GlobalFoundries Inc. (GF) announced preliminary financial results for the first quarter ended March 31, 2024.
Key First Quarter Financial Highlights
- Revenue of $1.549 billion
- Gross margin of 25.4% and Non-IFRS gross margin of 26.1%
- Operating margin of 9.5% and Non-IFRS operating margin of 12.1%
- Net income of $134 million and Non-IFRS net income of $174 million
- Non-IFRS EBITDA of $577 million
- Cash, cash equivalents and marketable securities of $4.2 billion
“In the first quarter, GF’s dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our February earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “As pockets of the semiconductor industry begin to emerge from the inventory correction, our teams are driving foundry innovation and differentiation for our customers across their essential end-markets. We are delighted with the awards from both the U.S. Department of Commerce and New York State to expand our manufacturing capability in the United States, which will complement our unique global capacity offering.”
Recent Business Highlights
- As part of the U.S. CHIPS and Science Act, the U.S. Department of Commerce announced $1.5 billion in planned direct funding for GF’s New York and Vermont facilities. The proposed funding will support expansion and technology diversification, enabling secure capacity for automotive, aerospace and defense and other key markets.
- In addition, New York State announced over $600 million in planned funding under the New York State Green CHIPS and other state benefits for GF’s two Malta, New York projects.
- GF is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas emissions and 100% carbon neutral power by 2050. The new 2050 goals are aligned with Paris Agreement goals and build upon GF’s Journey to Zero Carbon pledge in 2021.
Original – GlobalFoundries
