Wed, Jul. 22, 4:29 PM
- In addition to beating FQ1 estimates, Cirrus Logic (NASDAQ:CRUS) is guiding for FQ2 revenue of $290M-$310M, soundly above a $274.2M consensus.
- FQ1 gross margin was 46.9% +30 bps Q/Q and -250 bps Y/Y, and near the high end of a 45%-47% guidance range. FQ2 GM guidance is also at 45%-47%.
- Shares have jumped to $34.00 AH. They fell 5% in regular trading following Apple's FQ3 report. Piper's bullish pre-earnings note (centered around expected iPhone 6S content gains) is looking good.
- FQ1 results, PR
Wed, Jul. 22, 4:01 PM
Tue, Jul. 21, 5:35 PM| 5 Comments
Tue, Apr. 28, 6:16 PM
- In addition to handily beating FQ4 estimates, Cirrus Logic (NASDAQ:CRUS) has guided for FQ1 revenue of $260M-$280M, well above a $222.2M consensus and year-ago sales of $152.6M. Aside from Apple orders - Cirrus' top client reported better-than-expected FQ2 iPhone sales yesterday - the company could be getting a lift lift from strong Galaxy S6 demand; its Wolfson unit has the S6's audio codec slot.
- FQ4 GAAP gross margin was 46.6%, down 240 bps Y/Y but near the high end of a 45%-47% guidance range. FQ1 GM guidance is also at 45%-47%.
- Apple (once more referred to as "our largest customer") accounted for 65% of FQ4 sales, down from 78% in seasonally big FQ3. Another customer (Samsung?) accounted for 15%. Cirrus assures its "relationship with our largest customer remains outstanding with design win activity continuing on various products."
- Portable audio products made up 83% of revenue. Cirrus expects FY16 (ends March '16) growth to be driven by "content increases and market share expansion" for smart codecs. The company is counting on integrated amplifier/smart codec solutions, as well as the launch of mid-range smart codecs providing functionality currently available only on the high-end, to boost growth in future years
- In spite of the numbers, Cirrus is down 1.4% AH to $34.65. With Apple providing a lift, shares rose 4.7% in regular trading to new 52-week highs.
- FQ4 results, PR, shareholder letter (.pdf)
Tue, Apr. 28, 4:02 PM
Mon, Apr. 27, 5:35 PM
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Wed, Jan. 28, 4:43 PM
- Cirrus Logic (NASDAQ:CRUS) expects FQ4 revenue of $220M-$240M, well above a $198.8M consensus. With shares having risen 5.8% in regular trading (making new 52-week highs along the way) thanks to Apple's numbers, a lot of good news was priced in.
- FQ3 GAAP gross margin was 43.8%, down from 47.8% in FQ2 and 47.4% a year ago, but near the high end of guidance of 42-44%. Excluding acquisition-related costs, operating expenses (boosted by the Wolfson acquisition and smart codec R&D) rose 63% to $83.3M.
- Portable products revenue (Apple-dominated) rose 39% to $253.4M. Consumer, auto, and other products rose 22% to $45.3M.
- CRUS +1.6% AH to $28.00. FQ3 results, PR
Wed, Jan. 28, 4:02 PM
Tue, Jan. 27, 5:35 PM| 4 Comments
Tue, Jan. 6, 10:40 PM
- Cirrus Logic's (NASDAQ:CRUS) FQ3 report arrives after the close on Wednesday, Jan. 28. That's one day after Apple's FQ1 report.
- With iPhone 6-related demand boosting sales, and R&D spend and product mix pressuring margins, consensus is for revenue of $276M (+26% Y/Y) and EPS of $0.75 (-16%). Shares +5% since the FQ2 report.
Dec. 4, 2014, 12:14 PM
- Avago (AVGO +7.7%) has soared above $100 after beating FQ4 estimates, reporting a stronger-than-expected gross margin, and providing above-consensus FQ1 guidance.
- RF component peers Skyworks (SWKS +4.2%), RF Micro (RFMD +3.9%), and TriQuint (TQNT +4%) are also up, as is fellow iPhone supplier Cirrus Logic (CRUS +2.6%). Cirrus recently sold off after Deutsche cut its calendar Q1 iPhone production forecast.
- On its CC (transcript), Avago noted wireless growth (+73% Q/Q and +83% Y/Y) was "largely driven by the ramp of a new smartphone generation and a large North American smartphone OEM" (undoubtedly Apple).
- Avago added it also saw strong demand for FBAR filter-related products (gaining share due to 4G RF requirements) elsewhere, with demand from Chinese 4G phone OEMs particularly strong. Over 80% of wireless revenue is now FBAR-related.
- Avago expects wireless revenue to be "flat to perhaps slightly down" Q/Q in seasonally weak FQ1, with strong demand from Apple (referred to once more as "a large North American smartphone OEM") offsetting seasonal declines elsewhere. The company notes it remains "very capacity-constrained," and has been making investments to deal with the issue.
- At least 10 sell-side firms have hiked their targets.
Oct. 30, 2014, 10:48 AM
- Initially up strongly after beating FQ2 estimates and offering above-consensus FQ3 guidance, Cirrus Logic (NASDAQ:CRUS) has fallen below $20.
- A likely factor: While Apple sales remain strong, Cirrus mentioned in its shareholder letter (.pdf) its guidance "reflects reduced revenue expectations for general-market portable [audio] products selling into high-end Android applications." Those products account for a large chunk of recently-acquired Wolfson Microelectronics' sales.
- Cirrus also states it doesn't expect the Wolfson acquisition to be accretive in FQ3, due to both sales expectations and a "decision to accelerate R&D investment." With Wolfson's help, Cirrus is increasing R&D spend for smart codecs - they combine traditional audio codec functionality with DSPs and class-D amplifiers, and thus carry higher ASPs than regular codecs.
- Other areas of investment include MEMS microphones - 2 or 3 microphones are typically connected to a codec - and value-added software.
- Apple (referred to by Cirrus as "our largest customer") was 73% of FQ2 revenue. Cirrus claims its relationship with its top customer "remains outstanding with design activity continuing on various products."
- Not counting a 200 bps inventory hit, gross margin is expected to fall to 44%-46% in FQ3 from FQ2's 47.8%. Cirrus attributes the forecast to product mix changes, and says it has a mid-40s long-term gross margin target.
- FQ2 results, PR, slides (.pdf)
Oct. 29, 2014, 4:04 PM
Oct. 28, 2014, 5:35 PM
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Jul. 23, 2014, 4:28 PM
- Cirrus Logic (NASDAQ:CRUS) expects FQ2 revenue of $175M-$195M, in-line with a $185.9M consensus. Expectations for strong guidance had grown amid reports of massive iPhone 6 build activity.
- FQ1 gross margin was 49.4%, +40 bps Q/Q and -180 bps Y/Y, and above guidance of 47%-49%. FQ2 GM guidance is also set at 47%-49%.
- FQ1 results, PR
Jul. 23, 2014, 4:02 PM
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