Cirrus Logic (CRUS)

[starbuxsux]

Cirrus Logic beats by $0.12, beats on revs; guides Q4 revs below consensus

4:05 PM ET 1/28/14 | Briefing.com

Reports Q3 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.77; revenues fell 29.4% year/year to $218.9 mln vs the $212.89 mln consensus.
Q3 Gross margin of 47.4%
Co issues downside guidance for Q4, sees Q4 revs of $130-150 mln vs. $175.84 mln Capital IQ Consensus Estimate; Gross margin is expected to be between 47-49%."While our business is typically driven by product cycles that weight our revenue more heavily towards the September and December quarters, we expect to exceed our operating profit goal of 20 percent in FY14 and we remain committed to this long-term target. We are extremely excited to be taping out a wave of new products in advanced geometries this year as we look to capitalize on strategic opportunities in audio with new and existing customers, especially the growing trend of voice as a powerful interface to a wide variety of devices. We anticipate these products will contribute to future revenue growth as early as calendar year 2015."