Cirrus Logic stock rallies on fiscal Q2 adj. earnings beat

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Cirrus Logic Inc. shares rose more than 12% in the extended session Monday after the supplier of parts for smartphones and other devices reported an adjusted profit for its fiscal second quarter that was above Wall Street expectations and announced the appointment of a new chief executive. Cirrus said it earned $59.5 million, or 99 cents a share, in the quarter, compared with 30 cents a share a year ago. Adjusted for one-time items, Cirrus earned $1.26 a share, compared with 53 cents a year ago. Sales fell to $347.3 million from $389 million a year ago. Analysts polled by FactSet had expected Cirrus to report adjusted earnings $1.19 a share on sales of $354 million. Cirrus also said that its board of directors has appointed President John Forsyth as chief executive officer effective Jan. 1. At that time, CEO Jason Rhode will transition into his new role as “executive fellow,” the company said. The company guided for a fiscal third-quarter revenue between $440 million and $480 million. Shares of Cirrus ended the regular trading day down 3.3%.
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