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    Recent earthquake in Taiwan put semiconductor industry to test
    Taiwan's semiconductor industry is a global powerhouse, home to industry leaders like Taiwan Semiconductor Manufacturing Co. (TSMC), MediaTek, United Microelectronics Corp. (UMC) and more. These companies are crucial contributors to the global supply of advanced semiconductor chips, which serve as vital components in numerous technological devices, including automobiles. On April 3, 2024, Taiwan was hit by the most powerful earthquake in 25 years, registering a magnitude of 7.4 off the island...
    Software-defined vehicles: An identity crisis for the industry?
    We are entering an era where vehicles will be defined by their software. Think of that statement. In isolation, it says a lot. Throughout the past hundred years or so, vehicles have largely been defined by their brand. Alfred Sloan built a whole company on this principle. Today, Carlos Tavares, with Stellantis, has built a house of brands that appeal to different parts of the market with varying degrees of overlap. The brand of car we drove defined who we were as people. Driving a Volvo defined ...
    Blackberry’s FY'24 revenue grows 30% YOY to $853 million
    Software developer BlackBerry has reported a 30% year-over-year increase in full year 2024 revenue to $853 million, according to a filing on April 3. Net loss for the year narrowed significantly to $130 million from a loss of $734 million last year. Gross margin shrunk to 61% from 63.9% while research and development costs for the year came in 10% lower at $186 million. The increase in revenue was primarily owing to the sale of a legacy patent portfolio for $218 million in the first quarter. ...
    Canoo reports improved adjusted EBITDA despite net loss in Q4 FY 2023
    Canoo Inc., a high-tech advanced mobility company, announced its financial results for the fourth-quarter and fiscal year 2023. The company reported a generally accepted accounting principles net loss and comprehensive loss of $29.0 million and $302.6 million for the three and twelve months ended Dec. 31, 2023, compared to a GAAP net loss and comprehensive loss of $80.2 million and $487.7 million for the three and twelve months ended Dec. 31, 2022. Adjusted EBITDA improved from negative $60.5...
    Cepton reports strong fourth-quarter and full-year 2023 financial results
    Cepton, a Silicon Valley, Calif.-based company specializing in high-performance Lidar solutions, has reported fiscal-year 2023 revenue at $13.1 million, an increase of 76% compared to the prior year ended Dec. 31, 2023. The company reported fourth-quarter 2023 product revenue at $2.5 million, an increase of 152% compared to the prior year comparable period and a decrease of 35% sequentially, according to a press release on March 28. “We are building upon our extensive OEM project experience...
    Lighting suppliers delivered strong financial performance in 2023
    The automotive industry recorded the highest growth in light-vehicle production in 2023 after the COVID-19 pandemic severely impacted production volume four years ago. According to S&P Global Mobility, the global light-vehicle production increased 9.4% year over year, crossing the 90-million-units mark in 2023. The strong growth in light-vehicle production helped automakers and suppliers to deliver robust financial performance in 2023. This article tries to assess the financial performanc...
    RoboSense's revenue soars 111% in 2023 driven by strong demand for Lidars
    RoboSense Technology, a leading manufacturer of Lidar systems for autonomous vehicles in China, reported a significant increase in revenue for the 12 months ended Dec. 31, 2023, driven by robust demand from the auto and robot sectors, according to a report published by South China Morning Post on March 27. The company's revenue grew by 111% year over year to 1.12 billion yuan (about $154.9 million), with its Lidar product sales accounting for over 68% of its total revenue. Despite recording w...
    Nexteer Automotive posts 9.6% year-over-year revenue growth in 2023 to $4.2 billion
    On March 26, 2024, Nexteer Automotive, a major global automotive supplier, reported annual results for its fiscal year ended Dec. 31, 2023 — including a new company record of $4.2 billion in revenue. The company reported operating profit of $61.4 million. Net profit attributable to equity holders of 2023 was $36.7 million. While the company’s revenue performance outpaced the market, with an 11.1% year-over-year increase in revenue adjusted for foreign currency and customer commodity recov...
    ZF posts 6.5% year-over-year increase in full-year 2023 group sales to €46.6 billion
    ZF Friedrichshafen has posted a 6.5% year-on-year (y/y) growth in full year 2023 sales to €46.6 billion ($50.66 billion), a company filing on March 21 showed. Adjusted EBIT came in at €2.4 billion compared to €2 billion a year earlier while adjusted EBIT margin was 5.1% compared to 4.7% in 2022. Net profit fell to €126 million from €376 million due to significantly higher income taxes for the year. The company spent €3.5 billion in R&D during the year, up from €3.4 billion it s...
    Autoneum posts 27.6% YOY increase in FY 2023 revenue to $2.62 billion
    Autoneum has reported a 27.6% year-over-year increase in fiscal year 2023 revenue to CHF2.3 billion, in a press release dated March 13. The overall revenue increase was driven by a 17.4% increase in revenue for its Business Group North America and a 22.1% increase in revenue for its Business Group SAMEA.  Autoneum’s revenue in local currencies grew by 34.8% in 2023, supported by both organic and inorganic growth, as well as a favorable market environment. The company's earnings before ...
    Valeo posts 11% YOY increase in FY 2023 sales to $23.87 billion
    Valeo has reported an 11% year-over-year increase in fiscal year 2023 sales to €22.04 billion, it said in a press release dated Feb. 29. Net income for the year fell to €221 million from €230 million a year earlier. Research and development expenses for the year increased by 8% to €2.04 billion. The company’s aftermarket sales was little changed at €2.27 billion. Sales was driven by growth across all business verticals — the Comfort & Driving Assistance Systems Business...
    Ambarella reports Q4 FY 2024 results with revenue decline and gross margin contraction
    In a press release on Feb. 27, Ambarella reported its fiscal-year 2024 revenue at $226.5 million, down 32.9%, ending Jan. 31, 2024. Revenue for the quarter decreased by 38.1% to $51.6 million compared to the same period in the previous year. Non-generally accepted accounting principles net loss for the quarter was $9.8 million, or $0.24 loss per diluted ordinary share, compared to non-GAAP net income of $8.9 million, or $0.23 earnings per diluted ordinary share, in the same period the pr...
    Gestamp reports strong results for 2023, exceeding market expectations with revenue growth of 14.4% and a profitability of 12.3%
    Gestamp, a multinational company specialized in designing, developing and manufacturing highly engineered metal components for the automotive industry, has presented its results for 2023, reaffirming its confidence in achieving the targets set at 2022 Capital Markets Day. The company's revenue grew by 14.4% to €12,274 million, despite an unfavorable currency environment, with a profitability of 12.3% (excluding the impact of raw materials). Gestamp outperformed the market by 6.7 percentage poi...
