LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

WhichCar - Strands Lighting showcases Siberia Outlaw LED light bar - 11/6/2024

Launching in Australia in 2023, Strands Lighting has now released its flagship Siberia Outlaw 32-inch LED light bar.

For the complete story see:

https://www.whichcar.com.au/gear/strands-lighting-siberia-outlaw-led-light-bar

LEDs Magazine - Ams Osram adds a family of horticultural LEDs - 8/6/2024

Ams Osram has again added to its stable of horticultural LEDs, this time with a new product family that will co-exist with - not replace - the existing family.

For the complete story see:

https://www.ledsmagazine.com/horticultural-lighting/article/55057147/ams-ag-ams-osram-adds-a-family-of-horticultural-leds

LEDinside - ImageNet and Daktronics Deliver Immersive LED Video Wall Experience to Flogistix - 5/6/2024

Daktronics worked with ImageNet Consulting and Rand Elliott Architects to install a new LED video wall for Flogistix, petroleum engineering and technology experts in the gas and oil industry.

For the complete story see:

https://www.ledinside.com/news/2024/6/2024_06_05_04

(10,809)

(7,678)

(24,814)

(18,487)

(17,099)

Income tax provision (benefit)

2,198

3,534

8,149

5,732

19,471

Net income (loss) from continuing operations

(13,007)

(11,212)

(32,963)

(24,219)

(36,570)

Net income (loss) from discontinued operations

(8,148)

6,177

(8,148)

15,108

Net income (loss)

(13,007)

(19,360)

(26,786)

(32,367)

(21,462)

Net income attributable to noncontrolling interest

613

561

433

1,174

765

Net income (loss) attributable to SGH

(13,620)

(19,921)

(27,219)

(33,541)

(22,227)

Basic earnings (loss) per share:

Continuing operations

(0.26)

(0.23)

(0.68)

(0.49)

(0.76)

Discontinued operations

(0.15)

0.13

(0.15)

0.31

(0.26)

(0.38)

(0.55)

(0.64)

(0.45)

Diluted earnings (loss) per share:

Continuing operations

(0.26)

(0.23)

(0.68)

(0.49)

(0.76)

Discontinued operations

(0.15)

0.13

(0.15)

0.31

(0.26)

(0.38)

(0.55)

(0.64)

(0.45)

Shares used in per share calculations:

Basic

52,031

52,068

49,116

52,050

49,039

Diluted

52,031

52,068

49,116

52,050

49,039

https://ir.smartm.com/news/news-details/2024/SGH-Reports-Second-Quarter-Fiscal-2024-Financial-Results/default.aspx

Eaton Cooper Industries (NYSE: ETN)

About Eaton

Today, the world runs on critical infrastructure and technology. Planes. Hospitals. Factories. Data centers. Vehicles. The electrical grid. These are things people depend on every day. And the companies behind them depend on us to help solve some of the toughest power management challenges on the planet. At Eaton, we're dedicated to improving people's lives and the environment with power management technologies that are more reliable, efficient, safe and sustainable.

We are a power management company made up of over 92,000 employees, doing business in more than 175 countries. Our energy-efficient products and services help our customers effectively manage electrical, hydraulic and mechanical power more reliably, efficiently, safely and sustainably. By giving people tools to use power more efficiently. Helping companies do business more sustainably. And by encouraging each and every employee at Eaton to think differently about our business, our communities-and the positive impact we can have on the world.

https://www.eaton.com/my/en-us/company/about-us.html

LED Lighting Design & Specification

Eaton's Crouse-Hinds series LED solutions are built to withstand the toughest conditions, deliver maximum lighting performance and safety, and reduce expensive maintenance costs. Learn about the key factors to consider when selecting LED luminaires for your industrial lighting application.

https://www.eaton.com/us/en-us/products/lighting-controls.html

Eaton Reports Record First Quarter 2024 Results, with Strong Orders and Backlog Growth

First quarter earnings per share of $2.04 and adjusted earnings per share of $2.40, both up 28% over 2023 and first quarter records

First quarter record segment margins of 23.1%, 340 basis points above the first quarter of 2023

8% organic sales growth, at the high end of guidance, and strong backlog growth of 27% in Electrical and 11% in Aerospace

Raised full year 2024 organic sales, segment margin, earnings per share and adjusted earnings per share guidance

DUBLIN - Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $2.04 for the first quarter of 2024, a first quarter record and up 28% over the first quarter of 2023. Excluding charges of $0.21 per share related to intangible amortization, $0.12 per share related to a multi-year restructuring program, and $0.03 per share related to acquisitions and divestitures, adjusted earnings per share of $2.40 were also a first quarter record and up 28% over the first quarter of 2023.

Sales in the quarter were $5.9 billion, a first quarter record and up 8% from the first quarter of 2023, driven entirely by organic sales growth.

Segment margins were 23.1%, a first quarter record and a 340-basis point improvement over the first quarter of 2023.

Operating cash flow was $475 million and free cash flow was $292 million, up 42% and 40%, respectively, over the same period in 2023.

Craig Arnold, Eaton chairman and chief executive officer, said, "Growth drivers like increased project activity tied to megatrends, reindustrialization and infrastructure spending continue to drive demand for Eaton's solutions across our markets, and we remain very confident in our teams' ability to execute on our increased targets for the year. We capitalized on strong growth in our business to start the year, resulting in strong order growth in Electrical and Aerospace and first quarter record segment margins."

Guidance

For the full year 2024, the company is raising:

Organic growth guidance from 6.5-8.5% to 7-9%

Segment margin guidance from 22.4-22.8% to 22.8-23.2%

Earnings per share guidance to between $8.95 and $9.35, up 14% at the midpoint over the prior year

Adjusted earnings per share guidance to between $10.20 and $10.60, up 14% at the midpoint over the prior year.

For the second quarter of 2024, the company anticipates:

Organic growth of 6.5-8.5%

Segment margins of 22.4-22.8%

Earnings per share between $2.19 and $2.29

Adjusted earnings per share between $2.52 and $2.62.

Business Segment Results

Sales for the Electrical Americas segment were a record $2.7 billion, up 17% from the first quarter of 2023, driven entirely by organic sales growth. Operating profits were a record $785 million, up 50% over the first quarter of 2023. Operating margins in the quarter were a record 29.2%, up 630 basis points over the first quarter of 2023.

The twelve-month rolling average of orders in the first quarter was up 8% organically, with particular strength in the data center market. Backlog at the end of March remained at record levels, up 31% organically over March 2023.

Sales for the Electrical Global segment were $1.5 billion, flat to the first quarter of 2023. Organic sales were up 1%, which was offset by 1% from negative currency translation. Operating profits were $274 million and operating margins in the quarter were 18.3%.

The twelve-month rolling average of orders in the first quarter was up 4% organically, with particular strength in the data center and utility markets. Backlog at the end of March was up 12% organically over March 2023.

On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained strong at 1.2.

Aerospace segment sales were a first quarter record $871 million, up 9% from the first quarter of 2023, driven entirely by organic sales growth. Operating profits were $201 million, a first quarter record and up 12% from the first quarter of 2023. Operating margins in the quarter were 23.1%, a first quarter record and up 60 basis points over the first quarter of 2023.

The twelve-month rolling average of orders in the first quarter was up 2% organically, with particular strength in commercial OEM, commercial aftermarket and defense aftermarket. The backlog at the end of March was up 11% over March 2023. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.

The Vehicle segment posted sales of $724 million, down 2% from the first quarter of 2023. Organic sales were down 3%, which was partially offset by 1% from favorable foreign exchange. Operating profits were $116 million, up 8% over the first quarter of 2023. Operating margins in the quarter were 16.0%, up 150 basis points over the first quarter of 2023.

eMobility segment sales were a first quarter record $158 million, up 7% over the first quarter of 2023, driven entirely by organic sales growth. The segment recorded an operating loss of $4 million, reflecting the timing of program start-up costs to support future volume growth.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're accelerating the planet's transition to renewable energy sources, helping to solve the world's most urgent power management challenges, and building a more sustainable society for people today and generations to come.

Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

https://www.eaton.com/us/en-us/company/news-insights/news-releases/2024/eaton-reports-record-first-quarter-2024-results-with-strong-orders.html

GE Lighting (NYSE: GE)

About GE Lighting

GE Lighting a savant company

We've introduced new ages of lighting for over 130 years.

We have been at the forefront of lighting technology for over 130 years. And now, powered by Savant, GE Lighting's future has never been stronger or brighter. We have embraced our parent company's mission to provide the best smart home experience, including new and exciting advances in intelligent lighting designed to enhance lifestyle and wellness in any setting. We continue to help you create perfectly lit spaces and smart, healthy environments in which to live, work and play. We are committed to bringing innovation, exceptional value and reliability to retail partners and consumers as the number one intelligent lighting and smart home company in the world.

https://www.gelighting.com/about

SAVANT SYSTEMS, INC.

