Cypress Semi Reports Financial Results
Cypress Semiconductor Corp. reported strong results in the third period. Cypress reported record sales of $449.5 million in the third quarter, up 20.6% from prior-quarter revenue of $372.8 million and up 54.9% from year-ago third-quarter revenue of $290.2 million.
Cypress recorded GAAP net income of $29.8 million in the 2007 third quarter, or diluted earnings per share of $0.18. In the previous quarter, Cypress recorded GAAP net income of $363.3 million, or diluted earnings per share of $2.29. The company sold shares in its solar-cell subsidiary, SunPower, which boosted its results in Q2. It posted a net of $10.7 million, or $0.06 a share, a year ago.
’’Third-quarter revenue significantly exceeded our guidance due to the continued strong growth of our SunPower division and better-than-expected, seasonal semiconductor revenue,’’ Cypress President and CEO T.J. Rodgers said in a statement.
SunPower represents 52.1% of Cypress’ sales. Semiconductor revenue increased 8.1% sequentially, or 12.2% adjusted for the recent PSRAM divestiture by the company in Q2.
Separately, SunPower said revenue for the 2007 third quarter was $234.3 million, up 34.9 % from prior-quarter revenue of $173.8 million and up 258.6 % from year ago third-quarter revenue of $65.3 million. It posted a net of $8.4 million, or $0.10 a share, compared to a loss of $5.3 million, or minus $0.07, in the previous quarter. It posted a net of $9.6 million, or $0.13 a share, a year ago.
In Q4, SunPower expects sales of $210 million to $220 million and diluted net income per share of $0.33 to $0.37.