Wolfspeed forecasts weak first-quarter revenue on manufacturing issues
Aug 21 (Reuters) -Wolfspeed WOLF.N forecast first-quarter revenue below estimates on Wednesday, anticipating manufacturing issues that could affect its production capacity amid slowing EV sales.
Shares of the chipmaker, however, surged around 6% in extended trading, as CEO Gregg Lowe said the company continues to see strong growth from its Mohawk Valley, New York-based chip fabrication facility.
In June, Wolfspeed had said it faced issues with equipment at its Durham-based 150-mm chip fabrication plant and which could potentially impact its first-quarter revenue by about $20 million.
Meanwhile, Wolfspeed's Mohawk Valley chip fabrication plant is targeted to reach 25% of its operating capacity in the first quarter, ahead of schedule.
"Our 200mm device fab is currently producing solid results ... This improved profitability gives us the confidence to accelerate the shift of our device fabrication to Mohawk Valley," Lowe said in a statement.
Shares started to recover as the market acknowledged the cost benefits of the new 200-mm Mohawk Valley fabrication unit, compared to the old 150-mm one, said Michael Ashley Schulman, chief investment officer, Running Point Capital.
The company counts General Motors GM.N and Mercedes-Benz MBGn.DE among its customers and makes chips using silicon carbide, which is more energy-efficient material than standard silicon, for tasks such as transmitting power from an electric car's batteries to its motors.
Wolfspeed expects first-quarter revenue to be between $185 million and $215 million, the mid-point of which is below analysts' average estimate of $211.7 million, according to LSEG data.
It expects adjusted loss per share to be between $1.09 and $0.90, compared with estimate of loss of 84 cents per share.
Revenue for the fourth-quarter came in at $200.1 million, compared with average estimate of $201.2 million.
Wolfspeed's net loss per share was $1.39 per share, compared with loss of $0.73 per share a year earlier.
Reporting by Jaspreet Singh in Bengaluru; Editing by Mohammed Safi Shamsi
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
