Cirrus Logic Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - Cirrus Logic Inc. (CRUS) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $42.10 million, or $0.76 per share. This compares with $15.60 million, or $0.28 per share, in last year's first quarter.

Excluding items, Cirrus Logic Inc. reported adjusted earnings of $62.37 million or $1.12 per share for the period.

Analysts on average had expected the company to earn $0.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 18.0% to $374.026 million from $317.016 million last year.

Cirrus Logic Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $42.10 Mln. vs. $15.60 Mln. last year. -EPS (Q1): $0.76 vs. $0.28 last year. -Revenue (Q1): $374.026 Mln vs. $317.016 Mln last year.

-Guidance: Next quarter revenue guidance: $490 - $550 million