Cirrus Logic, Inc. (CRUS) Posted Stronger Results While Ferrari Beat Revenue Estimates

Immediately after the publication of the report for the second quarter of fiscal 2021, the shares of audio developer Cirrus Logic, Inc. (Nasdaq: CRUS) increased. Sales of Cirrus fell slightly on the background of COVID-19 but exceeded the expectations of Wall Street.


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Cirrus’ sales fell 11 percent year-on-year to $347 million last quarter. After adjustments, company’s EPS dropped 19 percent to $1.26 per share, while Wall Street expected EPS of $0.9 per share with revenue estimated to be at $311 million.

The favorable background for Cirrus is high sales of smartphone and tablet components. This is a stable market, as manufacturers update the lineup periodically and purchase new Cirrus solutions. The recently released iPhone 12 and the new MacBook are equipped with audio devices from Cirrus. The business also supplies technology for wireless headphones for Apple AirPods Pro.

Cirrus CEO Jason Rhode announced his resignation at the end of fiscal 2020 at the time of announcing the quarterly results. But that did not hurt the company’s performance as investors took the change in management positively.

Cirrus is the beneficiary of increased demand for new audio control technologies including speech recognition , voice control, automotive multimedia, VR glasses and others audio activated devices.

CRUS closed the Thursday trading at $71.94 with a gain of 1.55% which places the market capitalization at around $4.18 billion.

 

Also on Thursday, the sports car manufacturer Ferrari N.V. (NYSE: RACE) has published stronger quarterly results for the third quarter of 2020. After facing a forced shutdown due to COVID-19, the company is rapidly recovering production. As a destination for long-term investment, demand for Ferrari cars remains high and the brand remains attractive.

Ferrari’s shipments fell 6.5 percent year-on-year to 2,313 vehicles in the midst of a production-pause in the third quarter. As a result, revenue decreased by 3% to EUR 888 million, while net profit increased slightly to EUR 171 million, while free cash flow from the activities of production amounted to EUR 77 million.

The announcement of the intention to produce additional machines to make up for the losses due to a seven-week production interruption during the COVID-19 period was a positive signal. Ferrari assured shareholders that the pace of assembly would not be affected by possible new restrictions.

About 27 per cent of Ferrari cars manufactured in the third quarter are high-margin V-12 engine products. This helped the carmaker to achieve a 25 percent operating margin, which is higher than in the third quarter of 2019. By the end of 2020, Ferrari expects revenues of EUR 3.4 billion and adjusted earnings per share of EUR 2.8, which is less than revenue of EUR 3.8 billion and EPS of EUR 3.71 in the same quarter of 2019. Over the past 12 months, RACE shares have risen 22 percent to $207.09 on November 5 trading.

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