Cypress Reports First Quarter 2019 Results
Cypress Semiconductor Corporation (NASDAQ:CY), today announced its
first quarter 2019 results with the following highlights:
- $539.0 million in revenue, in line with guidance
-
GAAP and non-GAAP gross margins were 37.6% and 47.4%, respectively,
and represent a 110 bps and 150 bps increase year-over-year -
GAAP and Non-GAAP diluted EPS were $0.05 and $0.27, respectively,
above the high-end of guidance -
Closed the NAND JV to exit the business and increase focus on
high-growth IoT and automotive end markets
"We delivered a solid first quarter with revenue, gross margin, and
diluted EPS meeting or exceeding our guidance," said Hassane El-Khoury,
Cypress' president and chief executive officer. "Despite uncertain
market conditions, Cypress' world-class connect and compute solutions
continue to gain strong momentum. Overall design activity increased 15%,
led by Automotive and IoT, and in particular we saw strength in
automotive platform wins for our new Traveo-II MCU during the quarter.
With our focus on these high-growth markets, we remain committed to our
Cypress 3.0 strategy while continuing to execute to our long-term
financial model."
Revenue and earnings for the quarter are shown below with comparable
periods:
(In thousands, except per-share data)
| Â | Â | Â | Â | |||||||||||||||||||||||
| GAAP | NON-GAAP1 | |||||||||||||||||||||||||
| Q1 2019 | Â | Q4 2018 | Â | Q1 2018 | Q1 2019 | Â | Q4 2018 | Â | Q1 2018 | |||||||||||||||||
| Revenue | $ | 539,004 | $ | 604,474 | $ | 582,241 | $ | 539,004 | $ | 604,474 | $ | 582,241 | ||||||||||||||
| Gross margin | 37.6 | % | 37.3 | % | 36.5 | % | 47.4 | % | 47.8 | % | 45.9 | % | ||||||||||||||
| Operating margin | 5.9 | % | 0.5 | % | 6.1 | % | 21.1 | % | 24.5 | % | 19.5 | % | ||||||||||||||
| Net income | $ | 19,714 | $ | 267,114 | $ | 9,078 | $ | 102,104 | $ | 130,990 | $ | 100,296 | ||||||||||||||
| Diluted EPS | $ | 0.05 | $ | 0.72 | $ | 0.02 | $ | 0.27 | $ | 0.35 | $ | 0.27 | ||||||||||||||
| Â | ||||||||||||||||||||||||||
| 1. | Â |
See the "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" tables ("Non-GAAP Reconciliation Tables") included below. |
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