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Infineon Technologies reported strong fourth quarter and full year financial results

Autor: Financial Market
Timp de citit: 3 minute

Group revenue grew by €525 million or 15 percent to €4,143 million in the fourth quarter of the 2022 fiscal year, compared with €3,618 million in the previous three-month period.

All four segments, Automotive (ATV), Industrial Power Control (IPC), Power & Sensor Systems (PSS) and Connected Secure Systems (CSS)
contributed to this revenue growth.

The increase in revenue was boosted by the stronger US dollar in the fourth quarter compared to the third quarter. The gross margin improved from 43.2 percent in the third quarter to 44.4 percent in the final quarter of the 2022 fiscal year.

The adjusted gross margin rose to 46.3 percent, compared with 45.4 percent in the previous quarter. The Segment Result increased in the fourth quarter of the 2022 fiscal year to €1,058 million, from €842 million in the third quarter.

The Segment Result Margin improved from 23.3 percent in the previous quarter to 25.5 percent. The fourth-quarter non-segment result was a net loss of €138 million, compared with a net loss of €152 million in the previous three-month period.

The nonsegment result for the fourth quarter comprised €81 million relating to cost of goods sold, €56 million relating to selling, general and administrative expenses and €12 million relating to research and development expenses. Also included in the total for the fourth quarter was a net other operating income of €11 million.

Operating profit for the fourth quarter of the 2022 fiscal year rose to €920 million, up from €690 million in the previous three-month period.

The financial result in the fourth quarter was a net financial loss of €33 million, compared with a net financial loss of €40 million in the third quarter of the 2022 fiscal year.

Profit from continuing operations rose in the fourth quarter of the 2022 fiscal year to €730 million, up from €525 million in the previous three-month period. The result from discontinued operations in the fourth quarter was a profit of €5 million (third quarter: loss of €8 million).

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The profit for the period in the fourth quarter of the 2022 fiscal year rose to €735 million, compared with €517 million in the previous quarter.

Earnings per share from continuing operations increased in the fourth quarter to €0.56 (basic and diluted), compared with €0.40 one quarter earlier. Adjusted earnings per share (diluted) improved from €0.49 in the third quarter to €0.63 in the fourth quarter of 2022.

Investments – which Infineon defines as the sum of investments in property, plant and equipment, investments in other intangible assets and capitalized development costs – increased significantly in the fourth quarter of the 2022 fiscal year, as expected, to €866 million, up from €542 million in the preceding threemonth period.

Depreciation and amortization in the fourth quarter was €443 million, compared with €422 million in the third quarter of the 2022 fiscal
year.

Free Cash Flow improved in the fourth quarter of the 2022 fiscal year to €709 million, up from €440 million in the preceding quarter. Cash flows from operating activities from continuing operations rose to €1,580 million, compared with €996 million in the third quarter of the 2022 fiscal year.

Outlook for the first quarter of the 2023 fiscal year
Based on an assumed exchange rate of US$1.00 to the euro, Infineon expects to generate revenue of around €4.0 billion in the first quarter of the 2023 fiscal year. Revenue growth for the ATV segment is forecast to be within a low single-digit percentage range, while revenue in the CSS segment is likely to remain at around the same level as in the quarter before.

Due to seasonality revenue generated by the PSS segment is expected to decline by a high single-digit percentage rate, and for the IPC segment a revenue decline of around 10 percent is forecast, in each case compared with the preceding quarter. Based on this revenue forecast, the Segment Result Margin should be around 25 percent.