Cirrus Logic (CRUS) Q4 Earnings Surpass Estimates, Down Y/Y
Zacks Investment Research | May 01, 2019 11:37PM ET
Cirrus Logic (NASDAQ:CRUS) delivered fourth-quarter fiscal 2019 non-GAAP earnings per share of 37 cents, which topped the Zacks Consensus Estimate of 11 cents but were much lower than the year-ago quarterly figure of 51 cents.
Total revenues of $240.4 million surpassed the Zacks Consensus Estimate of $219 million. However, the top line was down 20.7% year over year and 25.9% sequentially due to reduction in sales of portable audio products shipping in smartphones.
However, rise in amplifier sales at Android customers was a positive.
Quarterly Details
Segment wise, portable audio product revenues (86% of total revenues) came in at $207.1 million, down 21% year over year. Non-portable audio and other products (14%) decreased 17.5% to $33.3 million.
Per the management, the company significantly expanded its penetration in the Android market. Cirrus Logic gained a second customer, which contributed more than 10% to revenues in the fourth quarter, backed by acceleration in sales of boosted amplifiers. The company is also gaining momentum from haptic driver product line as it forays into the adjacent markets beyond audio and voice.
Cirrus Logic’s largest customer, apparently Apple (NASDAQ:AAPL), accounted for 66% of sales for the reported quarter. Another one delivered 15% of sales.
Non-GAAP gross profit was $124.9 million, which declined 18.4% on a year-over-year basis. Gross margin, however, grew 150 basis points (bps) to 52%.
Cirrus Logic’s non-GAAP operating expenses fell 3.6% to $103 million owing to cut in the discretionary spending and deferring expenses.
Non-GAAP operating income of $22 million slumped 52.5%. Moreover, non-GAAP operating margin contracted 600 bps from the year-ago quarter to 9%.
Cirrus Logic, Inc. Price, Consensus and EPS Surprise
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