Infineon Clocks 38% Revenue Growth In Q3; Forges EV Chip Supply Deal With Stellantis

Infineon Technologies AG IFNNY IFNNF reported fourth-quarter revenue growth of 38% year-on-year to €4.14 billion. Adjusted EPS was €0.63.
The adjusted gross margin expanded by 240 bps to 46.3%.
Infineon expects to generate revenue of €4.0 billion in Q1 FY23.
It sees FY23 revenue of €15.5 billion (plus or minus €500 million).
Infineon proposed a quarterly dividend growth of 18.5% Y/Y to €0.32.
Infineon's supervisory board approved further planning for constructing a new factory for 300-millimeter analog and mixed-signal and power semiconductors for about €5 billion with a planned location in Dresden (Germany).
When operating at total capacity, the planned factory would have the potential to generate annual revenue equal to the level of the investment.
The new factory will likely create up to 1,000 new highly qualified jobs and could be ready to start production in the autumn of 2026.
Infineon and the global automaker Stellantis N.V. STLA agreed to the first step towards potential multi-year supply cooperation for silicon carbide (SiC) semiconductors.
Infineon would reserve manufacturing capacity and supply CoolSiC "bare die" chips in the second half of the decade to the direct Tier 1 suppliers of Stellantis.
The potential sourcing volume and capacity reservation has a value of more than €1 billion.
Infineon and Stellantis discussed delivering the CoolSiC Gen2p 1200 V and CoolSiC Gen2p 750 V-chips for electric vehicles under the Stellantis brands.
In 2024, Infineon's new fab for SiC technologies will start manufacturing in Kulim, Malaysia. It will complement existing manufacturing capacities in Villach, Austria, following Infineon's multi-site strategy.
Price Action: IFNNY shares traded higher by 5.97% at $32.48 on the last check Monday.

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