    Sogefi posts 5.5% increase in FY 2023 sales to $1.76 billion
    Sogefi has reported a 5.5% year-over-year increase in sales for fiscal 2023 to €1.63 billion, it said in a press release dated Feb. 23. Net result for the year almost doubled to €57.8 million from €29.6 million last year. Earnings before interest and tax grew nearly 50% to €105.2 million. Manufacturing and research and development costs for the year was €129.1 million from €119.4 million last year. Revenue grew in most regions throughout the year, led by a 10% increase in Eur...
    STMicroelectronics publishes annual report for 2023, available on website and by request
    STMicroelectronics (ST) has reported an increase of 7.2% in fiscal year 2023 net revenue at $17.29 billion for the year ended Dec. 31, 2023, according to a company press release on Feb. 15, 2024. ST reported fourth-quarter net revenue of $4.28 billion, gross margin of 45.5%, operating margin of 23.9% and net income of $1.08 billion. Automotive and Discrete Group (ADG) revenue increased for both Automotive and Power Discrete. The operating profit increased by 39.7% to $657 million. ...
    Garmin reports record revenue growth in 2023, driven by outdoor and marine segments
    Garmin Ltd. reported a record full-year revenue in 2023, with growth across multiple categories. The company's outdoor segment saw an 8% increase in revenue, driven by adventure watches, while the marine segment saw a 14% increase due to the acquisition of JL Audio. The auto original equipment manufacturer segment also experienced a 54% increase in revenue, primarily due to increased shipments of domain controllers. For the fourth quarter of 2023, Garmin reported a 10% increase in total opera...
    Elmos posts 28.6% YOY increase in FY 2023 sales to $616 million
    Elmos Semiconductor has reported a 28.6% year-over-year sales growth for full year fiscal 2023 at €575 million, according to a company press release on Feb. 15. Earnings before interest and tax improved by 36.8% to €150.7 million. The EBIT margin rose to 26.2% from 24.6%. For the full year, net income rose to €99.1 million from €71.4 million. Research and Development expenses was €68.8 million compared to €55.5 million last year. For the fourth quarter of fiscal 2023, sales c...
    Visteon posts total revenues of $3.9 billion in FY 2023, a 5% growth YOY
    Visteon Corp. reported a net sale of $3,954 million in fiscal year 2023, an increase of 5% year over year. The gross margin was $487 million, and the net income was $486 million. It posted an adjusted earnings before interest, taxes and amortization of $434 million, an increase of $86 million compared to the prior year. The increase in adjusted EBITDA primarily reflects the impact of higher sales while leveraging an efficient cost structure with modest increases in engineering and SG&A ...
    Forvia Hella reports total sales of €8.1 billion in FY 2023, up 10.3% YOY
    Hella GmbH Co. (Forvia Hella) on Feb. 16 released the preliminary results for fiscal year 2023, reporting group sales improvement by 10.3% to €8.0 billion as compared to €7.2 billion in 2022. Operating income increased by about 65% to €486 million against €295 million in 2022. Significance: The company said all business segments recorded higher sales and improved profitability in the year. The Lighting Business Group increased its sales by 13% to €3.9 billion, while the Electro...
    Schaeffler India posts 18.55 billion rupees in revenue in Q4 calendar year 2023, up 3.4% YOY
    Schaeffler India has announced its results for fourth quarter calendar year 2023, with the company’s net revenue from operations standing at 18.55 billion rupees (about $223 million), up 3.4% over the operating revenue of the same quarter in calendar year 2022, Autocar Professional reported Feb. 16. Profit-before-tax (PBT) for the quarter stood at 3 billion rupees, registering a 2.9% decline compared to the previous year, while the PBT margin for fourth quarter calendar year 2023 ...
    AAM reports Q4 sales of $1.46 billion, net loss of $19.1 million
    American Axle & Manufacturing Holdings Inc. (AAM) on Feb. 16 reported its financial results for the fourth quarter and full year 2023. The sales in the fourth quarter of 2023 were $1.46 billion as compared to $1.39 billion in the fourth quarter of 2022. The net loss was $19.1 million or 1.3% of sales, and adjusted EBITDA was $169.5 million or 11.6% of sales in the quarter. The company said sales for the fourth quarter of 2023 were favorably impacted by volume and mix, partially offse...
    Garrett Motion reports 8% YOY increase in FY 2023 net sales to $3.89 billion
    Garrett Motion posted net sales of $3.89 billion for fiscal 2023, up 8% over last year, it said in a press release dated Feb. 15. Net income for the year dropped 33% to $261 million, while net income margin fell to 6.7% from 10.8% in the previous corresponding period. For the fourth quarter, net sales increased 5% to $945 million, while net income more than halved to $52 million. Net income margin was slashed to 5.5% from 12.5%. Net income for the fourth quarter was lower due to $21 million o...
    Cooper-Standard reports Q4 2023 net sales at $673.7 million, up 3.7% YOY
    Cooper-Standard Holdings Inc. has released its fourth-quarter and full-year 2023 results, reporting improved financial performance compared to the previous year. In the fourth quarter, sales increased by 3.7% to $673.6 million, and gross profit rose by 19.1% to $64.7 million. Net loss improved by $32.9 million to $55.2 million, or $(3.16) per diluted share. Adjusted EBITDA was $27.6 million, or 4.1% of sales, a PRNewswire release said Feb. 15.  For the full year, sales increased by 11.5%...
    Tower Semiconductor’s Q4 revenue declines due to decreasing demand for automotive chips
    In a press release on Feb. 14, Tower Semiconductor, an Israel-based contract chipmaker, reported revenues for the fourth quarter of 2023 at $352 million, as compared with $403 million for the fourth quarter of 2022. Revenue for the full year of 2023 was $1.42 billion. The corporation stated that the latest Israel-Hamas war had no influence on its operations or supply chain. In their most recent quarterly earnings, various chipmakers warned of the start of a supply glut in the a...
    Michelin posts 2% growth in FY 2023 sales at $30.46 billion
    Michelin reported a strong performance in 2023, delivering high segment operating income despite adverse market conditions and currencies, it said in a press release dated Feb. 12. Sales totaled €28.3 billion, up 2.0% at constant exchange rates, with mix and price offsetting unfavorable market conditions. Non-tire sales grew by 10% and tire sales volumes were down 4.7%. EBITDA for the year grew 4% at €5.5 billion, or 19.4% of sales and net income fell 1.3% to €1.98 billion. “In a chal...