Savant Systems, Inc. is a recognized leader in both smart home and smart power solutions, as well as the leading provider of energy efficient smart LED fixtures and bulbs for every room of the house. Savant Systems, Inc.'s brands include Savant, Savant Power and GE Lighting, a Savant company.

https://www.savant.com./company-info

A Legacy of Lighting

In addition to adding intelligence directly into the panel, Savant Systems, Inc. is also focused on intelligence and energy efficiency across light fixtures, light switches and bulbs. Savant offers GE branded lighting, known as one of the most recognized consumer brands in the world. The GE brand has been recognized for decades for providing affordable, energy efficient lighting products. GE Lighting, a Savant company, is a 17-time winner of the EPA's Energy Star[TM] award and and delivers consumer utility rebate programs worth Millions annually.

As the number one recognized lighting brand, GE Lighting, a Savant company, is committed to bringing exceptional consumer value and reliability with solutions available from respected retailers nationwide.

https://www.savant.com/company-info

GE Releases Its 3Q'23 Results

GE released its third-quarter financial results today, and I encourage you to read the full materials and

listen to our earnings call

at 7:30 a.m. ET.

Key highlights of GE's financial performance for the third quarter 2023:

Total orders: $17.9B, +19%; organic orders +18%

Total revenues (GAAP): $17.3B, +20%; adjusted revenues:* $16.5B, +18% organically*

Profit margin (GAAP) of 1.7%, +330 bps; adjusted profit margin*: 9.8%, +760 bps organically*

Continuing EPS (GAAP) of $0.08, +$0.36; adjusted EPS*: $0.82, +$0.99

Cash from operating activities (GAAP): $1.9B, +$1.1B; free cash flow*: $1.7B, +$1.0B

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp Jr. said, "GE delivered another quarter of very strong results with double-digit growth in revenue, profit, and cash. At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services. At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve. With our two largest Renewable Energy businesses delivering and Power's continued strength, we remain highly confident in GE Vernova's spin-off next year."

Culp concluded, "Based on our year-to-date results and continued momentum in the fourth quarter, GE is raising full-year 2023 guidance. We're well-positioned to launch GE Aerospace and GE Vernova as independent companies in the beginning of the second quarter. I'm more excited than ever about our path ahead."

Overall, we delivered very strong 3Q results with double-digit growth in revenue, profit, and free cash flow.* Orders were up +18% organically, with equipment orders up in all segments and services orders growth driven by GE Aerospace. Organic revenue* was also up +18%, with all segments delivering top-line growth. Profitability and cash improvements were significant, with +760 bps of organic margin* expansion, $0.82 of adjusted EPS*, and $1.7B of free cash flow.*

GE Aerospace is growing rapidly. Orders growth was +34%. Organic revenue* grew +25% and profit improved +33% organically* year over year from robust services growth. Defense revenue was up 8%, driven by strength in services and Edison Works. Notably, margins expanded 120 basis points organically,* reaching 20.4% in the quarter.

At GE Vernova, performance is strengthening pre-spin at both Renewable Energy and Power. Grid and now Onshore Wind were both profitable this quarter and we expect their performance to continue to improve. Orders growth at Renewable Energy was led by Grid and North America Onshore Wind. Revenue grew 14% organically* across Grid and North America Onshore and Offshore Wind. Additionally, profit improved both sequentially and year over year.

Power delivered solid growth, with seasonally lower outages in 3Q and 200 basis points of margin expansion.

We're raising 2023 guidance based on year-to-date results and expectations for continued strength in the fourth quarter:

Organic revenue* growth in the low-teens range, up from low-double-digit (LDD) growth

Adjusted EPS* of $2.55 to $2.65, up from $2.10 to $2.30

Free cash flow* (FCF) of $4.7 to $5.1 billion, up from $4.1 to $4.6 billion

In addition, GE is updating its business-specific guidance and now expects:

GE Aerospace: organic revenue* growth in the low 20% range, up from high teens to 20%; operating profit of approximately $6.0 billion, up from $5.6 to $5.9 billion; and FCF* is trending even better year over year.

GE Vernova: high-single-digit organic revenue* growth, up from mid-single digits; operating profit of $(0.3) to $(0.1) billion, up from $(0.4) to $(0.1) billion; FCF* remains flat to slightly improved.

Renewable Energy: LDD organic revenue* growth, up from HSD, and maintaining the outlook for significantly better operating profit, and flat-to-improving FCF*.

Power: Continues to expect low-single-digit organic revenue* growth, operating profit better year-over-year, and lower FCF*.

Our businesses have seen very strong performance year-to-date and we're well positioned as we approach the launch of GE Aerospace and GE Vernova as independent companies. Shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol GEV, and shares of GE Aerospace will continue GE's listing on the New York Stock Exchange under the ticker symbol GE. We also further simplified and strengthened our balance sheet, redeeming the remainder of our preferred equity and selling a portion of our AerCap shares for approximately $2.7B.

We've also made key hires, including GE Vernova's seasoned CFO, Ken Parks, and we expanded Vic Abate's leadership role, now CEO of the entire Wind business. At GE Aerospace, we named our heads of Corporate Affairs, Human Resources, Legal, and Treasury, with experienced leaders from within and outside GE.

I personally couldn't be more excited about what's ahead.

Thank you for your continued interest in GE.

Best,

Steve & team

https://www.ge.com/news/reports/ge-releases-its-3q23-results

International Light Technologies

About ILT

For over

fifty years International Light Technologies

has been developing products and solutions that meet a broad range of needs and solve a variety of challenges. ILT combines technical lighting and

light measurement expertise

to provide products and services that shine.

International Light Technologies was formed when Gilway Technical Lamp merged with International Light. Gilway and International Light have long and proud reputations for delivering exemplary customer service, on-time delivery, and technical expertise. Formed in 1969, Gilway Technical Lamp has provided customers with off-the-shelf and customized solutions for a full spectrum of light sources. Since 1965 International Light has been solving the inherent difficulties in light measurement through the design and manufacture of a wide range of light measuring instruments, including the

most accurate light meters

on the market.

In February of 2022, ILT was acquired by

Ocean Insight

. International Light Technologies offices, R&D efforts, certified state-of-the-art testing and calibration lab, warehousing and much of its manufacturing are located in Peabody Massachusetts, just 15

miles north of Boston

https://www.intl-lighttech.com/company/about-ilt

Ocean Insight Expands Its Capabilities to Deliver Additional Light

21 February 2022

Addition of International Light Technologies (ILT) light measurement system boosts portfolio

Orlando, Florida, USA (February 21, 2022) - Ocean Insight acquired International Light Technologies (ILT), a leading producer of light measurement and detection systems, and specialty customized light source solutions that are used in biomedical, environmental, agricultural, food and beverage, and industrial applications.

Based in Peabody, Massachusetts, USA, ILT's portfolio of light sources and light measurement systems expands Ocean Insight's presence as an international leader in light measurement and detection systems and enhances Ocean's ability to apply spectral knowledge to solve measurement challenges across different markets, industries, and sectors.

"International Light Technologies is a leader in developing highly customized light generation and light measurement solutions for some of the world's largest companies. Ocean Insight is a global leader in creating and delivering precise yet practical optical sensing solutions that enable researchers and industry to solve meaningful problems in health, safety and the environment," said Dr. Michael Edwards, President of Ocean Insight. "By combining Ocean Insight and International Light Technologies, we are advancing our ability to meet the needs of an increasingly diverse range of applications and industries by leveraging the power of light to amplify optical sensing product innovations that make the world safer, cleaner, healthier for everyone, every day."

To learn more, please contact us, or visit International Light Technologies, Inc. (Peabody, M.A.)

https://www.oceaninsight.com/about/news/expanding-capabilities-in-light-measurement-technology/

LG Innotek Co Ltd (011070: KS)

About LG Innotek

LG Innotek, as a global materials and components engineering service company, develops key materials and components for the industries of automotive, mobile, IoT, display, semiconductor, LED, etc.

Our company is, in particular, leading the global market in such areas as camera modules, photo masks, and tape substrates, and we are also preparing future business through the development of automotive electric components and IoT components.

With the rapid innovation of products in recent years, the importance of materials and components applied to them is increasing.

