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Cirrus Forecast Sends Shares Soaring

NEW YORK ( TheStreet) -- Cirrus Logic's (CRUS - Get Report) first-quarter earnings and strong outlook on its next quarter sent shares soaring in Monday's late trades.

The Austin, TX.-based company reported latest-quarter earnings of 22 cents per share, on revenue of $99 million. The average estimate of analysts polled by Thomson Reuters was $100.94 million revenue on earnings of $14.48 million, or 21 cents a share, in the June-ended quarter.

For the company's second quarter ending in September, Cirrus forecast revenue between $170 million and $190 million -- a 70% sequential increase. Wall Street's current consensus estimate for next quarter is earnings of 39 cents a share on revenue of $129.65 million.

Because Cirrus provides chips for Apple's (APPL) mobile products, including the iPhone, iPad and iPod Touch, investors may link Cirrus' confidence in the next quarter and year to the much anticipated launch of the next generation smartphone.

"I would like to take this opportunity to publicly thank all of the Cirrus Logic employees who have worked incredibly hard over the past several years to position the company for this sharp transition to a higher level of revenue," said Cirrus CEO Jason Rhode in the release. "This team's ability to formulate and execute a strategy is truly remarkable and gives us great confidence as we continue to increase our R&D (Research & Development) investment in order to support our customers and pursue further growth opportunities. We expect FY13 (Fiscal Year 2013) to be an outstanding year for Cirrus Logic and our long term shareholders."

The company also announced the sale of assets associated with its Apex Precision Power business for $26 million.

Shares of Cirrus closed Monday's regular session up 3.04% at $29.84. The stock was last quoted at $33.95, up 13.51%, on after-hours volume of 973,918 million.

--Written by Nathalie Pierrepont in New York.

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