Wolfspeed CEO touts demand for EV applications despite soft current quarter rev guidance

seekingalpha05-02

Shares of Wolfspeed (NYSE:WOLF) on Wednesday slipped in extended trading, after the U.S. chipmaker missed quarterly revenue estimates by a whisker and issued soft current quarter top line guidance. ...

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WOLF stock was last down 4.5% to $24.91 after hours. Wolfspeed (WOLF) reported an adjusted loss per share of 62 cents for FQ3 2024 on revenue of $200.7M. Analysts had expected a loss per share of 64 cents on revenue of $201.09M. Wolfspeed's (WOLF) latest results come just over a week after a report that activist investor Jana Partners was urging the company to explore alternatives, including a sale. Durham, N.C.-based Wolfspeed (WOLF) makes silicon carbide (SiC) chips instead of the more traditional silicon-based ships. These SiC chips can operate at much higher voltages and temperatures, and are used in electric vehicles (EVs).  The company said about 70% of its quarterly design-wins of $900M were related to EV applications, despite an overall trend of slumping demand in the industry. \"While there have been headlines around general demand weakness in EVs, we still have more demand than we can supply for the foreseeable future,\" Wolfspeed (WOLF) top boss Gregg Lowe said in a statement. But Wolfspeed's (WOLF) revenue guidance for FQ4 came in well short of analysts' expectations and belied the chief executive's comments. The company sees revenue of $185M to $215M, compared to a consensus estimate of $226.34M. Additionally, Wolfspeed (WOLF) said its Mohawk Valley factory, which began generating production at the end of fiscal 2023, contributed about $28M in revenue in the quarter, with the sales more than doubling sequentially. \"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,\" WOLF CEO Lowe said. The company noted that it would continue to incur significant factory start-up costs relating to facilities it is making or expanding. In FQ3, WOLF incurred $14.4M of factory start-up costs and $30.4M of underutilization costs. More on Wolfspeed  Wolfspeed: Still Full Speed Ahead Wolfspeed: Capitalize On Strong EV Growth, Compelling Valuation Jana suggestions for Wolfspeed `seem like a wish-list' - analyst Wolfspeed in focus as Mizuho starts coverage with Neutral rating Seeking Alpha’s Quant Rating on Wolfspeed","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432653520"}