Cypress Semiconductor (CY) is expected to report Q3 earnings before market open Thursday, Oct. 16, with a conference call scheduled for 11:30 am ET.
Guidance
The consensus estimate is 30c for EPS and $575.09M for revenue, according to First Call.
Analyst Views
Cowen expects Cypress to report Q3 consolidated revenue results (including SunPower-SPWRA) in-line with their estimate of $575M and management's guidance range of $562M to $584M. More specifically, the firm expects core-Cypress to report $225M of revenues or up 7.4% sequentially with most of the growth coming from the Consumer/Computation & Data Communication divisions. Cowen believes management will highlight continued momentum from its PSoC business as well as its Westbridge Antioch controller. In addition, Cowen expects management to comment that inventory levels remain lean but visibility is still limited with below seasonal demand from consumer & communications customers.
Cypress completed the spin-off of its SPWR Class B shares to investors on Sept. 29, so for financial reporting purposes, Q3 will include SPWR in Cypresses' reported results, but guidance for Q4 will exclude SunPower. Looking forward, Cowen expects management to be somewhat conservative regarding Q4, reflecting limited visibility and continued macroeconomic uncertainty. Cowen rates the shares Neutral.
Jefferies expects Cypress to likely report in-line results, with organic Q4 guidance roughly in-line with consensus. First Call consensus (ex SPWR) is 12c and $223.34M.
Key issues for conference call: Forward guidance; forward plans for the stand alone Cypress; an update on the core semiconductor business; commentary on the margin outlook; and any details regarding any plans for a dividend in the future.
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