Infineon Clocks 22% Revenue Growth In Q2 Reflecting Robust Demand Amid Pandemic, War

Infineon Technologies AG IFNNY reported second-quarter FY22 revenue growth of 22% year on year to €3.3 billion.
Automotive revenue rose 22% to €1.5 billion; Industrial Power Control revenue grew by 19% Y/Y to €430 million; Power & Sensor Systems revenue rose 18% to €925 million; Connected Secure Systems revenue rose 36% to €448 million.
Adjusted gross margin expanded 610 basis points to 45.4%, and operating income rose 96.8% to €618 million.
The adjusted EPS was €0.44 versus €0.24 last year.
The company generated €615 million in operating cash flow and held €3.2 billion in cash and equivalents.
"Global uncertainties, in particular the war in Ukraine and the further course of the coronavirus pandemic, are placing stress on supply chains. At the same time, demand for our products and solutions continues to exceed supply significantly," CEO Jochen Hanebeck said. "Decarbonization and digitalization will profoundly change the world we live in over the next decade."
Guidance: Infineon sees Q3 revenue of €3.4 billion.
Infineon boosted the FY22 revenue guidance to €13.5 billion-plus or minus €500 million (previously €13.0 billion).
Price Action: IFNNY shares closed at $28.76 on Friday.

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