X-FAB Silicon Foundries SE

Latest Results (20.08.2024):

Revenue Performance

In the second quarter of 2024, X-FAB Silicon Foundries SE reported revenues of USD 205.1 million, which is within the guidance range of USD 200-210 million. This represents a 9% decline year-on-year and a 4% decline quarter-on-quarter. The revenue decline was primarily driven by weakness in the industrial and silicon carbide (SiC) segments.

EBITDA and Margins

X-FAB Silicon Foundries SE's EBITDA for Q2 2024 was USD 47.9 million, down 23% year-on-year. The EBITDA margin stood at 23.3%, and excluding the impact of IFRS 15, the margin was 22.7%, which is at the higher end of the guided range of 20-23%. This indicates a strong operational performance despite the revenue decline.

Segment Performance

The automotive segment showed resilience with revenues of USD 142.4 million, up 9% year-on-year. However, the industrial segment saw a significant decline, with revenues dropping 33% year-on-year to USD 34.4 million. The medical segment also experienced a decline, with revenues down 18% year-on-year to USD 13.2 million.

Outlook and Guidance

For the third quarter of 2024, X-FAB Silicon Foundries SE expects revenues to be in the range of USD 205-215 million, with an EBITDA margin between 24-27%. The company has adjusted its full-year revenue guidance to USD 860-880 million, reflecting a delayed recovery in the SiC power device market. The full-year EBITDA margin guidance has been narrowed to 25-28%.

Capital Expenditures and Cash Position

In Q2 2024, X-FAB Silicon Foundries SE's capital expenditures amounted to USD 121.9 million, up 17% sequentially. The company ended the quarter with cash and cash equivalents of USD 290.1 million. The ongoing capacity expansion program is well-funded through a combination of cash reserves, credit facilities, customer prepayments, and operating cash flows.