(CRUS) Cirrus Logic Beats Earnings Estimates – Outlook Modest

Cirrus Logic Inc. (CRUS) reported fourth-quarter 2013 adjusted earnings of 50 cents per share, surpassing the Zacks Consensus Estimate of 48 cents. Revenue Total revenue for the fourth quarter soared 87.0% from the year-ago quarter to $206.9 million. This apart, the Cirrus also expanded its footprint in the portable audio segment and launched the company’s new LED lighting products. Segment wise, Audio Product revenues surged 116.6% year over year to $196.1 million, while Energy product revenues came in at $10.8 million, down 46.4% year over year. Operating Results Reported gross margin in the quarter was 40.4% versus 56.4% in the year-ago quarter as a result of higher costs. Operating margin was 16.3% versus 18.9% in the year-ago quarter. The company’s total operating expenses increased 20.1% on a year-over-year basis. Higher