GlobalFoundries Q4 Results Top Estimates; Guides Q1 In Line With View

(RTTNews) - GlobalFoundries, Inc. (GFS) reported Tuesday that net income attributable to the company soared to $668 million or $1.21 per share from $44 million or $0.08 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.44 per share, compared to $0.67 per share in the year-ago quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter increased 14 percent to $2.10 billion from $2.07 billion in the same quarter last year. The Street expected revenues of $2.08 billion for the quarter.

Looking ahead to the first quarter, the company now projects earnings in a range of $0.36 to $0.46 per share and adjusted earnings in a range of $0.45 to $0.53 per share on net revenues between $1.81 billion and $1.85 billion.

The Street is looking for earnings of $0.45 per share on revenues of $1.83 billion for the quarter.

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