In its fiscal third-quarter Apple (AAPL) supplier Cirrus reported earnings of 89 cents a share, beating Thomson Reuters estimates of 77 cents a share. Earnings were down from $1.64 a share in the year-ago quarter, however.
Cirrus also beat analyst estimates in revenue, posting $218.9 million, compared to estimates of $213.3 million. That's far below the $310.1 million in revenue from the year-ago quarter, however.
Looking to its fiscal fourth-quarter, Cirrus expects revenue of between $130 million and $150 million. The company reported revenue of $206.9 million the same quarter last year.
Apple's recent decline may also contribute to Cirrus' decline. Oppenheimer analyst Rich Shufer says the iPhone maker is responsible for at least 80% of the company's total sales.
TheStreet Ratings team rates CIRRUS LOGIC INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIRRUS LOGIC INC (CRUS) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."