SAN JOSE, Calif. — (BUSINESS WIRE) — January 31, 2019 — Cypress Semiconductor Corporation (NASDAQ: CY), a leader in embedded solutions, today announced its fourth quarter and fiscal year 2018 results with the following highlights:
- Record fiscal year revenue of $2.48 billion representing 6.7% year-over-year growth
- Automotive fiscal year revenue grew 13% year-over-year
- Fourth quarter revenue was $604.5 million and GAAP and non-GAAP gross margins were 37.3% and 47.8%, respectively
- Fourth quarter GAAP and non-GAAP diluted EPS were 72 cents and 35 cents, respectively
- Fiscal year 2018 cash from operations of $471.7 million increased 16.9% year-over-year
"Our disciplined execution in 2018 resulted in record fiscal year revenue, the achievement of our 2018 gross margin improvement plans that we committed to at our 2017 Analyst Day event, and EPS that grew significantly faster than revenue demonstrating the powerful leverage in our business model," said Hassane El-Khoury, Cypress’ president and chief executive officer. "While the current demand environment remains somewhat uncertain, we are focused on what we can control and we will continue disciplined investments that will drive many of today’s megatrends in the automotive, industrial and IoT markets."
Revenue and earnings for the fourth quarter and fiscal year 2018 are shown below with comparable periods:
(In thousands, except per-share data)
|
GAAP 1 |
NON-GAAP 2 | |||||||||||||||||||||||||||||
| Q4 2018 | Q3 2018 | Q4 2017 | Q4 2018 | Q3 2018 | Q4 2017 | |||||||||||||||||||||||||
| Revenue | $ | 604,474 | $ | 673,035 | $ | 597,547 | $ | 604,474 | $ | 673,035 | $ | 597,547 | ||||||||||||||||||
| Gross margin | 37.3 | % | 38.6 | % | 37.2 | % | 47.8 | % | 47.0 | % | 45.4 | % | ||||||||||||||||||
| Operating margin | 0.5 | % | 11.2 | % | 7.0 | % | 24.5 | % | 24.7 | % | 20.2 | % | ||||||||||||||||||
| Net income (loss) | $ | 267,114 | $ | 50,695 | $ | (34,014 | ) | $ | 130,990 | $ | 152,725 | $ | 104,684 | |||||||||||||||||
| Diluted EPS (loss) | $ | 0.72 | $ | 0.14 | $ | (0.10 | ) | $ | 0.35 | $ | 0.40 | $ | 0.28 | |||||||||||||||||
|
GAAP 1 |
NON-GAAP 2 | |||||||||||||||||||
| FY 2018 | FY 2017 | FY 2018 | FY 2017 | |||||||||||||||||
| Revenue | $ | 2,483,840 | $ | 2,327,771 | $ | 2,483,840 | $ | 2,327,771 | ||||||||||||
| Gross margin | 37.5 | % | 33.6 | % | 46.8 | % | 42.2 | % | ||||||||||||
| Operating margin | 6.6 | % | 3.4 | % | 22.8 | % | 16.8 | % | ||||||||||||
| Net income (loss) | $ | 354,592 | $ | (80,915 | ) | $ | 508,975 | $ | 324,257 | |||||||||||
| Diluted EPS (loss) | $ | 0.95 | $ | (0.24 | ) | $ | 1.36 | $ | 0.89 | |||||||||||
| 1. | In 2018, certain expenses were reclassified as part of cost of revenue. Historical results have been conformed with the 2018 presentation. | |
| 2. | See “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below. | |
BUSINESS REVIEW
