IFX Infineon Technologies AG

   By Mauro Orru 
 

Infineon Technologies AG said Thursday that net profit and revenue for the first quarter of fiscal 2021 increased, led by growth at its automotive segment, and raised its outlook for the year.

The German chip maker said net profit for the three months ended Dec. 31 climbed to 256 million euros ($308.1 million) from EUR210 million a year earlier.

Revenue for the quarter rose to EUR2.63 billion from EUR1.92 billion.

The company's segment result--a closely watched metric comparable to adjusted earnings before interest and taxes--rose to EUR489 million from EUR297 million, with its segment result margin, or adjusted EBIT margin, rising to 18.6% from 15.5%.

Infineon in November guided for first-quarter revenue of between EUR2.4 billion and EUR2.7 billion, with adjusted EBIT margin at around 16%.

The company said it expects revenue for the second quarter of fiscal 2021 between EUR2.5 billion and EUR2.8 billion based on an assumed exchange rate of $1.20 to the euro, with adjusted EBIT margin at around 16.5% at the mid-point.

"In view of dynamic ordering momentum and manufacturing plants running at good utilization rates in the majority of product areas, we are making a slight upward adjustment to our outlook for the full year," Chief Executive Reinhard Ploss said.

For fiscal 2021, Infineon is now projecting revenue of around EUR10.8 billion, plus or minus 5%, instead of about EUR10.5 billion as previously expected. It also guides for adjusted EBIT margin at about 17.5% at the mid-point, instead of about 16.5% as previously indicated.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 04, 2021 02:06 ET (07:06 GMT)

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