Cirrus Logic, Inc. (CRUS) Tops Q3 EPS by 11c, Q3 Guidance Misses, Approves $200M Buyback

Cirrus Logic, Inc. (NASDAQ: CRUS) reported Q3 EPS of $0.91, $0.11 better than the analyst estimate of $0.80. Revenue for the quarter came in at $324.3 million versus the consensus estimate of $322.7 million.

GUIDANCE:

Cirrus Logic, Inc. sees Q4 2019 revenue of $200-240 million, versus the consensus of $274.64 million.

• GAAP gross margin is expected to be between 49 percent and 51 percent; and
• Combined GAAP R&D and SG&A expenses are expected to range between $119 million and $125 million, which includes approximately $12 million in share-based compensation and $7 million in amortization of acquired intangibles.

Share Repurchase Authorization

The company also announced that its Board of Directors recently authorized the repurchase of up to an additional $200 million of the company's common stock, in addition to the $50 million remaining from the Board’s previous share repurchase authorization in January 2018. The repurchases will be funded from working capital and anticipated cash from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. The share repurchase program is designed to comply with all applicable securities laws and may be suspended or discontinued at any time without notice.

For earnings history and earnings-related data on Cirrus Logic, Inc. (CRUS) click here.

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