Infineon: FQ2-16 results are above estimates but the group lowers FY16 guidance

Infineon has reported fiscal Q2 2016 results above consensus expectations and company guidance. Fiscal Q2 sales came in at EUR1.611bn up 3.5% sequentially (+8.6% yoy), with current operating margin at 13.7%, current operating result at EUR220m and EPS at EUR0.18. This was above consensus expectations with sales estimates at EUR1.604bn, current operating result at EUR202m (current operating margin of 12.6%) and adjusted EPS at EUR0.14. As a result, Q2 EPS was 29% above expectations. However, Infineon has lowered FY 2016 guidance and now expects revenue to rise 12% (+/-2%, compared with 13% before) and current operating margin in the range of 15-16% (at mid-point, compared to 16% before).

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