    GlobalFoundries reports full-year 2023 revenues at $7.4 billion, down 9% YOY
    According to a press release on Feb. 13, GlobalFoundries has reported fiscal year 2024 revenues at $7.4 billion, a decrease of 9% year on year compared with fiscal year 2023. The company reported net income of $1 billion and adjusted EBITDA of $2.8 billion.  “In the fourth quarter, GF’s dedicated teams across the world delivered financial results that exceeded the mid-point of the guidance ranges we provided in our November earnings release,” said Dr. Thomas Caulfield, preside...
    Magna reports a 9% YOY increase in Q4 FY'23 revenue to $10.5 billion
    Leading auto component supplier Magna International Inc. in a press release on Feb.9 reported a year-over-year increase of 9% in its fourth-quarter fiscal year 2023 revenues to $10.5 billion. The net income was $271 million for the fourth quarter of 2023 compared with $95 million in the fourth quarter of 2022. The adjusted EBIT increased to $558 million in the fourth quarter of 2023 compared with $367 million in the fourth quarter of 2022. In the 2024 outlook, the company said sales are ...
    MRF’s Q3 revenues jump 9% to 61.62 billion rupees
    Indian tire major MRF reported a 9% increase in third quarter fiscal year 2024 revenues to 61.62 billion rupees as compared to 56.44 billion rupees. The profit after tax registered a massive jump of 191% to 5.1 billion rupees against 1.73 billion rupees in the year-ago period, the Economics Times reported on Feb. 9. However, on a sequential basis, the profit dipped by 13% and revenue by 0.53%. The quarter-over-quarter decline in quarterly profit was due to higher expenses incurred by the comp...
    Arm reports Q3 FY 2024 revenues at $824 million, up 14% YOY
    According to a press release on Feb. 7, Arm has reported third quarter fiscal year 2024 revenues at $824 million, an increase of 14% year on year compared with third quarter fiscal year 2023. Non-GAAP operating profit increased 17% year over year to $338 million, resulting in a 41.0% non-GAAP operating margin. License and other revenue was $354 million, up 18% year over year, driven by five new ATA agreements and companies licensing high-performance CPUs, etc. to embed AI into every end device. ...
    BorgWarner reports net sales of $3,522 million in Q4, FY'23, up 6.2%
    In a press release on Feb. 8, US-based auto supplier BorgWarner Inc. announced its financial results for the fourth quarter of fiscal year 2023 at $3,522 million in net sales, an increase of 6.2% from $3,317 million for the fourth quarter of 2022. This expansion was primarily due to increased demand for its products and higher industry production compared with the prior year. The net earnings of $149 million were down 13.3% against $172 million last year. The company highlighted key updates i...
    Bosch reports total sales of €91.6 billion in FY'23, up 8%.
    The Bosch Group announced in a press release on Feb. 7 its financial result for the full year 2023, reporting total revenues of €91.6 billion, up 8% compared with fiscal year 2022. At €56.3 billion in 2023, mobility remained the top business sector in terms of revenue contribution and recorded the strongest sales, followed by industrial technology, consumer goods and energy and building technology. In terms of geographical revenue contribution, Europe tops the sales chart with registered ...
    Adient posts 1% YOY fall in Q1 FY'24 revenue to $3.66 billion
    Automotive seating specialist Adient has reported a 1% year-over-year decrease in net sales for fiscal year 2023, according to a press filing dated Feb. 7. Revenue came in at $3.66 billion, compared with $3.70 billion a year earlier. Adient’s net income for the first quarter was $20 million, compared with $12 million last year. Its EBITDA from Americas came in at $80 million, compared with $69 million last year. Its EBITDA from Europe, the Middle East and Africa surged 60% to $45 million, w...
    Apollo Tyres reports total revenues of 65.95 billion rupees in Q3 FY' 24, up 2.7% YOY
    Tyre major Apollo Tyres reported revenue from operations of 65.95 billion rupees (about $794.6 million) against 64.22 billion rupees, an increase of 2.7% year over year. The net profit is up 78.1% (year over year) at 4.96 billion rupees for the third quarter ended Dec. 31, 2023, CNBCTV 18 reported Feb. 7, 2024. At the operating level, EBITDA increased 32.2% to 12.08 billion rupees in the third quarter of this fiscal over 9.13 billion rupees in the corresponding period in the previous fiscal. ...
    Infineon reports Q1 FY 2024 revenues at €3.702 billion, down 6% YOY
    Infineon has reported first-quarter fiscal year 2024 revenues at €3.702 billion, down 6% compared to the first quarter of fiscal year 2023, for the period ended Dec. 31, 2023, according to a press release on Feb. 6, 2024. Operating profit for the first quarter of the 2024 fiscal year reached €702 million, compared to €912 million in the previous three-month period. In the outlook for fiscal year 2024, Infineon expects to generate revenue of about €16 billion, plus or minus €500 mi...
    Cerence posts a 65.2% YOY increase in Q1 FY'2024 revenue to $138.1 million
    Cerence announced its first-quarter fiscal year 2024 results in a press release dated Feb. 6. Revenue came in at $138.3 million, up 65.4% from last year while net income was $23.9 million compared to a loss of $2.2 million. The company spent $33.3 million in research and development in the first quarter compared to $29.5 million in the previous corresponding period.             “Our Q1 included a number of advancements in our pursu...
    Lear’s FY 2023 sales grows 12% YOY to $23.47 billion
    Lear Corp. reported its fourth-quarter and full-year results for 2023 in a press statement on Feb. 6. For the full year 2023, Lear recorded a 12% increase in sales to $23.47 billion. Net income for the year surged 74.4% to $572.5 million. Core operating earnings were $1.12 billion, or 4.8% of sales, compared to $871 million, or 4.2% of sales, in 2022. In the Seating segment, margins were 6.1% of sales and in the E-Systems segment, margins were 3.9% of sales. For the fourth quarter, the compan...
    TomTom posts 9% YOY increase for full-year 2023 revenue to €585 million
    TomTom released its fourth-quarter and full-year 2023 results in a press release on Feb. 2. For the full year 2023, group revenue increased 9% to €585 million, with Location Technology revenue up 12% to €491 million and Automotive operational revenue up 16% to €343 million. Net loss for the year narrowed to €21 million from a loss of €102.7 million a year earlier. The company recorded a 3% increase in group revenue to €143 million in the fourth quarter, with Location Technology re...
    Onsemi reports flat growth in Q4 2023, recorded total revenue of $2 billion
    In a Feb. 5 press release, Onsemi announced its fourth-quarter and full-year results for fiscal year 2023. The company’s total revenue in the fourth quarter was $2,018 million, with a gross margin of 46.7%, operating margin of 30.3% and net income of $562.7 million, respectively. Commenting on the company’s results, Hassane El-Khoury, president and CEO of Onsemi, said, “Our momentum continued this past year as we achieved record automotive revenue and 4x year-over-year growth in si...
