Cirrus Logic (CRUS) Q4 Earnings and Revenues Beat Estimates

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]