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Semiconductor Manufacturing International's profit fell 52% last year

Published 04/02/2018, 08:15 AM
© Reuters.  Semiconductor Manufacturing International's profit fell 52% last year
BARC
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SMI
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  • Semiconductor Manufacturing International (NYSE:SMI) reports 2017 revenue growth of 6.4% on the year to $3.1B, a new record.
  • Net profits fell 52% to $180M.
  • Increased wafer shipments drove the revenue increase with 4.31M 8-in equivalent wafers shipped, up 8.9% on the year. But wafer ASP fell $17 to $719.
  • More results: Gross margin, 23.9% (-5.3 percentage points Y/Y); profits from operations, $124.9M (-$214.3M); R&D spend, $427.1M (+34.2%).
  • 2018 guidance: Company expects high single-digit revenue growth, 10% to 20% gross margin, and approves a capex plan with $1.9B going towards foundry operations compared to $2.4B in 2017.
  • SMI shares are up 1.2% premarket to $6.68 with a 52-week range of $4.49 to $9.14.
  • Now read: ViaSat -4.7% as Barclays (LON:BARC) cuts to Underweight


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