    Denso posts 15.5% YOY rise in Q3 FY'24 consolidated revenue to $37.8 billion
    Denso reported a 15.5% year-over-year increase in consolidated revenue for the third quarter of fiscal 2024 to ¥5,354.9 billion (about $37.8 billion), in a press release dated Feb. 2. Its consolidated operating profit fell 11% to ¥238.6 billion while its profit attributable to owners of the parent company decreased by 11.2% to ¥175.6 billion. In Japan, revenue increased by 17.0% to ¥3,148.3 billion and operating profit decreased by 84.8% to ¥22.4 billion. In North America, revenue increa...
    Hankook Tire’s total revenue up 6.5% in 2023 to 8,939.6 billion won
    Leading global tire company Hankook Tire & Technology (Hankook Tire) has announced sales of 8,939.6 billion won (about $6.6 billion) and an operating profit of 1,327.9 billion won, based on global consolidated financial results for 2023, a company press release on Feb. 5 said. Despite the global economic downturn, Hankook Tire’s highest performance since its establishment — with a year-over-year increase of 6.5% in sales and 88.1% in operating profit — solidifies its position as a p...
    Aptiv reports a 2% YOY increase in revenues to $4.9 billion in Q4 FY'23
    Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, on Jan. 31 announced its fourth quarter of 2023 US generally accepted accounting principles earnings. It said revenues for the quarter increased by 2% to 4.9 billion in the fourth quarter of fiscal year 2023. The company's operating income margin was 7.2% and adjusted operating income margin was 12.2%, with adjusted operating income of $600 million and adjusted EBITDA margin of 15.7%. Cash fro...
    Modine reports flat net sales at $561.4 million in Q3 FY 2024
    Modine, a leading supplier of thermal management technologies and solutions, has reported net sales of $561.4 million for the quarter ended Dec. 31, 2023, the company said on Jan. 30, 2024. Net sales for the third quarter remained flat compared to $560.0 million recorded for the corresponding period of the last financial year. Modine’s gross profit saw an increase of 30% in the third quarter to $127.3 million, and gross margin improved by 530 basis points to 22.7%, primarily due to ...
    SiriusXM’s FY 2023 revenue drops 0.5% YOY to $8.95 billion
    SiriusXM announced its financial results for the fourth quarter and full year of 2023, highlighting revenue of $2.29 billion and $8.95 billion, respectively, it said in a press release on Feb. 1. In both cases, revenue fell marginally from the previous corresponding period. Net income for the fourth quarter fell 3.6% year over year to $352 million but rose 3.7% to $1.26 billion for fiscal 2023. Adjusted EBITDA was $715 million in the fourth quarter, a 4% decrease from the same period in 2022,...
    Samsung’s FY 2023 revenue falls 14.3% YOY to $194.38 billion
    Samsung Electronics has reported its financial results for the fourth quarter and full year of 2023 in a press release dated Jan. 31. For the full year, it reported 258.94 trillion won (about $194.38 billion) in revenue, down 14.3% year over year and 6.57 trillion won in operating profit, compared to 43.38 trillion won. Net income for the year slumped 72.1% to 15.49 trillion won. The company’s capital expenditures for 2023 totaled 53.1 trillion won, with 48.4 trillion won spent in the Devic...
    Qualcomm posts 5% YOY growth in Q1 FY'24 revenue to $9.94 billion
    Qualcomm Technologies has reported a 5% year-over-year growth in first-quarter fiscal 2024 revenue to $9.94 billion, the company said in a press release dated Jan. 31. Net income for the quarter came in at $2.77 billion, compared with $2.24 billion a year earlier. Revenue from Qualcomm CDMA Technologies (QCT) business rose 7% to $8.42 billion, while revenue from its Qualcomm Technology Licensing (QTL) business fell 4% to $1.46 billion. Its Automotive business in QCT rose 31% to $598 million. ...
    KPIT Technologies reports strong Q3 FY'24 results with 31.5% YOY revenue growth
    KPIT Technologies, an independent software integration partner for the automotive and mobility ecosystem, announced its financial results for the third quarter of fiscal 2024, showcasing a strong performance with revenue growth of 31.5% year over year and 35% year over year in constant currency (CC) terms. The company's revenue growth was led by the Powertrain, Autonomous and Connected domains, with growth coming from both passenger vehicles in Europe and Asia, it said in a press release on Jan....
    Autoliv reports record sales and strong profitability in Q4 2023
    Autoliv Inc. released its fourth-quarter 2023 results, with record sales and strong profitability. The company reported net sales of about $2.7 billion, up 18% year over year; earnings per share of $2.71, a 51% increase; and achieved about 16% organic sales growth.  In terms of key business developments, Autoliv outperformed Low Voltage Products (LVP) in all regions except China, where LVP growth was strong for domestic original equipment manufacturers with typically ...
    Gentex posts 20% YOY growth in FY'23 net sales to $2.30 billion
    Gentex reported financial results for the fourth-quarter and calendar year ended Dec. 31, 2023, in a press statement on Jan. 26. Fourth-quarter net sales increased by 19% to $589.1 million, compared to $493.6 million in the same period last year. Gross profit margin improved by 340 basis points to 34.5%, driven by recurring price increases, one-time cost recoveries, higher sales levels, improved leverage on overhead expenses, purchasing cost reductions and lower inbound freight expenses. Oper...
    STMicroelectronics reports FY 2023 revenues at $17.29 billion, up 7.2% YOY
    STMicroelectronics (ST) has reported fiscal year 2023 revenues at $17.29 billion, compared to $16.13 billion last year, up 7.2% year over year, according to a press release on Jan. 25. Operating margin was 26.7% compared to 27.5% in fiscal year 2022 and net income increased 6.3% to $4.21 billion. Jean-Marc Chery, ST president and CEO, said, "In Q4, ST delivered revenues and gross margin slightly below the mid-point of the guidance, with higher revenues in Personal Electronics offset by a soft...
    Micron Technology reports Q1 2024 revenues at $4.73 billion, up 15% YOY
    Micron Technology has reported first-quarter fiscal year 2024 revenues at $4.73 billion, compared to $4.09 billion last year, up 15% year over year, according to a press release on Dec. 20. The company reported generally accepted accounting principles net loss of $1.23 billion for the quarter.  “Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our bu...
    SABIC posts 17% y/y decline in Q3 revenue to $9.59 billion
    SABIC has reported a 17% year-over-year decrease in third quarter 2023 revenue at 35.98 billion Saudi Arabian riyal ($9.59 billion), according to a filing by the company on November 2. Income from operations for the third quarter nearly halved to 1.68 billion Saudi Arabian riyal, while net loss totaled 2.88 billion Saudi Arabian riyal. “From its central position in the value chains of countless products, the chemical industry is bearing the weight of a weak global economy. However, once con...
