Cirrus Logic Inc. (CRUS) reported fourth-quarter fiscal 2024 adjusted earnings per share (EPS) of $1.24, which beat the Zacks Consensus Estimate by 85.1%. Also, the bottom line increased 34.7% from the prior-year quarter’s 92 cents.Total revenues of $371.8 million surpassed the Zacks Consensus Estimate by 16.2% but decreased 0.3% year over year. The downtick was due to a reduction of general market and custom components, primarily in non-smartphone applications.Following the announcement, the company’s shar ...

Cirrus Logic, Inc. (NASDAQ:CRUS) Q4 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Chelsea Heffernan - Vice President, Investor Relations John Forsyth - President & Chief Executive Officer Venk Nathamuni - Chief Financial Officer Conference Call Participants Matt Ramsay - TD Cowen Christopher Rolland - Susquehanna Tore Svanberg - Stifel Thomas O'Malley - Barclays Ananda Baruah - Loop Capital Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic Fou ...

Company Performance - Cirrus Logic reported quarterly earnings of $1.24 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, and up from $0.92 per share a year ago, representing an earnings surprise of 85.07% [1] - The company achieved revenues of $371.83 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 16.15%, although this is a slight decrease from $372.82 million in the same quarter last year [1] - Over the last four quarters, Cirrus Logic has consistently surpassed consensus EPS and revenue estimates [1] Market Performance - Cirrus Logic shares have increased by approximately 8.2% since the beginning of the year, compared to an 8.6% gain in the S&P 500 [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.56 on revenues of $302.48 million, while for the current fiscal year, the estimate is $6.08 on revenues of $1.72 billion [4] - The estimate revisions trend for Cirrus Logic is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The Electronics - Semiconductors industry is currently ranked in the bottom 38% of over 250 Zacks industries, suggesting potential challenges for stocks within this sector [5] - Another company in the same industry, Diodes, is expected to report a significant decline in earnings, with a forecast of $0.27 per share, representing an 83% year-over-year decrease [5][6]

Investor Relations Update As of May 7, 2024 Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry market projections; our revenue growth opportunities; our ability to grow the percent revenue derived from high-performance mixed-signal (HPMS) solutions beyond audio; our ability to fuel product and application diversification; our ability to maintain our leadership position in smartphone audio ...

Exhibit 99.2 Q4 and Full Fiscal Year 2024 Letter to Shareholders May 7, 2024 May 7, 2024 Dear Shareholders, In FY24, Cirrus Logic delivered full fiscal year revenue of $1.79 billion. GAAP and non-GAAP operating profit in FY24 were 19.2 percent and 25.0 percent, respectively, while FY24 GAAP and non-GAAP earnings per share were $4.90 and $6.59, respectively. Revenue decreased six percent year-over-year, while non-GAAP earnings per share increased three percent. Q4 FY24 revenue was $371.8 million, above the t ...

Overall, it’s certainly great for investors that we’ve entered the phase of the bull market in which nearly everyone is becoming much more upbeat about stocks. After all, it’s obviously much easier to make money now in the market than it was last year and many times easier than was the case in 2022. At the same time, however, it’s also becoming much easier to get enticed into buying stocks with poor fundamentals that are nevertheless rallying due to investors increased optimism. Of course, those who buy suc ...

It has been about a month since the last earnings report for Cirrus Logic (CRUS) . Shares have added about 1.6% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Cirrus Logic due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Cirrus Logic Q3 Earnings Top EstimatesCirru ...

Key PointsCirrus Logic's shares lagged behind those of its bigger peers last year, but that's set to change. This week's earnings have caught investors by surprise in the best possible way. Already, the stock is tracking towards last year's all-time high and looks good value to keep on going. 5 stocks we like better than Cirrus LogicWith so much of the talk around semiconductor stocks dominated by the likes of NVIDIA Corp NASDAQ: NVDA, Advanced Micro Dynamics NASDAQ: AMD, and the like, it's easy to think th ...

Shares of Cirrus Logic (CRUS 14.59%) jumped as much as 18.6% higher on Wednesday, cooling down to a robust 14.6% gain at the end of the day. The designer of audio control and voice-processing chips reported fantastic third-quarter results that exceeded analyst expectations by a country mile.Q3 earnings crushed expectationsYour average Wall Street firm would have settled for earnings of roughly $2.01 per share with revenues near $540 million. Instead, Cirrus saw sales increase 5% year over year to $620 milli ...

Core Insights - Cirrus Logic Inc. (CRUS) reported third-quarter fiscal 2024 adjusted earnings per share (EPS) of $2.89, exceeding the Zacks Consensus Estimate by 43.8% and increasing 20.4% from the prior-year quarter's $2.40 [1] - Total revenues reached $619 million, surpassing the Zacks Consensus Estimate by 14.7% and reflecting a 5% year-over-year increase, driven by strong sales in components for smartphones [1] Segment Details - The company has two main segments: High-Performance Mixed-Signal and Audio, with the High-Performance Mixed-Signal segment contributing 38.8% to total revenues at $240.4 million, down 1.2% year over year [2] - The Audio segment's sales increased by 9% to $378.6 million, contributing 61.2% to total revenues [2] Margins - Non-GAAP gross margin was 51.4%, expanding by 110 basis points year over year [3] - Non-GAAP operating income rose 1.1% year over year to $192.2 million, with an operating profit margin of 31.1%, up 170 basis points from the previous year [3] Balance Sheet and Cash Flow - The company ended the fiscal third quarter with cash and marketable securities of $516.7 million, up from $312.4 million as of September 23, 2023 [4] - Cash flow from operations was reported at $313.7 million, compared to $180.9 million in the prior-year quarter, with free cash flow at $303.8 million [4] - The company repurchased 780,517 shares worth $56.9 million during the quarter, with $365.1 million remaining under its share repurchase authorization [4] Outlook - For the fourth quarter of fiscal 2024, management projects revenues between $290 million and $350 million, with combined R&D and SG&A expenses expected to be between $138 million and $144 million [5] - Gross margin is anticipated to be in the range of 49%-51% [5]