Infineon Technologies AG reported results for the first quarter of the 2024 fiscal year (period ended 31 December 2023).
“In the prevailing difficult macroeconomic climate, Infineon is proving robust,” says Jochen Hanebeck, CEO of Infineon. “In consumer, communication, computing and IoT applications, we are not anticipating a noticeable recovery in demand until the second half of the calendar year. Our expectations for the automotive sector remain virtually unchanged from November, despite a slowdown in demand in electromobility outside China. As a company, we are consistently adapting to this situation, so that we meet our financial targets for the current fiscal year. At the same time, we remain committed to our major investments for the future, as we want to exploit the long-term growth opportunities arising from decarbonization and digitalization.”
For the full version of this news release (incl. financial data), please download the PDF version:
- Q1 FY 2024: Revenue €3.702 billion, Segment Result €831 million, Segment Result Margin 22.4 percent.
- Outlook for FY 2024: Based on an assumed exchange rate of US$1.10 to the euro, (previously US$1.05), Infineon now expects to generate revenue of around €16 billion plus or minus €500 million, with a Segment Result Margin in the low to mid-twenties percentage range at the mid-point of the guided revenue range. Adjusted gross margin should be in the low to mid-forties percentage range. Investments were now reduced to approximately €2.9 billion. Free Cash Flow adjusted for major investments in frontend buildings and the acquisition of GaN Systems should be around €1.8 billion and reported Free Cash Flow around €200 million. RoCE at about 11 percent expected.
- Outlook for Q2 FY 2024: Based on an assumed exchange rate of US$1.10 to the euro, revenue of around €3.6 billion expected. On this basis, the Segment Result Margin is forecast to be at about 18 percent.
Original – Infineon Technologies
