Cirrus Logic (CRUS) Beats Q1 Earnings and Revenue Estimates

Core Insights - Cirrus Logic (CRUS) reported quarterly earnings of $1.12 per share, significantly exceeding the Zacks Consensus Estimate of $0.62 per share, and up from $0.67 per share a year ago, representing an earnings surprise of 80.65% [1] - The company achieved revenues of $374.03 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 17.73% and increasing from $317.02 million year-over-year [1] Earnings Performance - Cirrus Logic has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [1] - The company also exceeded consensus revenue estimates in each of the last four quarters [1] Stock Performance - Cirrus Logic shares have increased by approximately 35.7% since the beginning of the year, compared to an 8.7% gain in the S&P 500 [2] Future Outlook - The company's earnings outlook is favorable, with a current consensus EPS estimate of $1.70 on revenues of $477.77 million for the upcoming quarter, and $6.04 on revenues of $1.75 billion for the current fiscal year [4] - The Zacks Rank for Cirrus Logic is 2 (Buy), indicating expectations for the stock to outperform the market in the near future [4] Industry Context - The Electronics - Semiconductors industry, to which Cirrus Logic belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may impact stock performance [5] - Another company in the same industry, Pixelworks (PXLW), is expected to report a quarterly loss of $0.15 per share, reflecting a year-over-year decline of 66.7% [5][6]