Going beyond simply being a materials and components company, LG Innotek will continue to provide differentiated values to our customers and do its best to make every customer a winner.

http://www.lginnotek.com/en/company/intro/ceo/

LG Innotek's innovative technologies are designed for Safe, Convenient and Enjoyable Future!

http://www.lginnotek.com/en/

LG Announces First-Quarter 2024 Financial Results

Company Pushes Boundaries With Innovative Business Models While Balancing Core Operations and Future Growth to Create New Opportunities

SEOUL, April 25, 2024 - LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company's home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.

Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG's emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.

Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG's strong performance in the face of intensifying market competition. The company's focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.

The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company's history, with an operating profit margin of 10.9 percent, underscoring the company's exceptional global competitiveness.

Driven by its core technologies, particularly in motors and compressors, LG's home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of 'Affectionate Intelligence' appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.

The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.

While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.

The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.

Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG's strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.

The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.

This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.

https://www.lg.com/my/about-lg/press-and-media/lg-first-quarter-2024-financial

Ledtronics

About us

LEDtronics is known industry-wide for its high-quality products in the 3 top categories: LED indicators, indoor architectural lighting, and outdoor area lighting.

We continue to specialize in and focus on

LED indicators

as our main, top-selling product line. With staple lighting products to customizable items, LEDtronics will have an indicator for everyone, no matter the problem or required application. LEDtronics' indicator line includes:

Miniature based bulbs

Intermediate based bulbs

Relampable panel indicators

Snap/bolt panel indicators

Machine status lamps

Discrete & SMD LEDs

PC Board LEDs

The LEDtronics Indicator line is our best-selling brand focus, and we can guarantee high-quality, durable products made with only the best materials. Thanks to our longevity in the business, we are the best known, most relied upon indicator company out there, with clients like Fortune 500 companies who have been purchasing our products for almost 40 years. Indicators are what we do best, and we continue to dominate the field today.

Our

indoor architectural lighting

line is durable, aesthetically streamlined, and applicable to lots of different indoor lighting fixtures. With products like tube lights, high bays, and more, our indoor lighting options will give you the peace of mind you need when enjoying any indoor space.

Who said you can't have impeccable lighting outside? LEDtronics offers premium

outdoor lighting

, such as flood lights, shoebox area lights, and post top lamps, that'll add to the functionality and aesthetic of any and every outside area.

LEDtronics is the ultimate one-stop-lighting-shop for any and every industry looking for high-quality, durable LED lighting solutions. Our decades of experience have allowed us to expand into nearly every market out there, from industrial controls, defense & aerospace, and

transportation

all the way to elevators, commercial buildings, education, and healthcare. We can and have done it all, and we won't stop until we provide the lighting solution you are looking for.

https://www.ledtronics.com/

Lumileds

About us

Technology advancements in lighting, especially LED, are creating tremendous opportunities in the field of light. Lighting solutions today not only need to work and to last, they need to give customers a competitive edge. Companies developing automotive, mobile, IoT and illumination lighting applications require a partner who can collaborate with them to push the boundaries of light. With more than 100 years of inventions and industry firsts, Lumileds is a global lighting solutions company that helps customers around the world deliver differentiated solutions to gain and maintain a competitive edge.

As the inventor of Xenon technology, a pioneer in halogen lighting and the leader in high performance LEDs, Lumileds builds innovation into everything it does. What's more, quality and reliability are guiding principles for Lumileds. The company demonstrates this by maintaining control over materials, processes and technologies and by helping customers engineer the best quality of light for their application to achieve the highest levels of performance.

The best innovation happens when great minds work together. Lumileds acts with integrity as a trusted partner to its customers, honoring commitments, offering deep expertise, and going the extra mile - making the world better, safer, more beautiful - with light.

https://www.lumileds.com/company/about-us

PerkinElmer Inc. (NYSE: PKI)

About PerkinElmer

PerkinElmer is a leading, global provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence. With an 85-year legacy of advancing science and a mission of innovating for a healthier world, our dedicated team of more than 16,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. We are also deeply committed to good corporate citizenship through our dynamic ESG and sustainability programs. The Company reported revenues of approximately $5 billion in 2021, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at

www.perkinelmer.com

Follow PerkinElmer on

Twitter

Facebook

Instagram

and

YouTube

Key Facts

Our Mission: Innovating for a healthier world

President and Chief Executive Officer: Prahlad Singh

2021 Revenue: Approximately $5 billion

Global Headquarters: Waltham, MA

Number of

Patents

: 3,500

Ticker Symbol:

PKI (NYSE)

https://www.perkinelmer.com/corporate/company/about-us

Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2023

1 February 2024

Fourth quarter revenue of $696 million; (6)% reported growth; (7)% organic growth; (3)% non-COVID organic growth

Fourth quarter GAAP EPS of $0.64; Adjusted EPS from continuing operations of $1.25

Initiates full year 2024 guidance

WALTHAM, Mass.--(BUSINESS WIRE)--

Revvity, Inc.

(NYSE: RVTY), today reported financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023

The Company reported GAAP earnings per share of $0.64, as compared to $1.01 in the same period a year ago. GAAP revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $77 million, as compared to $137 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.1% as a percentage of revenue, as compared to 18.5% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.25, as compared to $1.41 in the same period a year ago. Adjusted revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. Adjusted operating income was $192 million, as compared to $240 million for the same period a year ago. Adjusted operating profit margin was 27.5% as a percentage of adjusted revenue, as compared to 32.3% in the same period a year ago.

Full Year 2023

The Company reported GAAP earnings per share of $5.55 in 2023, as compared to $4.50 in 2022. GAAP revenue for the year was $2,751 million, as compared to $3,312 million in 2022. GAAP operating income from continuing operations for the year was $301 million, as compared to $743 million for 2022. GAAP operating profit margin from continuing operations for the year was 10.9% as a percentage of revenue, as compared to 22.4% in 2022.

Adjusted earnings per share from continuing operations for the year was $4.65, as compared to $6.92 in 2022. Adjusted revenue for the year was $2,751 million, as compared to $3,313 million in 2022. Adjusted operating income for the year was $770 million, as compared to $1,212 million in 2022. Adjusted operating profit margin for the year was 28.0% as a percentage of adjusted revenue, as compared to 36.6% in 2022.

Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

"We persevered through continued industry headwinds and performed better than anticipated during the final months of 2023," said Prahlad Singh, president and chief executive officer of Revvity. "We are leading with innovation to be a strategic scientific partner with our customers, which positions us well to continue to perform at a high level for years to come."

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2023

Life Sciences

Fourth quarter 2023 revenue was $320 million, as compared to $347 million in the same period a year ago. Reported revenue decreased 8% and organic revenue decreased 9% as compared to the same period a year ago.

Full year 2023 revenue was $1,292 million, as compared to $1,293 million in 2022. Reported revenue and organic revenue were both flat as compared to the same period a year ago.

Fourth quarter 2023 adjusted operating income was $118 million, as compared to $146 million in the same period a year ago. Adjusted operating profit margin was 36.9% as a percentage of adjusted revenue, as compared to 41.9% in the same period a year ago.

Full year 2023 adjusted operating income was $489 million, as compared to $503 million in 2022. Adjusted operating profit margin was 37.9% as a percentage of adjusted revenue, as compared to 38.9% in 2022.

Diagnostics

Fourth quarter 2023 revenue was $376 million, as compared to $394 million in the same period a year ago. Reported revenue decreased 4% and organic revenue decreased 6% as compared to the same period a year ago.

Full year 2023 revenue was $1,459 million, as compared to $2,020 million in 2022. Reported revenue decreased 28% and organic revenue decreased 27% as compared to the same period a year ago.

Fourth quarter 2023 adjusted operating income was $80 million, as compared to $113 million in the same period a year ago. Adjusted operating profit margin was 21.1% as a percentage of adjusted revenue, as compared to 28.7% in the same period a year ago.

Full year 2023 adjusted operating income was $321 million, as compared to $782 million in 2022. Adjusted operating profit margin was 22.0% as a percentage of adjusted revenue, as compared to 38.7% in 2022.

Initiates Full Year 2024 Guidance

For the full year 2024, the Company forecasts total revenue of $2.79-$2.85 billion and adjusted earnings per share of $4.55-$4.75.

Guidance for the full year 2024 is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company's results prepared in accordance with GAAP.

Webcast Information

The Company will discuss its fourth quarter and full year 2023 results and its outlook for business trends during a webcast on February 1, 2024, at 8:00 a.m. Eastern Time. A live audio webcast and presentation will be available on the

Investors

section of the Company's website.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.

Factors Affecting Future Performance

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "estimates," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) our ability to obtain future financing; (21) restrictions in our credit agreements; (22) significant fluctuations in our stock price; (23) reduction or elimination of dividends on our common stock; and (24) other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

About Revvity

At Revvity, "impossible" is inspiration, and "can't be done" is a call to action. Revvity provides health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what's possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

With 2023 revenue of more than $2.7 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 190 countries.

