Cypress Reports Third Quarter 2016 Results

SAN JOSE, Calif., Oct. 27, 2016

"Cypress continued its strong execution, with third quarter non-GAAP revenue and EPS at the high end of our guidance range," said Hassane El-Khoury, President and Chief Executive Officer at Cypress. "Our gross margin improvement plan remains on track as we continue to focus on efficiency and execution.

"We are moving quickly to streamline the Company to sharpen our focus on high-growth segments in the automotive, industrial and IoT markets," El-Khoury said. "As we projected last quarter, more than half of our Q3 revenue came from markets growing faster than the overall semiconductor industry. Automotive revenue accounted for 32% of our overall revenue in the quarter and increased 25% year-on-year. We have also integrated the wireless IoT business acquired from Broadcom and are seeing strong customer demand for our solutions in that space."

Revenue and earnings for the quarter are given below, compared with those of the prior quarter:

(In thousands, except per-share data)

		GAAP						NON-GAAP1 ARIVA.DE Börsen-Geflüster Kurse Cypress Semiconductor -   0,00%
		Q3 2016			Q2 2016			Q3 2016			Q2 2016
Revenue		$	523,845		$	450,127		$	530,095		$	456,377
Margin		37.9%			35.3%			40.5%			37.8%
Pretax profit margin		2.4%			(116.6%)			10.7%			9.4%
Net income (loss)		$	9,411		$	(519,274)		$	53,467		$	40,196
Diluted EPS (loss)		$	0.03		$	(1.65)		$	0.15		$	0.12

1. See "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures," tables included below.

BUSINESS REVIEW

+ GAAP and non-GAAP consolidated margins for the third quarter of 2016 were 37.9% and 40.5%, respectively. Margins were up from the second quarter of 2016 due to higher revenue, product mix and the Company's margin-enhancing initiatives. Excluding the Emerging Technologies Division (ETD), the core semiconductor non-GAAP margin was 40.6%, up from 38.1% in the second quarter. Fab utilization increased to 56% in the third quarter and is expected to increase through the fourth quarter of 2016 as production levels ramp to meet customer demand.  

+ Inventory at the end of the third quarter was $247.7 million, up 12% from the second quarter of 2016, due to inventory from the Broadcom Wireless IoT acquisition and an increase in MCU inventory to support end-customer demand. The Company's lean inventory initiative has resulted in a net inventory reduction of $160 million, or 41%, since the closing of the Spansion merger.

+ Third quarter results include the impact of the Wireless IoT business from the close of the acquisition on July 5, 2016. The business is operationally integrated and contributed $62.6 million in revenue, above the high end of guidance.

+ Cypress announced that its Board of Directors approved a quarterly cash dividend of $0.11 per share, payable to holders of record of the Company's common stock as of the close of business on September 29, 2016. This dividend was paid on October 20, 2016.

REVENUE SUMMARY (In thousands, except percentages) (Unaudited)
	Three Months Ended								Three Months Ended
	(GAAP)3								(Non-GAAP)5
	October 2, 2016			July 3, 2016			Sequential Change		October 2, 2016			July 3, 2016			Sequential Change
Business Unit
PSD1	$	182,309		$	166,813		8%		$	182,309		$	166,813		9%
MPD1,3	233,398			238,130			(2%)		239,648			244,380			(2%)
DCD1	88,745			25,474			248%		88,745			25,474			248%
ETD2	19,393			19,710			(2%)		19,393			19,710 Werbung Mehr Nachrichten zur Cypress Semiconductor Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:41 - PR Newswire BlackRock Throgmorton Trust Plc - Transaction in Own Shares 12:14 - PR Newswire BlackRock Latin American Investment Trust Plc - Dividend Exchange Rate Set 09:58 - PR Newswire Wood Group (John) Plc - Director/PDMR Shareholding Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59