X-FAB Announces First Quarter Revenues and Withdraws Its Full-year Guidance in Light of The COVID-19 Pandemic
02 Abril 2020 - 1:00PM
Business Wire
Intermediate declaration by the Board of Directors
Regulatory News:
Q1 2020 not impacted by the COVID-19 pandemic
X-FAB closed the first quarter of 2020 with revenues amounting
to USD 126.8 million (preliminary), within the guidance range of
USD 125-132 million. Compared to the same quarter last year,
revenues recorded a decrease of 3%, quarter-on-quarter they
increased by 12%.
Since the beginning of the year, X-FAB’s business has developed
positively. Throughout the entire first quarter, bookings trended
upwards recording a total of USD 148.2 million. This is an increase
of 27% year-on-year and of 16% compared to the fourth quarter last
year.
All X-FAB manufacturing sites are operational and have not been
experiencing any disruptions, neither because of issues on the
supply side nor because of an impact on X-FAB’s daily operations
due to an increased absence rate.
Withdrawal of full-year guidance
While it is clear that the COVID-19 pandemic will have an impact
on the world economy caused by disruptions on the supply and demand
side, the current situation is also characterized by a high level
of uncertainty. The visibility on how X-FAB’s business will evolve
in the remainder of the year is low. It can therefore no longer be
ensured that X-FAB will meet the full-year guidance provided in
February this year with an anticipated revenue growth of 10%.
Management therefore withdraws the full-year guidance. Guidance for
the second quarter of 2020 will be provided in the quarterly
announcement scheduled on April 30, 2020.
X-FAB’s focus during the COVID-19 pandemic
The health and well-being of X-FAB’s employees, suppliers, and
customers is a top priority. As the Coronavirus continues to spread
around the world, X-FAB is committed to a cautious approach in
running its business under the current circumstances. Based on the
advice from relevant authorities and experts, X-FAB has implemented
a variety of measures in all locations to minimize the risk of
spread. This will also contribute to the continuity of production,
which is another key focus point. X-FAB has expanded its business
continuity planning to secure the raw material supply as well as
the transport capacities for the delivery of its products.
Management is monitoring events closely and will adapt the measures
as it becomes necessary.
Management comment
Rudi De Winter, CEO of X-FAB Group, comments: “I am very glad
about the bookings of the first quarter showing that X-FAB was well
on track for the planned growth before the pandemic set in. At this
point, it is hard to foresee the impact of the COVID-19 pandemic on
the various parts of our business. We keep monitoring the situation
closely and are prepared to initiate cost-saving measures as soon
as needed. It is also good to see that governments all over the
world are implementing schemes to provide financial support and a
higher level of flexibility to companies suffering from the crisis.
As we proceed, X-FAB will also make use of these opportunities to
save costs if demand drops.”
About X-FAB
X-FAB is the leading analog/mixed-signal and MEMS foundry group
manufacturing silicon wafers for automotive, industrial, consumer,
medical and other applications. Its customers worldwide benefit
from the highest quality standards, manufacturing excellence and
innovative solutions by using X-FAB’s modular CMOS processes in
geometries ranging from 1.0 to 0.13 µm, and its special silicon
carbide and MEMS long-lifetime processes. X-FAB’s analog-digital
integrated circuits (mixed-signal ICs), sensors and
micro-electro-mechanical systems (MEMS) are manufactured at six
production facilities in Germany, France, Malaysia and the U.S.
X-FAB employs about 3,800 people worldwide.
For more information, please visit www.xfab.com.
Forward-looking information
This press release may include forward-looking statements.
Forward-looking statements are statements regarding or based upon
our management’s current intentions, beliefs or expectations
relating to, among other things, X-FAB’s future results of
operations, financial condition, liquidity, prospects, growth,
strategies or developments in the industry in which we operate. By
their nature, forward-looking statements are subject to risks,
uncertainties and assumptions that could cause actual results or
future events to differ materially from those expressed or implied
thereby. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events
described herein.
Forward-looking statements contained in this press release
regarding trends or current activities should not be taken as a
report that such trends or activities will continue in the future.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless legally required. You should not place undue
reliance on any such forward-looking statements, which speak only
as of the date of this press release.
The information contained in this press release is subject to
change without notice. No re-report or warranty, express or
implied, is made as to the fairness, accuracy, reasonableness or
completeness of the information contained herein and no reliance
should be placed on it.
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version on businesswire.com: https://www.businesswire.com/news/home/20200402005643/en/
X-FAB Press Contact Uta Steinbrecher Investor Relations
X-FAB Silicon Foundries +49-361-427-6489
uta.steinbrecher@xfab.com
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