Revvity, Inc. and Subsidiaries

CONDENSED CONSOLIDATED INCOME STATEMENTS

Three Months Ended

Twelve Months Ended

(In thousands, except per share data)

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

Revenue

695,901

741,214

2,750,571

3,311,822

Cost of revenue

312,423

304,884

1,210,880

1,321,992

Selling, general and administrative expenses

256,723

244,325

1,022,551

1,025,514

Research and development expenses

49,596

54,536

216,578

221,617

Operating income from continuing operations

77,159

137,469

300,562

742,699

Interest income

(18,363)

(1,565)

(72,131)

(3,589)

Interest expense

24,582

22,508

98,813

103,955

Change in fair value of financial securities

21,079

1,433

33,921

15,754

Other expense (income), net

18,482

(23,354)

56,983

(25,258)

Income from continuing operations, before income taxes

31,379

138,447

182,976

651,837

(Benefit from) provision for income taxes

(32,188)

40,950

3,473

139,161

Income from continuing operations

63,567

97,497

179,503

512,676

Income from discontinued operations

14,996

30,161

513,591

56,503

Net income

78,563

127,658

693,094

569,179

Diluted earnings per share:

Income from continuing operations

0.52

0.77

1.44

4.06

Income from discontinued operations

0.12

0.24

4.11

0.45

Net income

0.64

1.01

5.55

4.50

Weighted average diluted shares of common stock outstanding

123,412

126,476

124,812

126,426

ABOVE PREPARED IN ACCORDANCE WITH GAAP

Additional supplemental information (1) :

(per share, continuing operations)

GAAP EPS from continuing operations

0.52

0.77

1.44

4.06

Amortization of intangible assets

0.73

0.71

2.93

Debt extinguishment costs

(0.00)

(0.02)

(0.03)

(0.02)

Purchase accounting adjustments

0.02

0.00

0.05

0.36

Acquisition and divestiture-related costs

0.08

0.11

0.71

0.32

Change in fair value of financial securities

0.17

0.01

0.27

0.12

Significant litigation matters and settlements

0.00

(0.00)

Significant environmental matters

0.01

0.02

Disposition of businesses and assets, net

(0.02)

Mark to market on postretirement benefits

0.08

(0.18)

0.08

(0.18)

Restructuring and other, net

0.09

(0.01)

0.21

0.11

Tax on above items

(0.29)

(0.07)

(1.02)

(0.84)

Significant tax items

(0.14)

0.12

(0.01)

0.10

Adjusted EPS from continuing operations

1.25

1.41

4.65

6.92

(1) amounts may not sum due to rounding

Revvity, Inc. and Subsidiaries

REVENUE AND OPERATING INCOME (LOSS)

Three Months Ended

Twelve Months Ended

(In thousands, except percentages)

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

Adjusted revenue and operating income

Reported revenue

695,901

741,214

2,750,571

3,311,822

Revenue purchase accounting adjustments

209

205

827

814

Adjusted revenue

696,110

741,419

2,751,398

3,312,636

Reported operating income from continued operations

77,159

137,469

300,562

742,699

OP%

11.1%

18.5%

10.9%

22.4%

Amortization of intangible assets

89,624

90,169

365,113

370,638

Purchase accounting adjustments

2,899

5,956

45,681

Acquisition and divestiture-related costs

10,079

13,961

69,159

39,826

Significant litigation matters and settlements

(627)

Significant environmental matters

1,325

2,457

Restructuring and other, net

10,665

(1,863)

26,601

13,580

Adjusted operating income

191,763

239,828

769,860

1,211,797

OP%

27.5%

32.3%

28.0%

36.6%

Segment revenue and segment operating income

Life Sciences

319,691

347,425

1,292,340

1,292,909

Diagnostics

376,419

393,994

1,459,058

2,019,727

Revenue purchase accounting adjustments

(209)

(205)

(827)

(814)

Reported revenue

695,901

741,214

2,750,571

3,311,822

Life Sciences

117,939

145,582

489,349

503,243

36.9%

41.9%

37.9%

38.9%

Diagnostics

79,514

113,004

320,928

781,985

21.1%

28.7%

22.0%

38.7%

Corporate

(5,690)

(18,758)

(40,417)

(73,431)

Subtotal reportable segments adjusted operating income

191,763

239,828

769,860

1,211,797

Amortization of intangible assets

(89,624)

(90,169)

(365,113)

(370,638)

Purchase accounting adjustments

(2,899)

(87)

(5,956)

(45,681)

Acquisition and divestiture-related costs

(10,079)

(13,961)

(69,159)

(39,826)

Significant litigation matters and settlements

(12)

(5)

(12)

627

Significant environmental matters

(1,325)

(2,457)

Restructuring and other, net

(10,665)

1,863

(26,601)

(13,580)

Reported operating income from continued operations

77,159

137,469

300,562

742,699

https://news.revvity.com/press-announcements/press-releases/press-release-details/2024/Revvity-Announces-Financial-Results-for-the-Fourth-Quarter-and-Full-Year-of-2023/default.aspx

Samsung LED (005930: KS)

About Samsung LED

Samsung LED is a business unit of the Device Solutions business unit of Samsung Electronics Co., Ltd.

https://www.samsung.com/global/ir/

As a forefront pioneer of LED technology, Samsung LEDs marks a new era in a global industry. Our company delivers a product line that comprises core components for LED lighting systems including modules for various uses in displays, mobile devices, automotive, and smart lighting solutions.

Samsung's expertise in semiconductor manufacturing and IT serve as the foundation quintessential to the continued innovation and delivery of state-of-the-art LED devices. Our persistence and consistent pursuit of market enhancing LED innovation are based on key fundamentals well represented by our unique strategy named the "4 building block solution."

These building blocks are represented as follows:

The first building block is Samsung LEDs CSP technology, the second building block is our premium line-up, the third building block is Samsung LEDs vision to innovate the future through lighting, and the fourth building block is the trustworthy support afforded by the Samsung brand. These blocks have established the resolute foundation for ceaseless industry differentiation and competitive positioning of Samsung LEDs.

The first building block of Samsung LEDs 4 building block solution is our CSP technology. In 2014, Samsung LEDs developed and manufactured the world's first Chip Scale Package (CSP), and introduced its groundbreaking 200 lm/W product in 2017. Samsung LEDs CSP significantly reduces LED package size to enable more flexible and compact designs, while slashing LED lighting system manufacturing and operational costs. Our exceptional CSP technology can be customized to fit various applications from mainstream to outdoor. As such, so many customers can enjoy efficient operation combined with design freedom.

Samsung LEDs was the first manufacturer to start mass production of CSP applied display LEDs and mobile flash. Our CSP modules are being utilized in the world's bestselling television and mobile phones. We have been leading display design trends by enabling slimmer displays with thinner bezels.

In automotive lighting, Samsung LEDs multi-color CSP realizes additional colors including red and amber by adding RGB to pixel lighting. This technology has a higher potential reliability via blue-chip phosphor conversion.

The second building block consists of our premium line-up. Samsung LEDs premium line-up promises a brand-new level of value to customers by offering LED packages and modules with industry-leading efficacy. We now deliver the industry's best overall efficacy levels throughout our entire line-up of products from mid-power LED packages to Chip on Board (COB) and LED modules. Our latest flagship product is the LM301B series with world-leading 220lm/W efficacy.

Samsung LEDs Chip on Board (COB) with small LES technology ensures enhanced light quality, vivid colors, and currently boasts the top rank in efficiency market wide. Above and beyond, we also offer premium color line-ups with the highest contrast and special spectrum in terms of color variation.

We also offer a premium automotive lighting solution line-up. With the utilization of ceramic substrate technology, our products deliver highly reliable performance through low thermal resistance, and deliver diverse color options including white, amber, allnGaP red and bi-color. Additionally, exceptionally compact 1mm x 1mm LED chips accomplish a sleek design with uniform light, significantly improving any driving experience through individually addressable multi-LEDs actualizing the Adaptive Driving Beam (ADB) solution.

Our third building block is the vision we have for future innovation. Samsung LEDs realizes the most holistic user experience through human-centric lighting. Our main aim is to provide added value above and beyond energy efficiency and promoting the improved quality of our customers' lives. Using its accumulated expertise, Samsung LEDs shall continue its imperative role in the transformation of people's ordinary lives in the near future to be richer and more comfortable than ever before.

