Cirrus Logic Beats Estimates, Boosts Outlook - TheStreet

Cirrus Logic

(CRUS) - Get Report

posted stronger-than-expected earnings for its second quarter, beating analysts' estimates by 5 cents.

Excluding investment gains, restructuring credits and amortization, the company earned $16.1 million, or 23 cents a share, reversing the year-ago loss of $735,000, or 1 cent a share. Three analysts polled by

First Call/Thomson Financial

produced a consensus estimate of 18 cents a share.

Cirrus, which provides high-performance analog and DSP chip solutions for Internet entertainment electronics, saw quarterly revenue grow 43% to $185.5 million from $132.8 million a year earlier.

Cirrus also forecast third-quarter pro forma earnings of 25 to 27 cents a share, above the 21-cent

First Call/Thomson Financial

estimate. The company said core revenue will grow at least 10%, and margins should expand sequentially. For fiscal 2001, the company forecast core revenue growth of at least 50% and earnings of 90 to 94 cents a share, well above the 77-cent estimate.