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X-Fab: sales below expectations, cautious forecasts

( - Foundry group X-Fab on Thursday issued cautious forecasts for its second quarter, after reporting lower-than-expected first-quarter sales.

The silicon wafer manufacturer said it expects sales in the range of $200 to $210 million for the current quarter, with an operating margin (Ebitda) of 20% to 23%.

By way of comparison, the consensus had previously been for quarterly sales of $228 million.

In the first quarter, the foundry posted sales of $216.2 million, up 4% year-on-year and within the forecast range of $215-225 million it had indicated.

However, this performance fell short of the consensus, which was expecting sales of around $221 million.

Although sales of its silicon carbide (SiC) business rose by 100% to $26.3 million, the Group says it was adversely affected by its customers' desire to reduce their high inventory levels.

Nevertheless, its forecasts for the full 2024 financial year remain unchanged, with expected sales in the range of $900 to $970 million and an Ebitda margin of between 25% and 29%.

X-Fab's circuits, sensors and micro-electromechanical systems (MEMS) are used in markets such as automotive, industrial and medical equipment.

The share price fell by 0.4% in the wake of this publication.

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