Wolfspeed Stock Climbing Despite Worse-Than-Expected Q4, FY24 Results

Wolfspeed, Inc. WOLF reported its fourth-quarter financial results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: Wolfspeed reported quarterly losses of 89 cents per share, missing the consensus estimate of losses of 84 cents per share, and revenue of $200.7 million for the quarter, also missing the Street estimate. Fiscal-year losses of $2.59 per share and full-year revenue of $807.2 million both missed the analyst consensus estimates, as well.  

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“We have two priorities we are focused on: optimizing our capital structure for both the near term and long term and driving performance in our state-of-the-art, 200-millimeter fab, and this quarter was a step forward on both of these priorities,” said Wolfspeed CEO, Gregg Lowe. 

“We achieved 20% utilization at Mohawk Valley in June and continued to see strong revenue growth from that fab. Our 200mm device fab is currently producing solid results, which are at significantly lower costs than our Durham 150mm fab. This improved profitability gives us the confidence to accelerate the shift of our device fabrication to Mohawk Valley, while we assess the timing of the closure of our 150mm device fab in Durham," Lowe added.

Outlook: Wolfspeed sees first-quarter losses of between $1.09 and 90 cents per share, versus the estimate of losses of 84 cents, and revenue in a range of $185 million to $215 million, versus the $201.2 million estimate. 

WOLF Price Action: According to Benzinga Pro, Wolfspeed shares are up 6.22% after-hours at $14.35 at the time of publication Wednesday.

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Photo: Courtesy of Wolfspeed, Inc.