• centrotherm Records Successful FY 2023

    centrotherm Records Successful FY 2023

    3 Min Read

    centrotherm international AG looks back on a very satisfactory 2023 financial year. As the Group’s earning power was significantly strengthened by the substantially increased share of business with the semiconductor industry, the Management Board sees this as confirmation that it is on the path to sustainably profitable business development.

    centrotherm succeeded in significantly increasing consolidated earnings before interest, tax, depreciation and amortization (EBITDA) from EUR 16.2 million to EUR 19.0 million, thereby meeting the forecast of positive EBITDA in the low double-digit million euro range. This also applies on the basis of the adjusted EBITDA of EUR 15.9 million. In the 2023 financial year, there was a revaluation of centrotherm’s reimbursement claim from the former major project in Algeria (EUR 3.1 million). Consolidated net income increased significantly from EUR 13.0 million to EUR 18.7 million, which equates to improved earnings per share of EUR 0.88 (2022: EUR 0.62).

    The Group’s order intake also developed very positively in the 2023 financial year. At EUR 268.8 million, the forecast of EUR 250 to 350 million was met. 82.9% (2022: 65.5%) of orders came from the semiconductor industry and 16.7% (33.9%) from the photovoltaic industry. The re-entry into the US PV market is particularly positive. As at December 31, 2023, the Group order backlog amounted to EUR 539.1 million, which represents a significant increase of 27.3% compared to the previous year’s figure of EUR 423.6 million.

    Group revenue amounted to EUR 151.2 million in the 2023 financial year (2022: EUR 180.5 million). International business remained of key importance, accounting for 87.4% of revenue (2022: 91.8%), with a continued strong focus on Asia, where 70.1% (2022: 84.0%) of Group re-venue was generated. Revenue from the sale of production systems totaled EUR 130.9 million (2022: EUR 164.1 million), of which the share attributable to the semiconductor industry increased significantly to EUR 107.1 million (2022: EUR 47.5 million). Revenue from service and spare parts increased from EUR 15.2 million in the previous year to EUR 19.2 million in the 2023 financial year.

    As inventories of finished goods and work in progress increased by EUR 45.2 million in the 2023 financial year (2022: decrease in inventories of EUR 62.7 million), the Group’s total operating performance increased to EUR 196.7 million after EUR 118.3 million in the previous year. The fact that the forecast of EUR 220 million to EUR 260 million was not achieved is primarily due to deviating project progress as a result of postponed customer projects.

    Jan von Schuckmann, CEO: “We achieved further important successes in 2023 as part of our diversification strategy. For the 2024 financial year, we are very confident that we will continue to benefit from the ongoing positive industry environment, particularly in the semiconductor and microelectronics industry, and thus seamlessly build on the good business performance in 2023. In the medium to long term, we want to open up further attractive sales markets, for example with new innovative solutions for wafer production in the semiconductor industry or in battery production.”

    For the 2024 financial year, the Executive Board is forecasting total operating revenue of EUR 200 million to EUR 300 million. EBITDA is again expected to be in the low double-digit million euro range. Incoming orders are expected to reach between EUR 200 million and EUR 300 million.

    Original – centrotherm international

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  • Ideal Power Received an Order for SymCool™ Power Modules from a Forbes Global 500 Company

    Ideal Power Received an Order for SymCool™ Power Modules from a Forbes Global 500 Company

    2 Min Read

    Ideal Power Inc. announced that the company received an order for SymCool™ power modules and drivers from one of the two Forbes Global 500 leaders in diverse power management markets in Ideal Power’s B-TRAN™ test and evaluation program.

    “We are delighted to announce this power management market leader in our test and evaluation program is now ordering SymCool™ power modules. This global customer is evaluating SymCool™ for use in its bidirectional solid-state circuit breaker products for diverse industrial markets,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.

    “Strong momentum continues, and we look forward to design wins and/or custom development agreements for solid-state circuit breaker applications in industrial markets. We expect industrial markets to be the earliest source of our sales ramp beginning in the second half of 2024.”

    This global power management market leader is evaluating SymCool™ against IGBT modules for use in solid-state circuit breaker (SSCB) applications. The order for SymCool™ power modules follows the customer’s testing of discrete B-TRAN™ devices as part of the B-TRAN™ test and evaluation program.