    Elmos posts 26.7% YOY increase in Q3 FY 2023 sales to $162M
    Elmos Semiconductor has reported a 26.7% year-over-year sales growth in the third quarter of fiscal 2023 at €151.5 million, according to a company press release on Nov. 8. Earnings before interests and taxes improved by 39.8% to €41.6 million, while net income grew 40.5% to €28 million. The EBIT margin rose to 27.5% from 24.9%. “After a positive first half-year, we started the second half of the year dynamically, as expected. Thanks to our attractive portfolio of innovative automotive...
    Cerence’s FY 2023 revenue falls 10% YOY to $294.5M
    Cerence has reported a 10% year-over-year fall in revenue for fiscal 2023 at $294.5 million, according to a company press release dated Nov. 27. Net loss for the period narrowed to $56.3 million from a loss of $310.8 million last year. Gross margin was 69.1% versus 72.4% last year. Its revenue for the fourth quarter grew 39% year over year to $80.8 million. “We finished the fiscal year strong with revenue for the quarter and fiscal year above the high end of the guidance range. Accordingly,...
    Tachi-S posts 27.6% YOY growth in Q2 net sales at $911.7M
    Japanese interior-parts supplier Tachi-S has reported a 27.6% year-over-year growth in net sales for the second quarter of fiscal 2024 at ¥137.73 billion (about $911.7 million), according to a company press release on Nov. 10. The company posted a net profit of ¥1.29 billion compared to a profit of ¥167 million in the previous corresponding period. Operating income for the second quarter was ¥1.79 billion, a turnaround from a loss of ¥4.35 billion a year earlier. Tachi-S specializes in d...
    Analog Devices reports FY 2023 revenues at $12.3B, rises 2% YOY
    Analog Devices (ADI) reported fiscal 2023 revenues at $12.3 billion, a 2% year-over-year increase compared to fiscal 2022, according to a press filing dated Nov. 21. Analog Devices' net income for the year 2023 was $3.31 billion compared to a net income of $2.74 billion last year. The company reported an automotive revenue of $731.40 million for the year, a 14% year-over-year increase compared to $642.52 million. “For the fourth quarter, ADI delivered revenue and profitabilit...
    Infineon reports FY 2023 revenues at €16.309 billion, up 15% YOY
    Infineon has reported fiscal year 2023 revenues at €16.309 billion, up 15% on the prior year, based on a press release on Nov. 15. The company reported fourth-quarter fiscal year 2023 revenues at €4.149 billion. Based on an assumed exchange rate of $1.05 to the euro, the expected outlook for fiscal year 2024 revenue is about €17 billion (plus or minus €500 million) and the expected outlook for first-quarter fiscal year 2024 revenue is about €3.8 billion. "In the 2023 fiscal year,...
    Vitesco Technologies sees growth in Electrification business despite decrease in sales
    Vitesco Technologies, a leading provider of modern drive technologies and electrification solutions, released its third-quarter 2023 results, highlighting a decrease in sales due to planned reductions in non-core business. Despite this, the company saw growth in its Electrification business, with sales increasing by 30% to €324 million. Adjusted earnings before interest and tax improved to €76.4 million, resulting in an adjusted EBIT margin of 3.5%. Net income turned positive, reac...
    Diodes Inc. reports Q3 FY 2023 revenues at $404.6 million, down 22.4% YOY
    Diodes Inc. has reported its third-quarter 2023 revenues at $404.6 million, down by 22.4% year over year compared with $521.3 million in the same period in 2022, according to a press release dated Nov. 8. The company reported generally accepted accounting principles net income for the quarter at $48.7 million, compared with $82.0 million in second quarter 2023 and $86.4 million in third quarter 2022. Commenting on the results, Keh-Shew Lu, chairman, president and CEO, said...
    Adient posts 9% YOY increase in FY 2023 net sales to $15.40 billion
    Automotive seating specialist Adient has reported a 9% year-over-year increase in net sales for fiscal year 2023, according to a press filing dated Nov. 8. Net sales came in at $15.40 billion compared with $14.12 billion a year earlier. Adient’s net income for the year was $205 million compared with a loss of $120 million last year. Its EBITDA from Americas came in at $336 million compared with $242 million last year. Its EBITDA from Europe, the Middle East and Africa surged 68% to $232 mil...
    Antolin's revenue grows 10% in first nine months of 2023, driven by efficiency measures and market adaptability
    Antolin, a leading provider of technological solutions for the vehicle interior, reported strong revenue growth of 10% in the first nine months of 2023, reaching €3,533 million compared with €3,220 million in the same period last year. The company attributed this growth to its efficiency measures, cost optimization and adaptability to the market situation, despite the challenging economic environment characterized by high inflationary pressures and rising interest rates. Antolin's global veh...
    Continental reports Q3 2023 net sales at €10.2 billion, down 1.5% YOY
    Continental has reported its third-quarter 2023 net sales at €10.24 billion, down by 1.5% year over year compared with €10.39 billion in the same period in 2022, according to a press release dated Nov. 8. Net income in the third quarter increased to €299 million (compared with a loss of €211 million in the same period in 2022). Meanwhile,  adjusted free cash flow was at €466 million (compared with a loss of €496 million in the same period in 2022). According to...
    Hella’s groupwide sales up 12.6% to €5.93 billion for first nine months of FY'23
    Hella, an automotive supplier operating under the Forvia umbrella brand, reported a 12.6% year-over-year increase in groupwide sales to €5.93 billion for the first nine months of fiscal year 2023, according to a press dated Nov. 7. Hella had reported net sales of €5.3 billion in the same period last year. The operating income grew by around 68% to €363 million, with the operating income margin increasing to 6.1% from 4.1%. In the Business Group Lighting segment, sales increased by 16.1%...
    Uno Minda Q2 FY'24 revenue up 26% YOY to 36.21 billion rupees ($436 million)
    India’s leading automotive supplier Uno Minda Ltd. has announced its second-quarter result for financial year 2024. The company has achieved its highest-ever quarterly performance at the consolidated level with revenue reaching 36.21 billion rupees ($436 million), registering 26% growth compared with 28.77 billion rupees ($346 million) in the second quarter of financial year 2023. Profit after tax (MIL share) for the quarter was 2.25 billion rupees ($27 million), against 1.70 billion rupees ($...
