Freescale Q1 income soars
Prepares to IPO
Freescale - the chip maker formerly known as Motorola's Semiconductor Products Sector - saw operating income jump more than fourfold during the first three months of 2004 on the back of $1.4bn worth of sales.
The company's operating income reached $107m, up from the $25m it made in Q4 2003 and well up on the year-ago quarter's $121m loss.
Sequentially, sales were flat, but compared to Q1 2003, sales grew 21 per cent from $1.16m during Q1 2004.
Freescale attributed the improvement to strengthening networking and wireless markets. It's likely to boost the company's IPO pitch, which is due any day now, parent Motorola having announced earlier this year that the offering would take place in the Spring. The IPO is being underwritten by Goldman Sachs. ®