    Testing confirmed that the B-TRAN™ technology packaged into the multi-die SymCool™ power module has significantly lower conduction losses compared to conventional power semiconductors such as IGBTs, an advantage that is even more pronounced in bidirectional applications. In addition to energy savings, this improved efficiency also results in lower cost and less complex cooling systems, benefits that significantly impact the economics of OEM products such as SSCBs.

    In response to this customer’s requests, Ideal Power provided high-volume quotes for SymCool™ power modules. This customer may also evaluate our technology for its other power conversion applications.

    Original – Ideal Power

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  • Magnachip Semiconductor Revealed a New MXT MV MOSFET

    Magnachip Semiconductor Revealed a New MXT MV MOSFET

    2 Min Read

    Magnachip Semiconductor Corporation announced the release of its new 40V MXT MV MOSFET. With this latest addition, the Company now offers 13 MOSFET and IGBT products for a wide range of automotive applications.

    As the automotive industry adopts advanced technologies such as autonomous driving and enhanced infotainment systems, the demand for high-efficiency power solutions increases. According to Omdia, a global market research firm, the automotive power discrete market is projected to grow 14% annually from 2024 to 2027.

    Magnachip entered the automotive sector in April 2022 with its first 40V MOSFET and has since broadened its product offerings by releasing 30V, -40V (P-channel MOSFET), 60V, and 250V MOSFETs for vehicles. In September 2023, the Company introduced 650V and 1200V IGBTs for positive temperature coefficient heaters and e-compressors for automotive. In the last two years, Magnachip’s power products have been integrated into vehicles of major automotive manufacturers in the United States, Korea, Japan and China.

    Leveraging its technological capabilities, Magnachip now unveils this 40V MXT MV MOSFET (AMDD040N055RH) in the Decawatt Package (DPAK). The new MOSFET offers exceptional versatility for various automotive applications, such as motor control systems or power seat modules and electric stability control systems for reverse battery protection.

    “Magnachip is committed to supplying premium products that meet the evolving demands of the automotive sector,” said YJ Kim, CEO of Magnachip. “Our technical innovation, coupled with a steady supply and a comprehensive range of product offerings, will strengthen our foothold in the automotive industry and broaden our global market presence.”

    Original – Magnachip Semiconductor

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  • Littelfuse Published Q1 2024 Financial Results

    Littelfuse Published Q1 2024 Financial Results

    2 Min Read

    Littelfuse, Inc. reported financial results for the first quarter ended March 30, 2024:

    • Net sales of $535 million were down 12% versus the prior year period, and down 12% organically
    • GAAP diluted EPS was $1.93 and adjusted diluted EPS was $1.76
    • Cash flow from operations was $57 million and free cash flow was $42 million

    “Our global team delivered solid first quarter results, with sales above and earnings in-line with our expectations, as our increasingly diversified end market exposures, robust technology offering, and portfolio optimization initiatives helped to offset ongoing inventory destocking,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer.

    “Further, our strong cash generation reflects disciplined execution, while our well-positioned balance sheet will continue to allow us to capitalize on growth opportunities. Looking forward, we remain confident in an expected return to growth during 2024, and believe our experienced team, agile operations and unwavering long-term strategic focus will drive top-tier value for our stakeholders.”

    Second Quarter of 2024*

    Based on current market conditions, for the second quarter the company expects,

    • Net sales in the range of $525 – $555 million, adjusted diluted EPS in the range of $1.65 – $1.85 and an adjusted effective tax rate of approximately 23%

    *Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

    Dividend and Share Repurchase Authorization

    • The company’s Board of Directors approved a new stock repurchase authorization to replace its expiring previous 3-year program. The company may repurchase up to $300 million in the aggregate of shares of the company’s common stock for the period May 1, 2024, to April 30, 2027.
    • The company will pay a cash dividend on its common stock of $0.65 per share on June 6, 2024, to shareholders of record as of May 23, 2024

    Original – Littelfuse

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  • onsemi Published Q1 2024 Financial Results

    onsemi Published Q1 2024 Financial Results

    2 Min Read

    onsemi announced results for the first quarter of 2024 with the following highlights:

    • Revenue of $1,862.7 million
    • GAAP gross margin and non-GAAP gross margin of 45.8% and 45.9%, respectively
    • GAAP operating margin and non-GAAP operating margin of 28.2% and 29.0%, respectively
    • GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.04 and $1.08, respectively
    • Returned ~100% of free cash flow over last twelve months to shareholders through stock repurchases

    “The structural changes we have made to the business over the last three years have enabled us to sustain our gross margin despite challenging market conditions,” said Hassane El-Khoury, president and chief executive officer of onsemi. “In the current environment, we remain focused on execution while investing for our long-term growth. As power continues to play a critical role in the world’s increasing energy demands, efficiency is paramount, and we are positioned to continue to gain share with our portfolio of industry-leading power and sensing technologies.”

    Selected financial results for the quarter are shown below with comparable periods (unaudited):

     GAAP Non-GAAP
    (Revenue and Net Income in millions)Q1 2024Q4 2023Q1 2023 Q1 2024Q4 2023Q1 2023
    Revenue$1,862.7 $2,018.1 $1,959.7  $1,862.7 $2,018.1 $1,959.7 
    Gross Margin 45.8% 46.7% 46.8%  45.9% 46.7% 46.8%
    Operating Margin 28.2% 30.3% 28.8%  29.0% 31.6% 32.2%
    Net Income attributable to ON Semiconductor Corporation$453.0 $562.7 $461.7  $464.5 $540.9 $523.7 
    Diluted Earnings Per Share$1.04 $1.28 $1.03  $1.08 $1.25 $1.19 
    Revenue Summary (in millions) (Unaudited)
     Three Months Ended   
    Business Segment(1)Q1 2024Q4 2023Q1 2023 Sequential ChangeYear-over-Year Change
    PSG$874.2$965.5$860.9 (9)%2%
    AMG 697.0 744.9 744.7 (6)%(6)%
    ISG 291.5 307.7 354.1 (5)%(18)%
    Total$1,862.7$2,018.1$1,959.7 (8)%(5)%
    (1)During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation.


    The following table outlines onsemi’s projected second quarter of 2024 GAAP and non-GAAP outlook.

     Total onsemiGAAPSpecialItems Total onsemiNon-GAAP
    Revenue$1,680 to $1,780 million$1,680 to $1,780 million
    Gross Margin44.1% to 46.1%0.1%44.2% to 46.2%
    Operating Expenses$327 to $342 million$14 million$313 to $328 million
    Other Income and Expense (including interest), net($12 million)($12 million)
    Diluted Earnings Per Share$0.82 to $0.94$0.04$0.86 to $0.98
    Diluted Shares Outstanding436 million4 million432 million

    Original – onsemi

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  • NXP Published Q1 2024 Financial Results

    NXP Published Q1 2024 Financial Results

    10 Min Read

    NXP Semiconductors N.V. reported financial results for the first quarter, which ended March 31, 2024.

    “NXP delivered quarterly revenue of $3.13 billion, in-line with the midpoint of guidance with all our focus end-markets performing as expected. Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn. We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the First Quarter 2024:

    • Revenue was $3.13 billion, up 0.2 percent year-on-year;
    • GAAP gross margin was 57.0 percent, GAAP operating margin was 27.4 percent and GAAP diluted Net Income per Share was $2.47;
    • Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 34.5 percent, and non-GAAP diluted Net Income per Share was $3.24;
    • Cash flow from operations was $851 million, with net capex investments of $224 million, resulting in non-GAAP free cash flow of $627 million;
    • During the first quarter of 2024, NXP continued to execute its capital return policy with the payment of $261 million in cash dividends, and the repurchase of $303 million of its common shares. The total capital return of $564 million in the quarter represented 90 percent of first quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.39 billion or 82 percent of non-GAAP free cash flow. The interim dividend for the first quarter 2024 was paid in cash on April 10, 2024 to shareholders of record as of March 21, 2024. Subsequent to the end of the first quarter, between April 1, 2024 and April 26, 2024, NXP executed via a 10b5-1 program additional share repurchases totaling $97 million;
    • On March 1, 2024, NXP fully retired at maturity the $1 billion aggregate principal amount of outstanding 4.875% Senior Unsecured Notes due 2024;
    • On January 9, 2024, NXP announced the extension of its automotive radar one-chip family. The new SAF86xx integrates a high-performance radar transceiver, a multi-core radar processor and a hardware engine for state-of-the-art secure data communication over Automotive Ethernet;
    • On January 11, 2024, NXP announced it has signed a memorandum of understanding with Honeywell to help optimize the way commercial buildings sense and securely control energy consumption. The collaboration aims to help make buildings operate more intelligently by integrating NXP Semiconductors’ neural network-enabled, industrial-grade applications processors into Honeywell’s building management systems (BMS);
    • On March 19, 2024, NXP published its 2023 Corporate Sustainability Report (CSR), reinforcing its commitment toward transparency and sustainable business practices. Detailing NXP’s overall Environmental, Social and Governance (ESG) strategy and guiding principles, the report highlights the company’s year-on-year progress in reaching its mid-term and long-term ESG goals; and
    • On March 28, 2024, NXP announced the S32 CoreRide platform, the industry-first platform to combine processing, vehicle networking and system power management with integrated software to address the complexity, scalability, cost-efficiency and development efforts required for next-generation Software Defined Vehicles (“SDV”). Coincident with the CoreRide announcement, NXP introduced the S32N family of vehicle super-integration processors offering best-in-class real-time performance that enables S32 CoreRide central compute solutions, empowering OEMs with efficient and flexible processing choices. The 5nm S32N family greatly simplifies complex vehicle architecture development and cuts costs for automakers and tier-1 suppliers.

    Summary of Reported First Quarter 2024 ($ millions, unaudited(1)

     Q1 2024Q4 2023Q1 2023Q – QY – Y
    Total Revenue$3,126 $3,422 $3,121 -9%%
    GAAP Gross Profit$1,783 $1,937 $1,770 -8%1%
    Gross Profit Adjustments(i)$(35)$(73)$(46)  
    Non-GAAP Gross Profit$1,818 $2,010 $1,816 -10%%
    GAAP Gross Margin 57.0% 56.6% 56.7%  
    Non-GAAP Gross Margin 58.2% 58.7% 58.2%  
    GAAP Operating Income (Loss)$856 $907 $825 -6%4%
    Operating Income Adjustments(i)$(224)$(312)$(260)  
    Non-GAAP Operating Income$1,080 $1,219 $1,085 -11%%
    GAAP Operating Margin 27.4% 26.5% 26.4%  
    Non-GAAP Operating Margin 34.5% 35.6% 34.8%  
    GAAP Net Income (Loss) attributable to Stockholders$639 $697 $615   
    Net Income Adjustments(i)$(201)$(269)$(219)  
    Non-GAAP Net Income (Loss) Attributable to Stockholders$840 $966 $834   
    GAAP diluted Net Income (Loss) per Share(ii)$2.47 $2.68 $2.35   
    Non-GAAP diluted Net Income (Loss) per Share(ii)$3.24 $3.71 $3.19   
    Additional information     
     Q1 2024Q4 2023Q1 2023Q – QY – Y
    Automotive$1,804 $1,899 $1,828 -5%-1%
    Industrial & IoT$574 $662 $504 -13%14%
    Mobile$349 $406 $260 -14%34%
    Comm. Infra. & Other$399 $455 $529 -12%-25%
    DIO 144  132  135   
    DPO 65  72  68   
    DSO 26  24  31   
    Cash Conversion Cycle 105  84  98   
    Channel Inventory (months) 1.6  1.5  1.6   
    Gross Financial Leverage(iii) 1.9x  2.1x  2.0x   
    Net Financial Leverage(iv) 1.3x  1.3x  1.3x   
    1. Additional Information for the First Quarter 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

    Guidance for the Second Quarter 2024: ($ millions, except Per Share data) (1)