    AAM reports Q3 sales of $1.55 billion, net loss of $17.4 million
    American Axle & Manufacturing Holdings Inc. (AAM) on Nov. 3 reported its financial results for the third quarter of 2023, with sales of $1.55 billion and a net loss of $17.4 million. The company's adjusted EBITDA was $156.8 million, or 10.1% of sales, and adjusted loss per share was $0.11. AAM's net cash provided by operating activities was $178.3 million, and its adjusted free cash flow was $135.8 million. The company has updated its full-year 2023 financial targets, which include sales ...
    Trinseo posts 25% YOY drop in third-quarter sales, which stand at $879 million
    Trisneo has reported a 25% year-over-year fall in sales for the third quarter, according to a press release dated Nov. 3. Net sales came in at $879 million compared with $1.18 billion in the same quarter of 2022. Lower sales volume across all reporting segments except feedstocks, which was caused by underlying persistent market demand weakness, led to an 8% decrease. Third-quarter net loss from continuing operations narrowed to $38 million compared with a loss of $118 million in the same quar...
    Magna reports a 15% YOY increase in Q3 FY'23 revenue to $10.7 billion
    Magna International Inc. has registered 15% revenue growth in the third quarter of financial year 2023 to $10.7 billion compared with $9.3 billion in the same period in 2022. The net income attributable to Magna was $394 million for the third quarter of 2023 compared with $289 million in the third quarter of 2022, the company said in a press release on Nov. 3. The company said global light vehicle production in the quarter increased by 4%, including 7% and 14% higher production in North Ameri...
    Borgwarner’s Q3 net sales up 12% YOY to $3.62 billion
    Michigan, US-based automotive component supplier BorgWarner Inc. (BorgWarner) has reported third-quarter 2023 net sales at $3.62 billion, registering a growth of 12% year over year, compared with the net sales of $3.23 billion for the third quarter of 2022, the company announced Nov. 2. The increase was primarily due to higher demand for the company’s products and recoveries from the customers of material-cost inflation. Net earnings slumped to $50 million from $273 million last year. The c...
    Aptiv reports 11% YOY increase in revenues to $5.1 billion in Q3 FY'23
    Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, announced its third-quarter fiscal year 2023 results with a revenue growth of 11% year over year to $5.1 billion. This growth consisted of 10% in Europe; 10% in North America; 2% in Asia, which was flat in China; and 12% in South America, the smallest region; the company said in a press release dated Nov. 2. The third-quarter's income was $1,629 million, compared to $2...
    SiriusXM’s Q3 revenue relatively unchanged year over year at $2.27 billion
    SiriusXM has reported a 0.3% year-over-year fall in revenue for the third quarter of fiscal 2023 to $2.27 billion, according to its press release on Oct. 31. Net income was reported at $363 million, compared to $247 million last year. Revenue from SiriusXM fell 1% to $1.7 billion for the third quarter while revenue from Pandora and Off-platform revenue rose 3% year over year to $418 million. For fiscal 2023, SiriusXM expects revenue of approximately $9 billion, adjusted EBITDA of about $2.75 ...
    Qualcomm reports a 19% YOY fall in FY 2023 revenue to $35.82 billion
    Qualcomm Technologies has reported a 19% year-over-year fall in full year 2023 revenue to $35.82 billion, the company said in a press release dated Nov. 1. Net income for the quarter came in at $7.23 billion, compared with $12.94 billion a year earlier. Revenue from Qualcomm CDMA Technologies (QCT) business dropped 19% to $30.38 billion, while revenue from its Qualcomm Technology Licensing (QTL) business fell 17% to $5.31 billion. Its Automotive business in QCT rose 24% year over year to $1.8...
    Garmin’s Q3 consolidated revenue rises 12% YOY to $1.28 billion
    Garmin has reported a 12% year-over-year increase in revenue for the third quarter of fiscal 2023 to $1.18 billion, according to an official filing on Nov. 1. Net income for the period rose to $257.2 million from $210.8 million. Gross margin fell to 57% from 58.8% last year. “We delivered outstanding performance in the third quarter with double-digit percentage growth in revenue, operating income, and earnings. Looking ahead, we are well positioned for the holiday selling season with a stro...
    KPIT Q2 FY 2024 revenue up 51.7% YOY to $145 million
    KPIT Technologies, an independent software integration partner to the automotive and mobility ecosystem for software-defined vehicles, announced its second-quarter fiscal year 2024 financial result on Oct. 30. The company reported revenue of $145.2 million, a year-over-year growth of 51.7%; and profit after tax of $16.8 million, up 68.7%. The company said it has had 13 consecutive quarters of steady revenue and EBITDA growth. It has witnessed broad-based growth across practices and verticals,...
    Denso Q2 FY 2024 YOY revenues jump 16.3% to $23.5 billion
    Japanese mobility supplier Denso recorded a 16.35% year-over-year jump in its consolidated revenues to ¥3,513.5 billion (about $23.5 billion) in the second quarter of fiscal year 2024. The consolidated operating profit stands at ¥211.8 billion, a 36.3% increase from the previous year, the company said in a press release on Oct. 31. In key geographies including Japan, revenue increased to ¥2061.2 billion, up 18.5% from the previous year, and operating profit was ¥85.2 billion, down 6.4% fr...
    Onsemi reports Q3 2023 revenues at $2.18 billion, down 0.5% YOY
    US-based semicondcutor company Onsemi has announced total revenue of $2,180.8 million for the third quarter of 2023, down 0.5% year over year compared to $2,192.6 million for the same time last year, according to a press release on Oct. 30. Onsemi recorded Automotive revenue of $1.2 billion, and increased 33% year over year. The company reported a net income of $582.7 million for the quarter. “Our disciplined approach and execution resulted in another solid quarter, demonstrating the r...
    Gentex posts Q3 net sales of $575.8 million, up 17%YOY
    Gentex reported third-quarter financial results, with net sales increasing by 17% year over year to $575.8 million, according to a press statement dated October 27. The company's gross profit margin improved by 340 basis points to 33.2%, driven by higher sales levels, cost recoveries and price increases. Operating expenses increased by 14% to $69 million, primarily due to research and development (R&D) expenses. Income from operations was $122.4 million, a 41% increase compared to the sam...
    STMicroelectronics posts 2.5% YOY sales growth to $4.43 billion in Q3
    STMicroelectronics has reported a 2.5% year-over-year growth in sales for the third quarter to $4.43 billion, according to a company press release on October 26. Operating income fell to $1.24 billion from $1.27 billion, while net income came in at $1.09 billion compared to $1.10 billion. In terms of product groups, net revenue of the Automotive and Discrete Group (ADG) climbed 29.6% year over year to $2.05 billion, while revenue of the Analog, MEMS and Sensors Group (AMS) fell 28.3% yea...
