Apple (AAPL) supplier Cirrus Logic (CRUS) trounced Wall Street's fiscal Q1 expectations late Wednesday and issued current-quarter sales guidance that topped views by $70 million, ahead of the iPhone 7 release slated for Sept. 16.
Cirrus Logic stock, up 14% in after-hours trading after its earnings release, rose 2.5% in Wednesday's regular session and hit a nearly four-year high. Shares are up 41% for the year, while IBD's 41-company Electronic Semiconductor-Fabless industry group has lifted 15%. The group ranks No. 21 out of 197 groups tracked.
For fiscal Q1 ended June 25, Cirrus Logic reported $259.4 million in sales and 44 cents earnings per share ex items, down a respective 8% and 19% vs. the year-earlier quarter but topping analyst views for $236.4 million and 28 cents.
During the quarter, portable audio products -- which would include Apple's iPhone 6S and iPhone SE -- fell 8% year over year but grew 15% sequentially, to $216.07 million. Non-portable audio products sales fell 7% from the year-earlier quarter, to $43.4 million.
Current-quarter sales guidance for $380 million to $410 million crushed the consensus of nine analysts polled by Thomson Reuters for $322.6 million. At the midpoint of guidance, sales would be up 29% vs. the year-earlier quarter.
The company didn't provide an EPS guide, but analysts model 66 cents, up a penny vs. last year.
Company CEO Jason Rhode told investors to expect continued robust growth in fiscal 2017, driven by new product introductions. Those include a "compelling portfolio of high-performance audio and voice solutions," he said in the earnings release.
But there was no word on whether that portfolio includes noise-cancelling headphones widely expected to accompany the iPhone 8 in fall 2017, assuming Apple ditches the 3.5-millimeter headphone jack in that 10th-anniversary iPhone iteration.
Cirrus Logic stock is now 9% extended from a 38.24 entry point achieved July 8.
