WASHINGTON (dpa-AFX) - Cirrus Logic Inc. (CRUS) Thursday reported a surge in third-quarter profit to $67.9 million or $0.99 per share, from $16.7 million or $0.25 per share last year.
Adjusted income for the quarter was $112.8 million or $1.64 per share, compared to $28.8 million or $0.43 per share last year. On average, eight analysts polled by Thomson Reuters expected the company to earn $1.41 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter spiked to $310.0 million from $122.3 million last year, reflecting improved revenues from its audio products, which totaled $300 million compared to a figure of $178 million last year. Analysts expected revenues of $285.96 million.
Looking forward to the fourth quarter, the company expects revenues in a range between $200 million and $220 million. Analysts currently estimate revenues of $234.93 million.
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