    Visteon’s Q3 net sales falls 1.2% YOY to $1.01 billion
    Visteon reported net sales of $1.01 billion in the third quarter of 2023, representing a year-over-year increase of 1.2%, according to a company press release dated October 26. When excluding the impact of currency and pricing from supply chain recoveries, Visteon's base sales grew 9% from the prior year, driven by the ongoing ramp up of their recent product launches. Gross margin in the third quarter was $143 million, and net income was $66 million. “We delivered strong results in the thir...
    Gentherm posts Q3 revenues of $366.2 million, up 10% YOY
    US-based thermal management technology provider, Gentherm has generated a revenue of $366.2 million, an increase of 10% year-over-year from $333 million last year, according to a company press release dated October 26. Automotive revenues increased 10% year over year, helped by the impact of foreign currency translation and contributions from the Alfmeier acquisition. “I am pleased with the continued strong execution by the global Gentherm team, enabling us to deliver record quarterly Clima...
    Sona Comstar reports a 20% jump in revenues in Q2 FY'24 to 7.91 billion Indian rupees
    Sona BLW Precision Forgings (Sona Comstar), a leading mobility technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, in a regulatory filing announced its financial results for the second quarter of fiscal year 2024 on October 25. The auto-component maker recorded total revenues of 7.91 billion Indian rupees (about $95.3 million) in the quarter, up 20% year over year. Its revenues share from battery-electric vehi...
    Texas Instruments reports 14% YOY fall in Q3 revenue to $4.53 billion
    Texas Instruments (TI) reported third-quarter revenue of $4.53 billion, down 14% year over year from $5.24 billion last year, according to a company press release dated October 24. TI posted a net income of $1.71 billion for the quarter, which was 26% lower. TI's cash flow from operations was $1.37 billion, representing 30% of revenue. Revenue from the company’s Analog segment, which forms the largest part of the group’s business, fell 16% year over year to $3.35 billion, while revenue fr...
    Autoliv Q3 FY 2023 net sales up 13% YOY to $2.59 billion
    Automotive safety-systems company Autoliv reported a 13% year-over-year increase in third-quarter net sales at $2.59 billion. Operating income for the quarter grew 36% year over year to $94 million from $232 million, it said in a press release on October 20. The company said it has outperformed in all the regions in the quarter mainly due to new product launches and higher prices. The profitability improved substantially, positively impacted by price increases, organic growth and cost-reducti...
    Tata Elxsi reports 15.5% YOY revenue growth in Q2 FY'24 to 88.1 billion Indian rupees
    Leading providers of design-led technology services Tata Elxsi announced total revenues of 88.1 billion Indian rupees (about $1.06 billion), up 15.5%, and profit after tax of 2 billion Indian rupees year over year in the second quarter of fiscal 2024. The company said in a regulatory filing on October 17 that the transportation vertical recorded a growth of 26.1% year over year, supported by bigger and stronger deals traction in the software-defined vehicle (SDV) engagements. ...
    TomTom’s Q3 revenue rises 6% YOY to €144 million
    TomTom has announced its third-quarter 2023 results, highlighting significant growth in its Location Technology and Automotive businesses, it said in a press release on October 13. The company's revenue increased by 6% to €144.1 million, with Location Technology revenue up 10% to €119 million and Automotive operational revenue growing by 13% to €85 million. Net cash stood at €325 million. For full year 2023, TomTom reiterated their guidance with revenue expected to grow to between €...
    CEAT Ltd. Q2 FY'24 revenues up 5.5% YOY to 30.53B Indian rupees
    One of the major tire suppliers to the automotive industry, CEAT Ltd., announced its unaudited financial results for the second quarter ending on Sept. 30, 2023. On a consolidated basis, the company’s revenue closed at 30 billion Indian rupees (about $360.6 million); EBITDA margin stood at 15.1%, an expansion of 202 basis points versus the first quarter of fiscal 2023–24. The company’s net profit stood at 2.08 billion Indian rupees, the company said in a regulatory filing on...
    Micron Technology reports revenues at $15.54 billion in FY'23, down 49.47% YOY
    Micron Technology has reported a 40% year-over-year fall in revenue in fiscal 2023, a press filing by the US company on September 27 read. Revenue lowered to $15.54 billion from $30.76 billion in the previous corresponding period. The company reported generally accepted accounting principles net loss of $5.83 billion compared to net income of $7.75 billion last year. “During fiscal 2023, amid a challenging environment for the memory and storage industry, Micron sustained technology lea...
    IAA Mobility 2023: Continental unveils new tire concept Conti CityPlus
    In a press release announcement on September 4, Continental has unveiled its new tire concept Conti CityPlus at Internationale Automobil-Ausstellung (IAA) Mobility 2023 in Munich. The new tire technology increases the total energy efficiency of a tire by up to 10%. The results are lower CO2 emissions from passenger cars with combustion engines and longer driving ranges for electric vehicles. This was achieved by optimizing the tire behavior during stop-and-go traffic in urban driving situations,...
    Autoneum posts 24.1% YOY growth in H1 2023 revenue to CHF1.10 billion
    Autoneum has reported a 24.1% year-over-year increase in revenue for the first half of fiscal 2023, according to a company press release dated August 23. Revenue came in at CHF1.10 billion from CHF888.7 million last year. Earnings before interests and taxes rose to CHF84.9 million while EBIT margin also grew by 7 percentage points to 7.7%. Revenue of Business Group Europe increased by 57.2% to CHF496.5 million. The significant increase is due to operational improvements, compensation for infl...
    Analog Devices reports Q3 FY 2023 revenues at $3.08 billion, down 1% YOY
    Analog Devices Inc. (ADI) has reported revenues for the third quarter of fiscal 2023 to $3.08 billion, a fall of 1% compared to $3.11 billion in third quarter 2022, according to its press release on August 23. The company reported operating income for the quarter at $929 million, compared to $893 million in the third quarter of 2022. For the fourth quarter of fiscal 2023, the company is forecasting revenue of $2.70 billion. At the midpoint of this revenue outlook, the company expect...
    Synopsys reports Q3 FY 2023 revenues at $1.487 billion, up 19% YOY
    Synopsys reported the third quarter of fiscal year 2023 revenue at $1.487 billion, compared to $1.248 billion for the third quarter of fiscal year 2022. The company reported net income of $336.3 million, compared to $222.6 million net income in the third quarter of 2022. The company reported operating income for the quarter at $295.47 million, compared to $233.92 million in the third quarter of 2022. "We achieved another record quarter as semi design starts and [research and development] inve...
