August 1, 2018 / 5:52 AM / 3 months ago

Infineon in Q3 beat as strong automotive drives growth

FRANKFURT, Aug 1 (Reuters) - Germany’s Infineon Technologies on Wednesday reported forecast-beating third-quarter results and raised its outlook for the full year as strong demand in the automotive sector drove growth.

Quarterly revenues came in at 1.941 billion euros ($2.27 billion), up by 6 percent from both the previous year and quarter and ahead of expectations of 1.925 billion euros in a Reuters poll of 10 analysts.

Adjusted earnings per share, at 0.24 euros, were just ahead of poll expectations of 0.23 cents.

Infineon forecast sequential growth in revenues of 3 percent in the current quarter, putting it on course to achieve top-line growth of 6.4 to 7.4 percent in the year to Sept. 30. It also saw a segment result margin of 17.5 percent for the full year, at the mid-point of its revenue guidance.

Infineon’s shares were indicated 1.9 percent higher after the results. ($1 = 0.8565 euros) (Reporting by Douglas Busvine Editing by Maria Sheahan)

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