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Cypress Semi Ups Net Guidance

The company expects to earn 23 cents a share pro forma in the second quarter.
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Shares of

Cypress Semiconductor

(CY) - Get Cypress Semiconductor Corporation Report

jumped in premarket trading Wednesday after the company said earnings in its June quarter will be higher than the consensus forecast.

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In the second quarter ending June 27, Cypress expects to earn 23 cents a share on a pro forma basis that excludes the amortization of intangibles and various special items. Analysts surveyed by Thomson First Call were forecasting earnings of 21 cents a share on that basis.

"The expected upside in earnings is primarily driven by improved product mix, which is expected to generate higher gross margins, now estimated at 54% vs. the prior quarter's 52%," Cypress said.

Cypress put second-quarter revenue at $262 million, in line with the existing Thomson First Call consensus.

The shares were recently up 65 cents, or 4.6%, to $14.70 on the Instinet premarket session.