Infineon swings to Q1 EBIT of 216 mln eur from yr-earlier 122 mln loss |
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Mon, 29 Jan 2007 08:04
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MUNICH (AFX) - Infineon Technologies AG said it swung to a first-quarter EBIT profit of 216 mln eur, from a year-earlier 122 mln eur loss thanks to strong showing at its Qimonda memory business.The result topped the 177.25 mln eur consensus of analysts' estimates obtained prior to the Jan 23 release of Qimonda AG's first-quarter figures.US-listed Qimonda reported last week that it achieved a first quarter EBIT of 250 mln eur compared to a year-earlier 123 mln eur loss.Infineon's first-quarter sales reached 2.131 bln eur, up from 1.674 bln but below the 2.266 bln eur consensus.Net profit in the period reached 120 mln eur, up from a year-earlier 183 mln eur loss and also well ahead of the 88.61 mln eur consensus.Infineon also said that it expects revenues and EBIT in the current quarter excluding Qimonda and prior to the inclusion of charges 'to remain at least flat compared to the fiscal first quarter.'In its initial earnings release, Infineon did not provide any details regarding the possible divestiture of its 86 pct Qimonda stake.It listed 14 pct of the company in August last year, and Infineon chief executive Wolfgang Ziebart said earlier he intends to reduce the holding after the end of the 190-day lock-up period.It expires on Feb 14, meaning that Infineon could sell shares in the company the following day.alfred.kueppers@afxnews.comamk/jfr/amk/twCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Qimonda swings into Q1 net profit; sees strong FY production growth 