Cypress Reports Third Quarter 2018 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — October 25, 2018 — Cypress Semiconductor Corporation (NASDAQ: CY), a leader in embedded solutions, today announced its third quarter 2018 results with the following highlights:

  • Record revenue of $673.0 million, a 7.8% increase sequentially and 11.3% year-over-year
  • GAAP and non-GAAP gross margins were 38.6% and 47.0%, respectively, and represent a 390 bps and 400 bps increase year-over-year
  • GAAP diluted EPS increased 10 cents to $0.14 and Non-GAAP diluted EPS increased 13 cents to $0.40 year-over-year
  • Automotive revenue increased 8.3% sequentially and 12.8% year-over-year

“Cypress delivered another record quarter for revenue while continuing to expand gross margins, operating margins and cash flow due to our uncompromising focus on execution,” said Hassane El-Khoury, Cypress’ president and chief executive officer. “Our strategy and investments to advance our portfolio of highly-differentiated connect, compute and store solutions are paying off. We are seeing a strong design pipeline leading into the fourth quarter with design activity increasing 23% year-over-year. Our continued commitment to sharpen our focus, with moves such as today’s announcement of entering into a joint venture for our NAND Flash business, are positioning us well in our target high-growth markets of Automotive, Industrial and IoT.”

Revenue and earnings for the quarter are shown below with comparable periods:

(In thousands, except per-share data)

  GAAP1   NON-GAAP2
Q3 2018   Q2 2018   Q3 2017 Q3 2018   Q2 2018   Q3 2017
Revenue $ 673,035 $ 624,090 $ 604,574 $ 673,035 $ 624,090 $ 604,574
Gross margin 38.6 % 37.5 % 34.7 % 47.0 % 46.3 % 43.0 %
Operating margin 11.2 % 8.1 % 6.8 % 24.7 % 22.3 % 19.0 %
Net income (loss) $ 50,695 $ 27,706 $ 13,016 $ 152,725 $ 124,964 $ 98,980
Diluted EPS (loss) $ 0.14 $ 0.07 $ 0.04 $ 0.40 $ 0.33 $ 0.27
 

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