Second Quarter Revenues Expected to be Up Approximately 40% on Improved Confidence and Strength from Customer Base
MILPITAS, Calif., May 20, 2002 (BUSINESS WIRE) -- Today, in its mid-quarter update, Chartered Semiconductor Manufacturing (CHRT) (SGX-ST:CHARTERED) significantly improved its second-quarter revenue and earnings guidance, which was originally provided on April 19, 2002.
The Company now projects revenues to grow approximately 40% sequentially in second quarter 2002, compared to previous guidance of 25% growth. Including Chartered's share of Silicon Manufacturing Partners (SMP or Fab 5), revenues are expected to grow approximately 45% in the second quarter 2002, compared to previous guidance of 30%. Loss per American Depositary Share (ADS) is now expected to be approximately $0.76 to $0.77, compared to prior guidance of a loss of approximately $0.82 to $0.84.
"The acceleration in orders, which we began to see in late March, has continued into the quarter," said Chia Song Hwee, senior vice president, CFO & CAO of Chartered. "We are seeing strength this quarter across a wide number of customers, particularly those in our communications and computer segments. Having set a target in April to more than double Chartered's revenues between the first and fourth quarter of this year, this added momentum is very encouraging. A key contributor to this growth is sharply higher shipments of 0.18-micron wafers. With a growing number of customer engagements, we expect that our 0.18-micron revenues will more than double to well over 20 percent of total revenues this quarter and will continue to grow significantly throughout the remainder of the year." |