Samsung LEDs Smart Lighting Platform is a highly integrated lighting solution. We have established an intelligent lighting system via a combination of various IoT and LED technologies. With this system, we can empower state-of-the-art space management that optimizes comfort, safety, security, and maintenance. With our extensive know-how of hardware and software, we offer end-to-end smart lighting solutions that accelerate and shape smart homes, smart buildings, and smart cities.

Samsung LEDs advanced technology offers not only solutions to general lighting, but has revolutionized the automotive industry. Our automotive lighting delivers a plethora of simple functionalities to assist drivers with improved vision and alerts that are more impactful. Moreover, Samsung raises the driving experience to an entire new level never experienced before. Our scalable chip designs with extraordinary contrast ratios truly realize ADB technology to enhance both driving experience and safety. Multi-colored chip scaled packages characterized by reduced deterioration, combined with blue chip phosphor conversion, are an ideal replacement to OLED. This technology will open up new possibilities to our customers through innovative applications such as Text Readable Heads-Up Displays and an Adaptive Rear Lighting System.

The fourth building block is the dependability of the Samsung brand. Samsung's brand power supports Samsung LEDs through its strong brand presence throughout the world. Samsung LEDs has become synonymous with trust to our business partners and consumers and continues its status as a beloved brand.

We have begun ingredient branding program for our products to further promote Samsung's brand leverage in LED fixtures. It assists LED lighting prospective customers seeking high quality LED products with their selections via the Samsung's logo representing high quality LED components applied in Samsung LEDs fixtures.

Samsung LEDs operates a world-class certification test center in collaboration with major international certification agencies to allow the quick supply and launch of ever safer products. Additionally, Samsung LEDs customers benefit from our exclusive Certification Support Program that speeds up the certification process and makes it more affordable.

Samsung LEDs owns various patent rights, involving EPI, chip, packaging, phosphor, modules and drivers for blanket coverage in crucial LED technological areas. We have positioned ourselves as a global leader in successful patent applications and registrations. We continue to carry out meaningful research and development to expand our intellectual property rights pool and will passionately protect our creations and its value to customers.

Samsung LEDs endeavors to take the leading role in both LED applications and components with a smart innovative approach to lighting. We will continue to invest in technology development and design to reach beyond the boundaries of LEDs to create innovation for business and the society.

https://www.samsung.com/led/about-us/business-overview/

https://www.samsung.com/led/

Samsung Electronics Announces First Quarter 2024 Results

Korea on April 30, 2024

Quarterly revenue of KRW 71.92 trillion, operating profit at KRW 6.61 trillion

Global IT demand and business environment expected to improve in H2 based on demand for AI applications

Samsung Electronics today reported financial results for the first quarter ended March 31, 2024.

The Company posted KRW 71.92 trillion in consolidated revenue on the back of strong sales of flagship Galaxy S24 smartphones and higher prices for memory semiconductors. Operating profit increased to KRW 6.61 trillion as the Memory Business returned to profit by addressing demand for high value-added products. The Mobile eXperience (MX) Business posted higher earnings and the Visual Display and Digital Appliances businesses also recorded increased profitability.

The weakness of the Korean won against major currencies resulted in a positive impact on company-wide operating profit of about KRW 0.3 trillion compared to the previous quarter.

The Company's total capital expenditures in the first quarter stood at KRW 11.3 trillion, including KRW 9.7 trillion for the Device Solutions (DS) Division and KRW 1.1 trillion on Samsung Display Corporation (SDC). Spending on memory was focused on facilities and packaging technologies to address demand for High Bandwidth Memory (HBM), DDR5 and other advanced products, while foundry investments were concentrated on establishing infrastructure to meet medium- to long-term demand. Display investments were mainly made in IT OLED products and flexible display technologies.

Memory Business Returns to Profit; Second Quarter Expected to Remain Solid on AI Demand

The DS Division posted KRW 23.14 trillion in consolidated revenue and KRW 1.91 trillion in operating profit for the first quarter.

For servers and storage, demand for generative AI showed solid trends, while demand for DDR5 and high-density SSDs remained strong. For PCs and mobile overall, content-per-box continued to grow for both DRAM and NAND, and demand remained robust on the back of active sell-in driven primarily by Chinese mobile OEM customers.

The Memory Business returned to profit as it achieved qualitative growth by addressing the demand across servers, storage, PC and mobile, focusing on high-value-added products such as HBM, DDR5, server SSDs and UFS 4.0., along with the increase in ASP.

Looking ahead to the second quarter, the industry is expected to remain solid, led mainly by demand for generative AI.

For servers and storage, the continuous increase in the supply of AI servers and subsequent expansion of associated cloud services will increase demand not only for HBM but also for conventional servers and storage solutions. Demand for mobile is expected to be stable in the quarter, while PC customers are predicted to be affected by slow seasonality, making them likely to adjust their inventories ahead of new product launches in the second half of the year.

The Company started mass production of HBM3E 8H this month and plans to mass produce HBM3E 12H products and a 128GB product based on 1b nanometer 1 (nm) 32Gb DDR5 within the second quarter. The Company also started mass production of V9 NAND for the first time in the industry this month.

In the second half of 2024, business conditions are expected to remain positive with demand - mainly around generative AI - holding strong, despite continued volatility relating to macroeconomic trends and geopolitical issues.

For HBM, the Company will continue to increase supply in order to respond to growing demand for generative AI. In DRAM, the Company plans to accelerate 1b nanometer-based 32Gb DDR5 supply with faster ramp-up speeds and further strengthen its competitiveness in the high-density DDR5 module market. For NAND, the Company plans to enhance technology leadership by mass producing quad-level cell (QLC) for V9 in the third quarter.

The System LSI Business increased the supply of systems on chips (SoCs) and sensors for major customers' new products, but earnings improvements have taken longer than anticipated as Display Driver IC 2 (DDI) sales were impacted by slowing panel demand.

With smartphone sell-out likely to show signs of recovery after a slow start, the System LSI Business will focus on providing a stable supply of flagship SoCs and sensors and is also preparing to ship products based on advanced technologies for new wearables.

For mobile sensors, the utilization rate is expected to remain high, including the mass production of 50MP products for global customers. For DDIs, sales are expected to continue expanding to meet demand from a major customer for new IT/TV products.

Amid a likely intensified pressure for component pricing, the System LSI Business will proactively adjust its product mix to navigate these challenges effectively.

The Foundry Business saw a delay in sales improvement due to weak market demand and continued inventory adjustments. Still, efficiency efforts in fab operations became more visible, which allowed it to narrow losses slightly.

The development of advanced 3nm and 2nm technologies is progressing smoothly, and 4nm technology yields have stabilized. This improvement in advanced technology competitiveness helped the Foundry Business achieve its highest ever order backlog in the first quarter.

Amid a likely gradual recovery in market conditions, second-quarter revenue is expected to rebound and reach double-digit quarter-on-quarter growth after bottoming in the first quarter.

The Foundry Business plans to complete the development of 2nm design infrastructure and prepare 4nm technology applicable to 3D IC. For mature technologies like 14nm and 8nm, it plans to prepare infrastructure for multiple applications.

In the second half of 2024, the foundry market is expected to see limited growth as uncertainties are likely to persist. However, the Foundry Business expects to outpace the market growth rate in annual sales thanks to increased sales of leading-edge technologies of 5nm and below. It will start mass production of Gate-All-Around (GAA) 3nm second-generation technology and improve the maturity of 2nm technology to focus on high-growth applications like AI and high-performance computing (HPC).

SDC To Focus on Flexible Displays and IT/Automotive, Aims for Sales Growth in Large Panels

SDC posted KRW 5.39 trillion in consolidated revenue and KRW 0.34 trillion in operating profit for the first quarter.

In the mobile display business, while intensifying competition led to a decline in earnings from the previous quarter, SDC ensured the timely supply of flexible displays for a major customer's high-end smartphones and improved the utilization rate for rigid displays.

For the large display business, SDC narrowed losses on the back of new QD-OLED monitor products and a stronger customer base, despite an ongoing curb in demand.

While SDC expects sales to increase in mobile displays with the launch of new foldable phones from a major customer and stronger demand for IT products in the second quarter, earnings growth is likely to be impacted by intensifying competition.

As for large displays, SDC plans to address demand for TV panels for a major customer and seeks to expand sales of premium monitors.

In the second half of the year, SDC will focus on maintaining competitiveness by expanding the sales of flexible displays with low power consumption and improved durability while also continuing to replace LCD displays in smartphones with rigid display products. Furthermore, SDC plans to boost its IT and automotive businesses in order to diversify its business portfolio.

SDC aims to increase large display sales from the previous year by improving the production efficiency of QD-OLED displays and enhancing the product mix, focusing on high-valued-added offerings.

