Wolfspeed Q4 revenue beats expectations

Overview

• Wolfspeed fiscal Q4 rev of $197 mln beats analyst expectations, per LSEG data

• Adjusted EPS for fiscal Q4 meets analyst expectations

• Co is undergoing restructuring to emerge from Chapter 11 with stronger finances

Result Drivers

• MOHAWK VALLEY FAB - Contributed $94.1 mln in revenue, up from $41 mln in the same qtr last yr

• UNDERUTILIZATION COSTS - GAAP and non-GAAP gross margins include impacts of $23.6 mln in underutilization costs due to start of production at Mohawk Valley Fab

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the semiconductors peer group is "buy."

• Wall Street's median 12-month price target for Wolfspeed Inc is $4.00, about 65.8% above its August 22 closing price of $1.37

Press Release: ID:nBw9NkZGva