     Guidance Range
     GAAP Reconciliation non-GAAP
     Low Mid High   Low Mid High
    Total Revenue$3,025 $3,125 $3,225   $3,025 $3,125 $3,225
    Q-Q-3% 0% 3%   -3% 0% 3%
    Y-Y-8% -5% -2%   -8% -5% -2%
    Gross Profit$1,715 $1,788 $1,863 $(40) $1,755 $1,828 $1,903
    Gross Margin56.7% 57.2% 57.8%   58.0% 58.5% 59.0%
    Operating Income (loss)$821 $884 $949 $(179) $1,000 $1,063 $1,128
    Operating Margin27.1% 28.3% 29.4%   33.1% 34.0% 35.0%
    Financial Income (expense)$(69) $(69) $(69) $(6) $(63) $(63) $(63)
    Tax rate17.2%-18.2%   16.3%-17.3%
    NCI & Other$(9) $(9) $(9) $(4) $(5) $(5) $(5)
    Shares – diluted258.5 258.5 258.5   258.5 258.5 258.5
    Earnings Per Share – diluted$2.36 $2.56 $2.77   $3.00 $3.20 $3.41

    Note (1) Additional Information:

    1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(12) million; Share-based Compensation, $(15) million; Other Incidentals, $(13) million;
    2. GAAP Operating Income (loss) is expected to include PPA effects, $(42) million; Share-based Compensation, $(115) million; Restructuring and Other Incidentals, $(22) million;
    3. GAAP Financial Income (expense) is expected to include Other financial expense $(6) million;
    4. GAAP Non-Controlling Interest (NCI) and Other includes non-controlling interest $(5) million and Other $(4) million;
    5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interest & Other and the adjustment on Tax due to the earlier mentioned adjustments.

    NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

    Non-GAAP Financial Measures

    In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses.

    We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

    These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual.

    Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

    In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from equity-accounted investments.

    The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

    Original – NXP Semiconductors

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  • Mitsubishi Electric Announced Consolidated Financial Results for Fiscal 2024

    Mitsubishi Electric Announced Consolidated Financial Results for Fiscal 2024

    1 Min Read

    Mitsubishi Electric Corporation announced its consolidated financial results for fiscal 2024 (April 1, 2023 – March 31, 2024).

    Consolidated Financial Results:

    • Revenue: 5,257.9 billion yen (5% increase year-on-year)
    • Operating profit: 328.5 billion yen (25% increase year-on-year)
    • Profit before income taxes: 365.8 billion yen (25% increase year-on-year)
    • Net profit attributable to Mitsubishi Electric Corp. stockholders: 284.9 billion yen (33% increase year-on-year)

    The economy in fiscal 2024 continued to see moderate recovery in Japan, however, recovery in consumer spending came to a standstill recently. In the U.S., the economy continued to see recovery primarily in consumer spending despite monetary tightening and other factors.

    In China, the economy showed weakness in recovery due to sluggish export as well as slower domestic demand resulting from the real estate recession and other factors. In Europe, both the corporate and household sectors were stagnant due primarily to monetary tightening.

    In this environment, the Mitsubishi Electric Group has been working harder than ever to maximize profitability by accelerating business transformation and its business portfolio strategy under its business area management structure, while continuously implementing initiatives to bolster its competitiveness and business structure.

    Original – Mitsubishi Electric

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  • STMicroelectronics Published Q1 2024 Financial Results

    STMicroelectronics Published Q1 2024 Financial Results

    2 Min Read

    STMicroelectronics N.V. reported U.S. GAAP financial results for the first quarter ended March 30, 2024. ST reported first quarter net revenues of $3.47 billion, gross margin of 41.7%, operating margin of 15.9%, and net income of $513 million or $0.54 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented:

    • “Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics.”
    • “On a year-over-year basis, Q1 net revenues decreased 18.4%, operating margin decreased to 15.9% from 28.3% and net income decreased 50.9% to $513 million.”
    • “During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.”
    • “Our second quarter business outlook, at the mid-point, is for net revenues of $3.2 billion, decreasing yearover-year by 26.0% and decreasing sequentially by 7.6%; gross margin is expected to be about 40%.”
    • “We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40’s.”
    • “We plan to maintain our Net Capex plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives.”

    Original – STMicroelectronics

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  • Renesas Electronics Announced Consolidated Financial Results

    Renesas Electronics Announced Consolidated Financial Results

    2 Min Read

    Renesas Electronics Corporation announced consolidated financial results in accordance with IFRS for the three months ended March 31, 2024.

