Stock Monitor: Kopin Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 01, 2017 / Active-Investors free earnings report on Cypress Semiconductor Corp. (NASDAQ: CY) ("Cypress") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=CY. The Company posted its financial results on October 26, 2017, for the third quarter of the fiscal year 2017. The semiconductor design and manufacturing Company's adjusted earnings per share (EPS) surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
For the three months ended October 01, 2017, Cypress' revenues increased 1.8% to $604.57 million from $593.78 million in Q2 FY17. The revenue numbers were below analysts' expectations of $604.7 million.
During Q3 FY17, Cypress' gross profit increased 7% to $252.61 million from $236.18 million in the second quarter of 2017. During Q3 FY17, the Company's gross margin increased 200 basis points to 41.8% of revenue from 39.8% of revenue in Q2 FY17. For the reported quarter, the Company's adjusted gross margin increased 210 basis points to 43.0% of revenue from 40.9% of revenue in Q2 FY17.
For the reported quarter, Cypress' research and development (R&D) expenses increased 1.8% to $91.33 million from $89.74 million in Q2 FY17. During Q3 FY17, the Company's selling, general, and administrative expenses (SG&A) decreased 10.2% to $73.75 million from $82.14 million in the second quarter of 2017. For the reported quarter, the Company's amortization expenses decreased 1.9% to $48.43 million from $49.35 million in Q2 FY17.
During Q3 FY17, Cypress' operating income increased 1243.6% to $39.10 million from $2.91 million in Q2 FY17. During Q3 FY17, the Company's operating margin increased 600 basis points to 6.5% of revenue from 0.5% of revenue in the second quarter of 2017. During Q3 FY17, Cypress' adjusted operating income increased 25.9% to $114.83 million from $91.19 million in Q2 FY17. During Q3 FY17, the Company's adjusted operating margin increased 360 basis points to 19% of revenue from 15.4% of revenue in the second quarter of 2017.
For the reported quarter, Cypress' net income was positive $11.03 million compared to negative $22.90 million in Q2 FY17. During Q3 FY17, the Company's diluted EPS was positive $0.03 compared to negative $0.07 in the second quarter of 2017. For the reported quarter, Cypress' adjusted net income increased 32.5% to $98.98 million on a sequential basis from $74.70 million in Q2 FY17. During Q3 FY17, the Company's adjusted diluted EPS increased 28.6% to $0.27 on a sequential basis from $0.21 in the second quarter of 2017. The adjusted diluted EPS was below analysts' expectations of $0.23.
As on October 01, 2017, Cypress' cash, cash equivalents, and short-term investments increased 8.6% to $131.56 million from $121.14 million as on January 01, 2017.
For the reported quarter, the Company's net accounts receivables increased 7% to $356.45 million from $333.04 million in the fourth quarter of 2016. For the reported quarter, the Company's accounts payable decreased 13% to $210.15 million from $241.42 million in Q4 FY16.
During Q3 FY17, Cypress' cash provided by operating activities increased 343.1% to $143.78 million from $32.45 million in Q2 FY17.
On November 07, 2017, the Company's Board of Directors approved a quarterly cash distribution of $0.11 per share, payable on January 18, 2018, to holders of record of the Company's common stock at the close of business on December 28, 2017.
For Q4 FY17, Cypress' expects revenue to be in the range of $575 million - $610 million, and diluted EPS to be in the band of negative $0.01 - positive $0.03. The Company estimates adjusted diluted EPS to be in the range of $0.23 - $0.27 for Q4 FY17.
Stock Performance Snapshot
November 30, 2017 - At Thursday's closing bell, Cypress Semiconductor's stock advanced 2.04%, ending the trading session at $16.01.
Volume traded for the day: 10.04 million shares, which was above the 3-month average volume of 5.33 million shares.
Stock performance in the last month – up 0.95%; previous three-month period – up 16.95%; past twelve-month period – up 42.31%; and year-to-date – up 39.95%
After yesterday's close, Cypress Semiconductor's market cap was at $5.28 billion.
The stock has a dividend yield of 2.75%.
The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry. This sector was up 0.4% at the end of the session.
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