Cirrus Logic Q3 Profit Declines; Sees Q4 Revenue Between $130 Mln-$150 Mln

(RTTNews) - Cirrus Logic, Inc. (CRUS) reported that its third-quarter net income decreased to $41.50 million or $0.63 per share, from $67.86 million or $0.99 per share, last year. Non-GAAP net income was $58.10 million or $0.89 per share, for the quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.77 for the quarter. Analysts' estimates typically exclude special items.

Net revenue declined year-over-year to $218.88 million, from $310.13 million. Analysts expected revenue of $213.30 million for the quarter.

The company expects its fourth-quarter revenue to range between $130 million and $150 million. Analysts expect the company to report fourth-quarter revenue of $173.80 million.

Jason Rhode, president and CEO, said, "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."