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Infineon to announce record revenues

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Semiconductor maker Infineon today unveiled record annual revenues and fourth quarter revenues up 82 per cent a day early.

At least, Infineon's results statement is dated 8 November, and since even Munich can't be 24 hours ahead of the rest of Europe, the data must have slipped out ahead of time. That said, it could also be a typo, we guess. Ahem.

Either way, the chip company saw Q4 revenues rise 82 per cent year on year to E2.38 billion ($2.76 billion), itself 30 per cent up on Q3. Before tax, Infineon's earnings totalled E807 million, up 120 per cent on the previous quarter and a 42-fold increase on the same period last year. Net income for the period reached E581 million. Gross margins reached 53 per cent of revenue.

Infineon's Q4 revenue proved to be the best of the year, as the company predicted nearly a month ago on investor fears of a downturn in the semiconductor business. The company said its latest revenue figures were driven by "strong demand" for memory chips and its Wireline and Wireless subsidiaries' broadband and wireless comms products.

The Memory Products group's Q4 revenue contribution totalled E1.27 billion, up 168 per cent on the same period last year and up 47 per cent on the previous quarter. Earnings for the group rose quarter-on-quarter 160 per cent to E727 million. For the full year, the group's revenues hit a record E3.47 billion, up 147 per cent from 1999.

Looking ahead, Infineon said it expects to grow "significantly above the industry average" during 2001. Its definition of 'industry average' is market researcher Dataquest's prediction of a 27 per cent increase in chip sales throughout next year.

However, the company did admit that it expects a dip in memory sales over the coming quarter, thanks to "current uncertainties in the worldwide PC markets". Not to worry, though - the market will have recovered by the second half of fiscal 2001.

"We expect the market outlook to remain strong into 2003," said Infineon president and CEO Ulrich Schumacher. The company expects to spend 30 per cent of its 2001 revenue covering "expected capacity constraints". ®

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