Cirrus Logic Inc (CRUS) Reports Fiscal Second Quarter Revenue of $481.1 Million

• Cirrus Logic Inc (NASDAQ:CRUS) reported a revenue of $481.1 million for the second quarter of the fiscal year 2024.

• The company's GAAP and non-GAAP gross margin stood at 51.3 percent.

• GAAP operating expenses were $140.8 million, while non-GAAP operating expenses were $114.4 million.

• GAAP earnings per share were $1.34, and non-GAAP earnings per share were $1.80.

On November 2, 2023, Cirrus Logic Inc (NASDAQ:CRUS) released its earnings report for the second quarter of the fiscal year 2024, which ended on September 23, 2023. The company reported a revenue of $481.1 million, near the top end of guidance for the quarter. The GAAP and non-GAAP gross margin was 51.3 percent.

Financial Performance

The company's GAAP operating expenses amounted to $140.8 million, while non-GAAP operating expenses were reported at $114.4 million. The GAAP earnings per share were $1.34, and non-GAAP earnings per share were $1.80.

Income Statement Highlights

The company's net sales for the quarter were $481.1 million, with a gross profit of $246.6 million. The income from operations was $105.7 million, and the net income was $75.4 million. The basic earnings per share were $1.38, and the diluted earnings per share were $1.34.

Balance Sheet Overview

As of September 23, 2023, the company's total assets were $2.1 billion, with total liabilities of $396.1 million and total stockholders' equity of $1.7 billion.

Cash Flow Statement Summary

The net cash used in operating activities for the quarter was $22.7 million. The net cash used in investing activities was $9.1 million, and the net cash used in financing activities was $42.7 million. The cash and cash equivalents at the end of the period were $277.8 million.

Outlook for the Third Quarter

For the third quarter of the fiscal year 2024, the company expects revenue to range between $510 million and $570 million. The GAAP gross margin is expected to be between 49 percent and 51 percent. The combined GAAP R&D and SG&A expenses are anticipated to range between $145 million and $151 million.

Cirrus Logic Inc (NASDAQ:CRUS) continues to focus on delivering innovative products that will expand its market reach and capitalize on the growth opportunities ahead.

Explore the complete 8-K earnings release (here) from Cirrus Logic Inc for further details.

This article first appeared on GuruFocus.