Infineon Q2 Operating Profit Slightly Below Expectations, But Full-Year Guidance Unchanged

Infineon Technologies AG has reported results for Q2 2017 (period ended 31 March 2017) with revenue up 7% to €1,767 million quarter-on-quarter. Opera­ting profit excluding special items increased to 296 million euros (US$322 million) in the quarter, which slightly missed the average forecast for 299 million euros, according to Reuters.
(Image: Infineon Technologies)
However, the German chip maker maintained its full-year guidance, which was raised in March, of revenue rising by 8 to 11%, with an approximately 17% segment result margin.  
Net income for the three-month period improved from €161 million to €199 million. Earnings per share increased to €0.18, up from €0.14 one quarter earlier (basic and diluted). Adjusted earnings per share (diluted) amounted to €0.21, compared with €0.17 in the previous quarter.
The company said above-average seasonal revenue growth and higher earnings were driven by strong demand in automotive, industrial and power supply segments. "The favorable market development we saw in the first quarter of the fiscal year has continued into the second three-month period," said Dr. Reinhard Ploss. "Current order situation gives us good reason for optimism and we have raised our forecast for the full year."
Automotive sales, contributing 44% to total revenue, increased 17% to €783 million, and earnings from the sector were €131 million, up 56% year-on-year.
"Apart from a continuation of our outstanding performance in the automotive sector, demand for solutions for industrial applications, power supplies and home appliances is also gathering pace. We are particularly pleased with the positive customer feedback on our silicon carbide MOSFET. This is a clear sign that we are pursuing the right strategy concerning compound semiconductors," said Ploss.
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