Stock Monitor: Integrated Device Technology Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 21, 2018 / If you want access to our free earnings report on Cypress Semiconductor Corp. (NASDAQ: CY) ("Cypress"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CY. The Company reported its financial results on April 26, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The American semiconductor design and manufacturing Company surpassed market estimates for revenue and earnings for the reported quarter. In addition, the Company provided its outlook for the second quarter of the fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cypress Semiconductor most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, Cypress' revenues increased 9.4% to $582.2 million compared to $531.9 million in Q1 FY17, primarily driven by an improvement in the memory products and changes in product mix. The Company's revenue numbers for the reported quarter exceeded analysts' estimates of $580.0 million.

During Q1 FY18, the Company earned a gross profit of $212.4 million compared to $157.1 million in Q1 FY17, increasing 35.2% on a y-o-y basis.

Cypress' operating expenses increased 3.5% to $176.6 million in the reported quarter compared to $170.7 million in the year ago same quarter. The Company's operating expenses included research and development (R&D) expenses of $93.2 million, and selling, general, and administrative expenses (SG&A) of $83.4 million in Q1 FY18 compared to $89.3 million and $81.3 million, respectively, in Q1 FY17.

For Q1 FY18, Cypress reported an operating income of $35.8 million compared to an operating loss of $13.6 million in Q1 FY17.

Cypress' net income was $9.1 million in the reported quarter versus a net loss of $43.0 million in the prior year's comparable period.

During Q1 FY18, the Company reported earnings per share (EPS) of $0.02 compared to a net loss per share of $0.13 in Q1 FY17. Cypress' adjusted EPS increased 107.7% to $0.27 in the reported quarter, surpassing market estimates of $0.23.

Segments Details

Cypress reports in two organized segments, namely (i) Microcontroller and Connectivity Division (MCD); and (ii) Memory Products Division (MPD).

During Q1 FY18, Cypress' MCD generated revenues of $336.7 million compared to $318.0 million in the year ago corresponding quarter, increasing 5.9% on a y-o-y basis. The progress was primarily driven by the growth in the USB-C, IoT/Wireless Connectivity, and microcontroller products.

Cypress' MPD's revenues grew by 14.7% to $245.5 million in Q1 FY18 compared to $214.0 million in Q1 FY17, primarily due to a growth in revenue from the Flash memory products.

Cypress operates in four high growth markets ? (i) Industrial; (ii) Automotive; (iii) Consumer; and (iv) Enterprise end markets.

Cypress generated 18% revenues from the Industrial market in the reported quarter. In addition, the Company's revenues from the Automotive market increased to 34% in Q1 FY18. The Company earned revenues from the Consumer and Enterprise end markets of 31% and 17%, respectively, in Q1 FY18.

Cash Matters

As of April 01, 2018, Cypress' cash and cash equivalents stood at $106.7 million compared to $121.5 million as of April 02, 2018.

Cypress generated a net cash inflow from operating activities of $31.7 million in the reported quarter compared to $25.7 million in the year ago same period.

Outlook for Q2 FY18

For the second quarter of the fiscal year 2018, Cypress expects revenues to be in the range of $605 million to $630 million. The Company anticipates EPS to be in the band of $0.27 to $0.31 for Q2 FY18. Additionally, Cypress expects non-GAAP gross margin to be between 45.5% and 46.5% for Q2 FY18.

Stock Performance Snapshot

May 18, 2018 - At Friday's closing bell, Cypress Semiconductor's stock dropped 2.03%, ending the trading session at $15.96.

Volume traded for the day: 6.34 million shares, which was above the 3-month average volume of 5.79 million shares.

Stock performance in the past twelve-month period ? up 21.55%; and year-to-date ? up 4.72%

After last Friday's close, Cypress Semiconductor's market cap was at $5.84 billion.

The stock has a dividend yield of 2.76%.

The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry.

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