Semiconductor maker Cirrus Logic Inc. said on Friday it expects profits for the next two quarters to come in sharply below analysts' expectations, citing an inventory charge and a shift towards its lower-margin magnetic storage business.
The Austin, Texas-based company forecast revenues for the fourth quarter ending March 31 of between $195 million and $200 million. That would put fiscal year 2001 revenues between $775 million and $780 million, Cirrus said, noting that such a figure would be in line with previously announced projections.
Fourth quarter pro forma diluted earnings, excluding items, are expected to be between 4 cents and 8 cents per share, which would result in full fiscal year pro forma diluted earnings between 70 cents and 74 cents per share, Cirrus said.
Analysts were on average expecting the company to earn 25 cents per share, excluding goodwill, for the fourth quarter, and 90 cents per share for the full year, according to market research firm Thomson Financial/First Call.
For its fiscal first quarter, Cirrus estimated that pro forma diluted earnings would be between 10 cents and 15 cents per share, compared with the current First Call estimate of 16 cents per share.