    Summary of Consolidated Financial Results (Note 1)

    Summary of Consolidated Financial Results for the three months ended March 31, 2024 (Non-GAAP basis) (Note 2)

     Three months ended March 31, 2024
     Billion yen% of Revenue
    Gross profit199.356.7
    Operating profit113.532.3
    Profit attributable to owners of parent105.930.1
    EBITDA (Note 3)133.838.0

    Summary of Consolidated Financial Results for the three months ended March 31, 2024 (IFRS basis)

     Three months ended March 31, 2024
     Billion yen% of Revenue
    Gross profit197.556.1
    Operating profit77.822.1
    Profit attributable to owners of parent79.922.7
    EBITDA (Note 3)125.735.7

    Reconciliation of Non-GAAP gross profit to IFRS gross profit and Non-GAAP operating profit to IFRS operating profit

    (Billion yen)

     Three months ended March 31, 2024
    Non-GAAP gross profit
    Non-GAAP gross margin
    Amortization of purchased intangible assets and depreciation of property, plant and equipment(0.3)
    Stock-based compensation(0.5)
    Other reconciliation items in non-recurring
    expenses and adjustments (Note 4)
    IFRS gross profit
    IFRS gross margin
    Non-GAAP operating profit
    Non-GAAP operating margin
    Amortization of purchased intangible assets and depreciation of property, plant and equipment(27.6)
    Stock-based compensation(5.6)
    Other reconciliation items in non-recurring expenses and adjustments (Note 4)(2.5)
    IFRS operating profit
    IFRS operating margin

    Note 1: All figures are rounded to the nearest 100 million yen.

    Note 2: Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS) figures following a certain set of rules. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results.

    Note 3: Operating profit + Depreciation and amortization.

    Note 4: “Other reconciliation items in non-recurring expenses and adjustments” includes the non-recurring items related to acquisitions and other adjustments as well as non-recurring profits or losses the Group believes to be applicable.

    Original – Renesas Electronics

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  • Navitas Semiconductor to Participate in China Electronic Hotspot Solutions Innovation Summit

    Navitas Semiconductor to Participate in China Electronic Hotspot Solutions Innovation Summit

    2 Min Read

    Navitas Semiconductor announced its participation in forthcoming China Electronic Hotspot Solutions Innovation Summit in Shenzhen on April 27th. The summit gathers key players in power semiconductors and associated customer design teams for innovations in EV such as 800 V supercharging, battery management, intelligent connected vehicle electronics, and high-power digital power supplies. 2024 EV OEM attendees include experts from Voyah and Dongfeng.

    Jacky Xiao, Navitas’ Technical Marketing Manager, will deliver a keynote titled “High-Frequency On-Board Charger Solutions Based on Hybrid Design of SiC and GaN”, to introduce how Navitas can create more efficient, smaller and lighter on-board charging for EVs. Without compromise, customers can select Navitas’ optimal, feature-rich GaN and SiC power devices in robust, thermally-enhanced TOLL and TOLT packaging, to create hybrid powertrain solutions that deliver faster charging, longer range and lower systems costs.

    Navitas’ GaNFast power ICs integrate GaN power and drive with control, sensing, and protection to enable faster charging, higher power density, greater energy savings and system cost reduction. New ‘Gen-3 Fast’ GeneSiC MOSFETs have up to 50% improved performance vs. other SiC devices. Summit exhibition attendees can explore the latest in EV-optimized GaNFast and GeneSiC products and complete EV system hardware solutions and learn how to accelerate their leading-edge projects.

    “We’re delighted to participate in China Electronic Hotspot Solutions Innovation Summit, where we can discuss the technological trend of new energy industry with experts from renowned domestic institutions and leaders in international electronic components,” said Charles Zha, VP and GM of Navitas China. “Navitas’ leading GaN and SiC technology will enable faster charging, longer-range and more environmentally friendly power systems for EV. These improvements not only significantly enhance product performance but also effectively shorten time-to-market.”

    The China Electronic Hotspot Solutions Innovation Summit will be held on April 27th, 2024, at Crowne Plaza, Nanshan District, Shenzhen.

    Original – Navitas Semiconductor

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