GlobalFoundries Registers 5th Consecutive Quarterly Earnings Beat, Sees Positive Margin Growth

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  • GlobalFoundries Inc GFS reported third-quarter FY22 revenue growth of 22% year-on-year to $2.07 billion, beating the consensus of $2.05 billion.
  • EPS of $0.67 beat the consensus of $0.62. It is the company's fifth consecutive quarterly beat.
  • The adjusted gross margin expanded by 1,190 bps to 29.9%.
  • The adjusted operating margin grew by 1,400 bps to 18.8%.
  • The adjusted EBITDA margin increased by 850 bps to 38.2%.
  • GFS generated $679 million in operating cash flow and held $3.3 billion in cash and equivalents.
  • CEO Dr. Thomas Caulfield said, "300mm-equivalent wafer shipments of 637 thousand was a record for GF, an increase of 5% year-over-year."
  • Outlook: GFS sees Q4 revenue of $2.05 billion - $2.10 billion versus the consensus of $2.09 billion.
  • GFS expects EPS of $1.24 - $1.44, above the consensus of $1.01.
  • Price Action: GFS shares traded higher by 7.03% at $60.23 on the last check Tuesday.
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