MX Business Posts Revenue Growth Amid Market Decline, Plans Continued Investment in AI

The MX and Networks businesses posted KRW 33.53 trillion in consolidated revenue and KRW 3.51 trillion in operating profit for the first quarter.

Market demand for premium and mid-range smartphone segments decreased sequentially in volume and value as the smartphone market entered the seasonally slower first quarter.

However, the MX Business achieved revenue and operating profit growth due to strong sales of the Galaxy S24 series and maintained solid double-digit profitability through continued efforts in resource optimization. In particular, Galaxy AI features on the S24, such as Circle to Search, continued to see high usage rates and contributed to sales growth.

In the second quarter, overall demand for smartphones is expected to decline sequentially due to seasonality. Accordingly, the MX Business expects smartphone shipments to decline and tablet shipments to remain consistent sequentially.

The MX Business will maintain its flagship-oriented sales approach in the second quarter by applying the Galaxy S24's AI experience to other flagship models and maximizing product competitiveness. Additionally, the MX Business will aim to secure solid profitability by continuing to streamline operations in light of continued geopolitical instability and likely increases in the cost of key components. At the same time, the MX Business will remain committed to investing in R&D, including in AI, despite a challenging environment.

In the second half of the year, the smartphone market is expected to rebound due to stabilizing consumer sentiment, the expansion of AI products and services and economic growth in emerging markets.

The MX Business will seek annual growth in smartphone sales and aims to maintain sales momentum through the expansion of Galaxy AI to existing and new flagship products across foldable devices and tablets. For wearables, it will strengthen the Galaxy ecosystem experience through the expansion of new models and form factors like the Galaxy Ring. For smartwatches, the MX Business will strive to meet demand for upgrades through the launch of new premium models.

Additionally, the MX Business will continue to seek operational efficiencies to counter rising component costs to ensure solid annual profitability, and it will continue to invest in research and development to further expand and refine Galaxy AI.

Visual Display and Digital Appliances To Continue Breaking New Ground in the AI Era

The Visual Display and Digital Appliances businesses posted KRW 13.48 trillion in consolidated revenue and KRW 0.53 trillion in operating profit in the first quarter.

The Visual Display Business posted higher quarter-on-quarter profitability even as the overall market demand decreased by concentrating on premium products, such as Neo QLEDs, OLEDs and TVs above 75". However, profitability declined year-on-year due to stagnant TV market demand and increased costs amid intensifying market competition.

In the second quarter, overall market demand is expected to remain weak due to declining TV demand in emerging markets, but major global sporting events may lead to opportunities to increase sales. The Visual Display Business will focus on securing profitability, enhancing sales of strategic products and strengthening operations management in each business segment.

In the second half of 2024, overall TV demand is expected to recover gradually amid an uncertain macroeconomic and geopolitical environment. The Visual Display Business will address diverse consumer needs while promoting "AI Screen Leadership," driven by innovative premium TVs and Lifestyle screens. Additionally, it will provide differentiated customer experiences through connected devices and drive market growth by promoting advanced features based on security and sustainability, as well as boosting competitiveness in service businesses such as Samsung TV Plus.

https://news.samsung.com/global/samsung-electronics-announces-first-quarter-2024-results

Seoul Semiconductor Co., Ltd (046890: KQ)

About us

Seoul Semiconductor is the world's second-largest global LED manufacturer, a ranking excluding the captive market, and has more than 18,000 patents. Based on a differentiated product portfolio, Seoul offers a wide range of technologies, and mass produces innovative LED products for indoor and outdoor lighting, automotive, IT products, such as mobile phones, computer displays, and other applications, as well as the UV area. Seoul's world's first development and mass production products are becoming the LED industry standard and leading the global market with a package-free LED, WICOP; a high-voltage AC-driven LED, Acrich; an LED with 10X the output of a conventional LED, nPola; a cutting edge ultraviolet clean technology LED, Violeds; an all-direction light emitting technology, filament LED; a natural sun spectrum LED, SunLike; and more.

http://www.seoulsemicon.com/en/company/main

2022 1Q Earnings Results

10 May 2022

http://www.seoulsemicon.com/download/sales_report/47/en

Toyoda Gosei Co., Ltd. (TSE: 72820)

About Toyoda Gosei

Toyoda Gosei is developing LEDs with new added value are being developed.

UV-C LED modules

LED modules equipped with water-resistance and heat dissipation functions.

UV-C LED water purification units

This unit is equipped with a UV-C LED module and is used to purify water (drinking water, domestic use water, discharge water, etc.)

Solar LEDs

An LED that reproduces natural light with original technology. Red, green, blue phosphor is irradiated with violet light to achieve a color tone close to sunlight.

Deep ultraviolet light source module

LED module emits deep ultraviolet light (UV-C), which has a bactericidal effect, for uses such as water sterilization (to ensure drinking water, waste water purification).

General Industry Products

Using the technologies we have cultivated for automobile parts, we develop products in various other fields. Our business is growing in areas ranging from air purifiers, for which we are involved in all steps from design to production, to construction and industrial machines, home construction components and personal electronics.

*Air Conditioning Products

We are a top OEM manufacturer of air conditioners, providing a wide range of variations in performance, design, color, and more.

*Home Construction Components

These products use vibration suppression rubber technology to suppress footstep sounds on upper and lower floors in houses and create a quiet, comfortable environment.

*Industrial machinery parts (interior parts)

Interior products, steering wheels, weatherstrips, hoses

Steering wheels, shift levers, and instrument panel components for construction and industrial machines including forklifts and power shovels.

*Construction machinery parts (interior parts)

*Others

These LED light products can be charged by simply pulling a wire. They can be used in vehicle emergencies, disasters, and for early morning and evening walks.

https://www.toyoda-gosei.com/seihin/#a01

In 1991, under the direction of Prof. Isamu Akasaki of Nagoya University, we successfully developed blue LEDs as fourth generation lights following fire lights, electric bulbs, and fluorescent lights. Together with red and green LEDs, which were already available, this gave us all three primary colors of light to achieve full color displays and white lighting with LEDs.

https://www.toyoda-gosei.com/kigyou/gaiyou/how/strength3/

Since the company was founded in 1949, we have contributed to society through the provision of automotive products that mainly use rubber and plastics technology under the company credo of "Boundless Creativity and Social Contribution." Today, we have 62 Group companies in 16 countries and regions.

The automobile industry is currently facing a period of great transformation with the advances in autonomous driving and electrification. Taking this huge change as an opportunity, we are harnessing the power of all 40,000 employees working together to respond to changes in the business environment and achieve sustainable growth in the future, we aim to grow as a global company that delivers satisfaction to customers worldwide through safety, comfort and well-being and the environment.

https://www.toyoda-gosei.com/kigyou/gaiyou/vision/message/

Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2024

2 February 2024

(1) Explanation of Business Results

Revenue for the nine months ended December 31, 2023 increased to ¥804.2 billion (up 14.6% compared to the same period of the previous fiscal year) mainly due to an increase in production by customers primarily in Japan and the Americas. Operating profit came to ¥55.9 billion (up 136.0% compared to the same period of the previous fiscal year) and profit attributable to owners of parent came to ¥41.2 billion (up 193.2% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales, progress made in improving revenue at group companies in the Americas, and efforts on Group-wide scale to eliminate loss due to production changes until the previous fiscal year and improve costs more than in normal years.

Results by segment are as follows.

(i) Japan

Revenue increased to ¥335.7 billion (up 16.1% compared to the same period of the previous fiscal year) due to factors such as an increase in production by customers. Operating profit came to ¥13.3 billion (compared with an operating profit of ¥0.8 billion for the same period of the previous fiscal year) mainly due to the effect of increased sales and rationalization efforts.

(ii) Americas

Revenue increased to ¥288.2 billion (up 19.9% compared to the same period of the previous fiscal year) due to factors such as an increase in pro duction by customers. Operating profit came to ¥22.6 billion (up 146.1% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales and rationalization efforts.

(iii) Asia

Revenue increased to ¥221.8 billion (up 6.1% compared to the same period of the previous fiscal year) due to factors such as an increase in production in India, despite a decrease in production by customers in China and the ASEAN region. Operating profit came to ¥17.8 billion (up 16.7% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales in India.

(iv) Europe and Africa

Revenue increased to ¥25.9 billion (up 21.5% compared to the same period of the previous fiscal year) due to factors such as an increase in production by customers. Operating profit came to ¥1.8 billion (compared with an operating loss of ¥1.4 billion for the same period of the previous fiscal year) mainly due to the effect of increased sales and onetime factors.