    Nexteer Automotive reports $2.1 billion in revenues in H1 FY 2023, up 17.4% YOY
    Nexteer Automotive on August 16 reported first-half 2023 revenue of $2.1 billion, an increase of 17.4% when compared with the six months ended June 30, 2022, and a new company record for half-year revenue. The free cash flow generation of $59.9 million significantly outperformed the first half of 2022. As compared with the six months ended June 30, 2022, gross profit of $190.8 million increased by 27.4%; profit before income tax of $45.8 million increased by 121%. The company said b...
    Apollo Tyres reports Q1 FY 2024 revenues of 62.45 billion rupees, up 5% YOY
    Leading global tiremaker Apollo Tyres reported revenues of 62.45 billion rupees (about $749.6 million) in the first quarter of fiscal year 2024, registering a growth of 5% year over year, as compared to 59.42 billion rupees. Net profit in the quarter jumped 124% at 3.97 billion rupees compared to 1.77 billion rupees in the last fiscal, the company said in a regulatory filing August 10. Commenting on the company’s performance in the first quarter, Onkar Kanwar, chairman o...
    Samvardhana Motherson Q1 FY 2024 revenues up 27% YOY to 224.62 billion rupees
    India-based Samvardhana Motherson International reported a consolidated net profit of 6.01 billion rupees (about $72.60 million) for the quarter ended June 30, 2023, from 1.41 billion rupees a year earlier. Profit before tax from Modules and Polymer Product segments, which made up about 54% of revenue, nearly doubled, while the Wiring Harness business had a 61% jump. The company also benefited from a recovery in vehicle production volumes in its key markets of China, Europe, and North Am...
    Yokohama Rubber reports H1 FY 2023 revenues of ¥443.2 billion, up 13.2% YOY
    Yokohama Rubber has reported revenues for the first half (January to June) of fiscal 2023 to ¥443.2 billion (about $3.057 billion) compared to ¥391.4 billion in the first half of 2022, up 18.8% year over year, according to its press release on August 10. The company reported net income of ¥27.6 million in the first half of 2023, compared to ¥23.3 million net income in the first half of 2022. The company reported operating income for the quarter at ¥28.1 million, compared to ¥26.9 million i...
    Tachi-S posts 36.5% YOY growth in net sales for Q1 FY 2023 at $473.6 million
    Japanese interior-parts supplier Tachi-S has reported a 36.5% year-over-year growth in net sales for the first quarter of fiscal 2024 at ¥67.92 billion (about $473.6 million), according to a company press release on August 10. The company posted a net loss of ¥53 million compared to a net loss of ¥2.95 billion in the previous corresponding period. Operating income for the first quarter was ¥184 million, a turnaround from a loss of ¥2.34 billion a year earlier. Significance: Tachi-S sp...
    Panasonic’s Q1 net sales rises 2.8% YOY to $14.15 billion
    Panasonic Holdings Corp. has reported a 2.8% year-over-year rise in net sales to ¥2.03 trillion (about $14.15 billion) for the first quarter of fiscal 2024, according to a company press release dated July 31. Net profit came in at ¥200.93 billion compared to ¥48.95 billion a year earlier. Segment wise, Automotive sales increased to ¥341 billion from ¥269.6 billion, primarily due to recovery of automobile production. Sales from its Energy business increased by 5% to ¥238.4 billion. This ...
    GlobalFoundries reports Q2 FY 2023 revenues at $1.84 billion, down 7.6% YOY
    GlobalFoundries (GF) has reported revenues for the second quarter of fiscal 2023 to $1.84 billion, compared to $1.99 billion in the second quarter of 2022, down 7.6% year over year, according to its press release on August 8. The company reported net income of $237 million, compared to $22.9 million net income in the second quarter of 2022. The company reported operating income for the quarter at $275 million, compared to $297 million in the second quarter of 2022. “In the second ...
    Continental reports Q2 FY 2023 consolidated revenues of €10.4 billion, up 10.4% YOY
    Leading automotive supplier Continental reported strong numbers in the second quarter of fiscal year 2023, with consolidated revenues of €10.4 billion, up 10.4% year over year, with the net income at €209 million, down 17%. Its Tires group sector and high-order intake in Automotive of about €8.6 billion were the top highlights in the quarter, the company said August 9. In the Automotive group sector, sales increased by 19% to €5.1 billion (second quarter of 2022: €4.3 billion). With...
    Cerence’s Q3 revenue falls 30.7% YOY to $61.7 million
    Cerence has reported a 30.7% year-over-year fall in revenue for the third quarter of 2023 at $61.7 million, according to a company press release dated August 8. Net loss for the period narrowed to $16.5 million from a loss of $99.3 million last year. Gross margin was 66.5% versus 73.7% last year. “Our focus on operational excellence and delivering on our commitments continued to drive strong results in Q3, with revenue for the quarter, as well as most of the key profitability metrics, at or...
    Kongsberg Automotive reports a marginal drop in Q2 FY 2023 revenues at €224.5 million
    Kongsberg Automotive, in a regulatory filing on August 8, said revenues for the second quarter came in at €224.5 million, a marginal drop of €1.1 million compared to the same period last year, including the negative currency translation effects of €10.8 million. The company attributed the drop to the divestment of the Powersports business to BRP and the significant declining revenues into the Chinese passenger car market, partially offset by the substantial growth in the commercial...
    Indian auto component industry reports $69.7 billion in FY 2022–23, records 32.8% YOY growth
    The Automotive Component Manufacturers Association of India (ACMA) has reported the turnover of India’s automotive component industry at $69.7 billion for the period of April 2022 to March 2023, registering a growth of 32.8% year over year, ACMA announced on the sidelines of a conference in New Delhi on August 7. According to Vinnie Mehta, director general of ACMA, the year-over-year growth in the industry’s turnover can be attributed to significant vehicle sales in India, a robust a...
    Qualcomm posts 23% YOY fall in Q3 FY 2023 revenue to $8.45 billion
    Qualcomm Technologies has reported a 23% year-over-year fall in third-quarter revenue to $8.45 billion, the company said in a press release dated August 3. Net income for the quarter came in at $1.80 billion, compared with $3.73 billion a year earlier. Revenue from Qualcomm CDMA Technologies (QCT) business dropped 24% to $7.17 billion, while revenue from its Qualcomm Technology Licensing (QTL) business fell 19% to $1.23 billion. Its Automotive business in QCT rose 13% year over year to $434 m...
    Aptiv reports revenue of $5.2 billion in Q2 FY 2023, an increase of 28% YOY
    Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, announced its second-quarter fiscal year 2023 financial result, according to its press release dated August 3. The company reported a significant growth in its revenues for the quarter at $5.2 billion, a jump of 28%, and a net income of $229 million. The company said that adjusted for currency exchange, commodity movements and acquisitions, revenue increased by 25% in the second quarter. This ...
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