Cirrus Logic beats estimates with higher Q3 revenue, earnings

Jan 29, 2015
Austin Business Journal

Cirrus Logic Inc. on Wednesday reported fiscal third-quarter net income of $22.7 million, or 35 cents per share, on revenue of $298.6 million compared with a net income of $41.5 million, or 63 cents per share, on revenue of $218.8 million


Shares of the Austin-based company increased nearly 6 percent on Wednesday prior to the release of the earnings after markets closed and have gained nearly 17 percent this year


On a non-GAAP basis, Cirrus Logic posted quarterly earnings of 97 cents per share compared with analyst estimates of 75 cents per share. For its fourth quarter, the company is projecting revenue of $220 million to $240 million, according to a filing with the U.S. Securities and Exchange Commission, which also tops analysts' estimates


Cirrus Logic, founded in 1984, develops integrated circuits for products such as smartphones, tablets and other electronic devices. It employs about 652 workers


In August 2014, the company completed the $467 million acquisition of Scotland-based Wolfson Microelectronics PLC announced by Cirrus Logic executives in April 2014


In September 2014, it disclosed granting CEO Jason Rhode 35,000 units of performance-based restricted stock as part of his annual compensation package. He received a $2.7 million compensation package in 2012, ranking No. 8 on the Austin Business Journal's list of the highest-paid CEOs



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