(2) Explanation of Financial Position

Assets increased by ¥27.9 billion from the end of the previous fiscal year to ¥893.2 billion as of December 31, 2023, primarily as a result of an increase in cash and cash equivalents. Liabilities decreased by ¥18.1 billion from the end of the previous fiscal year to ¥360.8 billion, mainly due to a decrease in borrowings. Equity increased by ¥46.0 billion from the end of the previous fiscal year to ¥532.4 billion, mainly due to an increase in retained earnings.

(3) Explanation Regarding Forecast of Consolidated Financial Results and Other Forward-looking Information

As for the outlook of financial results for the full fiscal year, the Company has revised the full fiscal year forecasts announced on October 31, 2023 in consideration of the actual results for the nine months ended December 31, 2023 and other factors. For details, please refer to the "Notice of Revisions to the Full Fiscal Year Forecasts of Financial Earnings for the Fiscal Year Ending March 31, 2024" announced today. These forecasts are based on the exchange rate assumption of ¥140 to US$1 from the fourth quarter, and ¥142 to US$1 for the full fiscal year.

https://contents.xj-storage.jp/xcontents/AS05368/7c002f78/f975/4010/8d41/ea0747dcace7/20240206141525570s.pdf

Universal Display Corporation (NASDAQ: OLED)

About Universal Display Corporation

In 1994, our founder and visionary, Sherwin Seligsohn visited the electrical engineering school at Princeton University and he observed research by Drs. Forrest and Thompson in self-emissive organic materials. He saw a green dot, with a 9-volt battery hanging from it, light up for seconds before it expired. From that green dot, Sherwin saw the future of display technology, and so began Universal Display's story.

We were founded with a vision of creating the next generation of displays, back when TVs were still CRTs (cathode ray tubes). That technology was energy-efficient organic light emitting diodes, or OLEDs. In 1996, Universal Display became a publicly traded company with a research contract with Princeton University, 3 part-time employees and one patent pending.

Fast forward almost two decades and we have grown from an R&D start-up to a global leader in the OLED industry. Today, we work with the largest consumer display panel manufacturers in the world. Our proprietary technologies and materials can be found in virtually every commercial OLED product in the world, from smartwatches and tablets, to smartphones and TVs, including Samsung's Galaxy series and LG's OLED TVs. Our leading-edge phosphorescent technology is also key in OLED lighting. With over 15% of the world's total electricity and 5% of worldwide greenhouse gas emissions stemming from lighting, more energy-efficient lighting products are in high demand. Based on our proprietary UniversalPHOLED® technology and materials, OLEDs have the potential to offer power efficiencies that are superior to those for today's incandescent bulbs and fluorescent tubes. The OLED industry is just beginning to take off, and we are excited to continue to have a critical role in this new era of display and lighting technologies.

Universal Display's Mission

Our mission is to be a key enabler in the OLED ecosystem and help grow the OLED industry with our broad and deep experience and know-how, proprietary OLED technologies and UniversalPHOLED (phosphorescent OLED) emissive materials' systems.

FAST FACTS

Corporate Headquarters: Ewing, NJ, U.S.

International Offices: China, Hong Kong, Ireland, Japan, South Korea and Taiwan

Founded: 1994

Revenue: ~$554 million (CY 2021)

Employees: ~409 (CY 2021)

Nasdaq Symbol: OLED

Patents: ~5,500+ (issued & pending patents worldwide, as of February 2022)

https://oled.com/about/

Universal Display Corporation Announces First Quarter 2024 Financial Results

2 May 2024

EWING, N.J.--(BUSINESS WIRE)--

Universal Display Corporation

(Nasdaq: OLED), enabling energy-efficient displays and lighting with its

UniversalPHOLED ®

technology and materials, today reported financial results for the first quarter ended March 31, 2024.

"We began the year on a strong note with solid first quarter results across the board," said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. "With the OLED IT market poised for significant growth, continued OLED proliferation in smartphones and TVs, and projected expansion of foldables, we see meaningful opportunities across multiple market verticals. As we approach UDC's 30 th anniversary next month, we reflect on our amazing journey that has been marked by relentless innovation, exponential growth, and the materialization of products that were once distant dreams. As we look forward, we are excited to reach even greater heights in the future and continue to make a lasting impact on the OLED industry."

Financial Highlights for the First Quarter of 2024

Total revenue in the first quarter of 2024 was $165.3 million as compared to $130.5 million in the first quarter of 2023.

Revenue from material sales was $93.3 million in the first quarter of 2024 as compared to $70.2 million in the first quarter of 2023. The increase in material sales was primarily due to strengthened demand for our emitter materials.

Revenue from royalty and license fees was $68.3 million in the first quarter of 2024 as compared to $55.2 million in the first quarter of 2023. The increase in royalty and license fees was primarily the result of higher unit material volume, partially offset by a reduced cumulative catch-up adjustment.

Cost of material sales was $34.1 million in the first quarter of 2024 as compared to $29.5 million in the first quarter of 2023. The increase in cost of material sales was primarily due to an increase in the level of materials sales, partially offset by a $3.3 million decrease in inventory reserve expense.

Total gross margin was 78% in the first quarter of 2024 as compared to 75% in the first quarter of 2023.

Operating income was $62.9 million in the first quarter of 2024 as compared to $45.4 million in the first quarter of 2023.

The effective income tax rate was 19.4% and 22.8% in the first quarter of 2024 and 2023, respectively.

Net income was $56.9 million or $1.19 per diluted share in the first quarter of 2024 as compared to $39.8 million or $0.83 per diluted share in the first quarter of 2023.

Revenue Comparison

($ in thousands)

Three Months Ended March 31,

2024

2023

Material sales

93,284

70,190

Royalty and license fees

68,268

55,210

Contract research services

3,707

5,067

Total revenue

165,259

130,467

Cost of Materials Comparison

($ in thousands)

Three Months Ended March 31,

2024

2023

Material sales

93,284

70,190

Cost of material sales

34,096

29,488

Gross margin on material sales

59,188

40,702

Gross margin as a % of material sales

63%

58%

2024 Revised Guidance

The Company has increased the lower end of its previous revenue guidance and believes that 2024 revenue will be in the range of $635 million to $675 million. The OLED industry remains at a stage where many variables can have a material impact on results, and the Company thus caveats its financial guidance accordingly.

Dividend

The Company also announced a second quarter cash dividend of $0.40 per share on the Company's common stock. The dividend is payable on June 28, 2024 to all shareholders of record as of the close of business on June 14, 2024.

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)

March 31, 2024

December 31, 2023

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

74,012

91,985

Short-term investments

465,293

422,137

Accounts receivable

119,584

139,850

Inventory

172,905

175,795

Other current assets

89,478

87,365

Total current assets

921,272

917,132

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $149,062 and $143,908

175,896

175,150

ACQUIRED TECHNOLOGY, net of accumulated amortization of $191,043 and $186,850

86,132

90,325

OTHER INTANGIBLE ASSETS, net of accumulated amortization of $10,769 and $10,414

6,519

6,874

GOODWILL

15,535

INVESTMENTS

312,939

299,548

DEFERRED INCOME TAXES

63,040

59,108

OTHER ASSETS

102,382

105,289

TOTAL ASSETS

1,683,715

1,668,961

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

12,841

10,933

Accrued expenses

42,099

52,080

Deferred revenue

19,157

47,713

Other current liabilities

20,882

8,096

Total current liabilities

94,979

118,822

DEFERRED REVENUE

13,292

12,006

RETIREMENT PLAN BENEFIT LIABILITY

52,568

52,249

OTHER LIABILITIES

37,976

38,658

Total liabilities

198,815

221,735

SHAREHOLDERS' EQUITY:

Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)

Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,804,964 and 48,731,026 shares issued, and 47,439,316 and 47,365,378 shares outstanding, at March 31, 2024 and December 31, 2023, respectively

488

487

Additional paid-in capital

702,609

699,554

Retained earnings

826,879

789,553

Accumulated other comprehensive loss

(3,794)

(1,086)

Treasury stock, at cost (1,365,648 shares at March 31, 2024 and December 31, 2023)

(41,284)

Total shareholders' equity

1,484,900

1,447,226

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

1,683,715

1,668,961

https://ir.oled.com/newsroom/press-releases/press-release-details/2024/Universal-Display-Corporation-Announces-First-Quarter-2024-Financial-Results/default.aspx

Wolfspeed, Inc. (NYSE: WOLF)

About Wolfspeed Inc.

