Overview

* GlobalFoundries ( GFS ) Q3 revenue slightly beats analyst expectations

* Adjusted EPS for Q3 beats analyst estimates

* Company sees strong growth in Automotive and Communications markets

Outlook

* GlobalFoundries ( GFS ) projects Q4 revenue of $1.8 bln ± $25 mln

* Company expects Q4 non-IFRS gross margin of 28.5% ± 100bps

* GlobalFoundries ( GFS ) anticipates Q4 non-IFRS diluted EPS of $0.47 ± $0.05

Result Drivers

* AUTOMOTIVE AND COMMUNICATIONS GROWTH - Strong year-over-year revenue growth in Automotive and Communications Infrastructure markets

* PRODUCT MIX STRATEGY - Gross margin expanded due to product mix and profitability focus

* CUSTOMER MOMENTUM - Encouraging momentum in silicon photonics and FDX platforms

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight $1.69 $1.68

Revenue Beat* bln bln (15

Analysts

)

Q3 Beat $0.41 $0.37

Adjusted (14

EPS Analysts

)

Q3 EPS $0.44

Q3 Beat $232 mln $212.53

Adjusted mln (11

Net Analysts

Income )

Q3 Net $249 mln

Income

Q3 $573 mln

Adjusted

EBITDA

Q3 Gross 24.80%

Margin

Q3 26.00%

Adjusted

Gross

Margin

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"

* Wall Street's median 12-month price target for GlobalFoundries Inc ( GFS ) is $40.00, about 13% above its November 11 closing price of $34.81

* The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)