BERLIN (Reuters) – German chipmaker Infineon forecast that revenue would grow by nearly 23% in the year ahead as it reported fiscal fourth quarter results on Monday that were in line with analyst estimates.
The Munich-based chipmaker was forced to abandon its guidance in March as the coronavirus hit – just before its $10 billion acquisition of U.S. Cypress Technologies closed – but has since staged a recovery led by China and the autos sector.
CEO Reinhard Ploss said that Infineon had successfully completed “an exceptional and difficult fiscal year with a very respectable fourth quarter.”
“We have proven that our company has a robust business model and continues to develop steadily, even in uncertain times,” Ploss said in a statement.
Infineon forecast sales in the fiscal year to Sept 30, 2021 of 10.5 billion euros ($12.5 billion), representing growth of 22.6% from the outturn for the year just ended of 8.6 billion euros.
The segment result margin – management’s preferred measure of the operating profitability of its business units – was forecast to recover to 16.5% from 13.7% in the year just ended.
($1 = 0.8415 euros)
(Reporting by Douglas Busvine; Editing by Michelle Adair)
