual revenue contribution anticipated in fiscal 2025 [39][41] Question: Diversification efforts in power and battery technology - Management confirmed customer interest in power-related technologies and indicated that significant opportunities exist, although they may take time to materialize [46] Question: Seasonality and revenue expectations for March - Management noted that typical seasonal declines are expected, but specific impacts will depend on the performance of top customers' products [48]