Cypress Semiconductor Corp. (CY) - Get Report rose 6.6% to close at $14.79 a share on Friday, Feb. 1, after surging even higher in the morning, a day after releasing strong earnings for the fourth quarter and all of 2018, thanks in part to its growing automotive and internet-connected device businesses.
In the report released after the markets closed on Thursday, the California-based technology company revealed adjusted fourth-quarter earnings of 35 cents a share, outpacing earnings for the same period a year prior by 7 cents and topping Zacks Consensus Estimate of by 2 cents.
Non-adjusted earnings over the same quarters that didn't factor in certain charges such as those for restructuring and taxes, came out to 72 cents for the final quarter of 2018 and a loss of 10 cents in the last quarter of 2017.
For the year, Cypress pulled in adjusted earnings per share of $1.36 vs 2017's 89 cents.
The company also posted full-year record revenue of almost $2.5 billion in 2018, a nearly 7% rise from the year before. Fourth-quarter revenue reached nearly $604.5 million.
"Our disciplined execution in 2018 resulted in record fiscal year revenue," said Hassane El-Khoury, Cypress' chief executive, in a statement. "While the current demand environment remains somewhat uncertain, we are focused on what we can control," El-Khoury added, noting that the company will continue focusing on markets such as automotive, industrial and Internet-connected devices, known commonly as the Internet of Things.
For 2019, Cypress forecasts first-quarter revenue of between $520 million and $550 million and adjusted earnings per share of 22 cents.
Cypress' semiconductor products are used in automotive, industrial and consumer electronics and devices.