Cree, Inc. Officially Changes Company Name to Wolfspeed, Inc., Marking Successful Transition to Global Semiconductor Powerhouse.

https://www.wolfspeed.com/company/news-events/news/cree-inc-officially-changes-company-name-to-wolfspeed-inc-marking-successful-transition-to-global-semiconductor-powerhouse

Cree | Wolfspeed is a powerhouse semiconductor company focused on silicon carbide and GaN technologies. After more than thirty years of forging new technology adoption and transformation, our Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs are leading the industry through unrivaled expertise and capacity.

https://www.cree.com/about/

Cree - Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. - 1/3/2021

DURHAM, N.C. - Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed® business, today announced that it has completed the previously announced sale of its LED Products business unit ("Cree LED") to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. SMART will now license and incorporate the Cree LED brand name into the SMART portfolio of businesses, and Cree will change its corporate name to Wolfspeed later this year. Under the transaction terms Cree will receive up to $300 million, which consists of a $50 million cash payment at close and a $125 million seller note to be paid upon maturity in 2023. Cree also has the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close, also payable in the form of a three-year seller note.

"The completed sale of Cree LED represents a major milestone in our transformational journey, establishing the company as a pure-play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide," said Gregg Lowe, Cree CEO. "As industries across the globe look to increase efficiency and performance with smaller, more scalable power systems, this evolution sharpens our focus and strengthens our continued investments to capitalize on multi-decade growth opportunities for Wolfspeed silicon carbide and GaN solutions across EV, 5G and industrial applications."

Cree continues to drive the industry transition from silicon to silicon carbide forward with its ongoing capacity expansion plans and technology leadership, including its materials factory at its North Carolina headquarters and its Mohawk Valley Fab construction in Marcy, N.Y., which upon completion will be the world's largest silicon carbide manufacturing facility, as well as the world's first 200-millimeter silicon carbide fabrication facility, with production expected to begin in 2022.

https://www.cree.com/news-events/news/article/cree-completes-sale-of-led-business-to-smart-global-holdings-inc

Wolfspeed Reports Financial Results for the Third Quarter of Fiscal Year 2024

Mohawk Valley Fab Revenue more than Doubled Sequentially; On Track for 20% Utilization in Fourth Quarter of Fiscal 2024

$2.8 Billion of Design-Ins, Second Highest Quarter on Record

DURHAM, N.C. May 1, 2024 -- Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2024.

Quarterly Financial Highlights (Continuing operations only. All comparisons are to the third quarter of fiscal 2023)

Consolidated revenue of approximately $201 million, compared to approximately $193 million

Mohawk Valley Fab contributed approximately $28 million in revenue, over a 2x increase from the prior quarter

Materials revenue of approximately $99 million - second highest quarter on record

Power device design-ins of $2.8 billion

Quarterly design-wins of $0.9 billion - 70% related to EV applications

GAAP gross margin of 11%, compared to 31%

Non-GAAP gross margin of 15%, compared to 34%

GAAP and non-GAAP gross margins for the third quarter of fiscal 2024 include the impact of $30 million of underutilization costs, representing approximately 1,500 basis points of gross margin. See "Start-up and Underutilization Costs" below for additional information.

"We are pleased with the significant operational milestones achieved in the quarter for Wolfspeed as we continue to be the world's first fully, vertically integrated 200-millimeter silicon carbide player at scale," said Wolfspeed CEO, Gregg Lowe. "We are making progress on our Mohawk Valley ramp, more than doubling revenue sequentially in the quarter and reaching more than 16% wafer start utilization in April, giving us confidence in our ability to achieve our 20% utilization target in June 2024. Construction continues at the JP, our 200mm materials factory in North Carolina. During the quarter, we started installing furnaces and connected the facility to the power grid, and we recently hosted our topping out ceremony. As we've said before, Mohawk Valley will be the flywheel of growth for Wolfspeed, and the JP will be instrumental in supplying it with high-quality materials. We are encouraged by the operational progress these facilities have made and how it will support our long-term growth trajectory."

Lowe continued, "While there have been headlines around general demand weakness in EVs, we still have more demand than we can supply for the foreseeable future. Our second highest quarter of design-ins to date and more than $5 billion of design- wins so far this fiscal year, tell a compelling story. While the industrial and energy end markets pose short-term headwinds to our results, we firmly believe in the strength of our long-term prospects as the electrification of all things continues across a broad set of applications."

Business Outlook :

For its fourth quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $185 million to $215 million. GAAP net loss from continuing operations is targeted at $166 million to $189 million, or $1.32 to $1.50 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $91 million to $109 million, or $0.72 to

$0.86 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $75 million to $80 million of estimated expenses, net of tax, primarily related to stock-based compensation expense, amortization of discount and debt issuance costs, net of capitalized interest, project, transformation and transaction costs and loss on Wafer Supply Agreement.

The GAAP and non-GAAP targets from continuing operations do not include any estimated change in the fair value of the shares of common stock of MACOM Technology Solutions Holdings, Inc. (MACOM) that we acquired in connection with the sale to MACOM of our RF product line (RF Business Divestiture).

Start-up and Underutilization Costs:

As part of expanding its production footprint to support expected growth, Wolfspeed is incurring significant factory start-up costs relating to facilities the Company is constructing or expanding that have not yet started revenue generating production. These factory start-up costs have been and will be expensed as operating expenses in the statement of operations.

When a new facility begins revenue generating production, the operating costs of that facility that were previously expensed as start-up costs will instead be primarily reflected as part of the cost of production within the cost of revenue, net line item in our statement of operations. For example, the Mohawk Valley Fab began revenue generating production at the end of fiscal 2023 and the costs of operating this facility going forward will be primarily reflected in cost of revenue, net in future periods.

During the period when production begins, but before the facility is at its expected utilization level, Wolfspeed expects some of the costs to operate the facility will not be absorbed into the cost of inventory. The costs incurred to operate the facility in excess of the costs absorbed into inventory are referred to as underutilization costs and are expensed as incurred to cost of revenue, net. These costs are expected to be substantial as Wolfspeed ramps up the facility to the expected utilization level.

Wolfspeed incurred $14.4 million of factory start-up costs and $30.4 million of underutilization costs in the third quarter of fiscal 2024. No underutilization costs were incurred in the third quarter of fiscal 2023.

For the fourth quarter of fiscal 2024, operating expenses are expected to include approximately $20 million of factory start-up costs primarily in connection with materials expansion efforts. Cost of revenue, net, is expected to include approximately $29 million of underutilization costs primarily in connection with the Mohawk Valley Fab.

Quarterly Conference Call:

Wolfspeed will host a conference call at 5:00 p.m. Eastern time today to review the highlights of its third quarter results and its fiscal fourth quarter 2024 business outlook, including significant factors and assumptions underlying the targets noted above.

The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit Wolfspeed's website at investor.wolfspeed.com/events.cfm.

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Wolfspeed's website at investor.wolfspeed.com/results.cfm.

WOLFSPEED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended Nine months ended

(in millions of U.S. Dollars, except per share data)

March 31, 2024

March 26, 2023

March 31, 2024

March 26, 2023

Revenue, net

$200.7

$192.6

$606.5

$555.8

Cost of revenue, net

178.2

132.8

531.5

371.6

Gross profit

22.5

59.8

75.0

184.2

Gross margin percentage

11 %

31 %

12 %

33 %

Operating expenses:

Research and development

52.5

42.4

141.9

122.1

Sales, general and administrative

55.8

55.1

184.8

155.5

Factory start-up costs

14.4

44.6

33.3

120.6

Amortization of acquisition-related intangibles

0.3

0.2

0.9

1.3

Loss on disposal or impairment of other assets

0.6

1.7

1.0

1.9

Other operating expense

5.3

1.5

12.5

5.0

Total operating expense

128.9

145.5

374.4

406.4

Operating loss

(106.4)

(85.7)

(299.4)

(222.2)

Operating loss percentage

(53)%

(44)%

(49)%

(40)%

Non-operating expense (income), net

42.4

(2.9)

98.7

(53.4)

Loss before income taxes

(148.8)

(82.8)

(398.1)

(168.8)

Income tax expense

0.1

0.3

0.6

0.5

Net loss from continuing operations

(148.9)

(83.1)

(398.7)

(169.3)

Net loss from discontinued operations

(16.4)

(290.6)

(47.3)

Net loss

$ (148.9)

$ (99.5)

$ (689.3)

$ (216.6)

Basic and diluted loss per share

Continuing operations

($1.18)

($0.67)

($3.18)

($1.36)

Net loss

($1.18)

($0.80)

($5.49)

($1.74)

Weighted average shares - basic and diluted (in thousands)

125,830

124,439

125,514

124,273

https://assets.wolfspeed.com/uploads/2024/05/Wolfspeed_Q3_2024_Earnings_Release.pdf

ACQ_REF: IS/43893/20240613/XXX/0/26

ACQ_AUTHOR: Associate/Mohammad Azhar Bin Mazlan

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