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STMicroelectronics N.V. reported U.S. GAAP financial results for the first quarter ended March 30, 2024. ST reported first quarter net revenues of $3.47 billion, gross margin of 41.7%, operating margin of 15.9%, and net income of $513 million or $0.54 diluted earnings per share. Jean-Marc Chery, ST President & CEO, commented:
- “Q1 net revenues and gross margin both came in below the midpoint of our business outlook range, driven by lower revenues in Automotive and Industrial, partially offset by higher revenues in Personal Electronics.”
- “On a year-over-year basis, Q1 net revenues decreased 18.4%, operating margin decreased to 15.9% from 28.3% and net income decreased 50.9% to $513 million.”
- “During the quarter, Automotive semiconductor demand slowed down compared to our expectations, entering a deceleration phase, while the ongoing Industrial correction accelerated.”
- “Our second quarter business outlook, at the mid-point, is for net revenues of $3.2 billion, decreasing yearover-year by 26.0% and decreasing sequentially by 7.6%; gross margin is expected to be about 40%.”
- “We will now drive the Company based on a revised plan for FY24 revenues in the range of $14 billion to $15 billion. Within this plan, we expect a gross margin in the low 40’s.”
- “We plan to maintain our Net Capex plan for FY24 at about $2.5 billion focusing on our strategic manufacturing initiatives.”
Original – STMicroelectronics
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Renesas Electronics Corporation announced consolidated financial results in accordance with IFRS for the three months ended March 31, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results for the three months ended March 31, 2024 (Non-GAAP basis) (Note 2)
Three months ended March 31, 2024 Billion yen % of Revenue Revenue 351.8 100.0 Gross profit 199.3 56.7 Operating profit 113.5 32.3 Profit attributable to owners of parent 105.9 30.1 EBITDA (Note 3) 133.8 38.0 Summary of Consolidated Financial Results for the three months ended March 31, 2024 (IFRS basis)
Three months ended March 31, 2024 Billion yen % of Revenue Revenue 351.8 100.0 Gross profit 197.5 56.1 Operating profit 77.8 22.1 Profit attributable to owners of parent 79.9 22.7 EBITDA (Note 3) 125.7 35.7 Reconciliation of Non-GAAP gross profit to IFRS gross profit and Non-GAAP operating profit to IFRS operating profit
(Billion yen)
Three months ended March 31, 2024 Non-GAAP gross profit
Non-GAAP gross margin199.3
56.7%Amortization of purchased intangible assets and depreciation of property, plant and equipment (0.3) Stock-based compensation (0.5) Other reconciliation items in non-recurring
expenses and adjustments (Note 4)(1.1) IFRS gross profit
IFRS gross margin197.5
56.1%Non-GAAP operating profit
Non-GAAP operating margin113.5
32.3%Amortization of purchased intangible assets and depreciation of property, plant and equipment (27.6) Stock-based compensation (5.6) Other reconciliation items in non-recurring expenses and adjustments (Note 4) (2.5) IFRS operating profit
IFRS operating margin77.8
22.1%Note 1: All figures are rounded to the nearest 100 million yen.
Note 2: Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS) figures following a certain set of rules. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results.
Note 3: Operating profit + Depreciation and amortization.
Note 4: “Other reconciliation items in non-recurring expenses and adjustments” includes the non-recurring items related to acquisitions and other adjustments as well as non-recurring profits or losses the Group believes to be applicable.
Original – Renesas Electronics
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Navitas Semiconductor announced its participation in forthcoming China Electronic Hotspot Solutions Innovation Summit in Shenzhen on April 27th. The summit gathers key players in power semiconductors and associated customer design teams for innovations in EV such as 800 V supercharging, battery management, intelligent connected vehicle electronics, and high-power digital power supplies. 2024 EV OEM attendees include experts from Voyah and Dongfeng.
Jacky Xiao, Navitas’ Technical Marketing Manager, will deliver a keynote titled “High-Frequency On-Board Charger Solutions Based on Hybrid Design of SiC and GaN”, to introduce how Navitas can create more efficient, smaller and lighter on-board charging for EVs. Without compromise, customers can select Navitas’ optimal, feature-rich GaN and SiC power devices in robust, thermally-enhanced TOLL and TOLT packaging, to create hybrid powertrain solutions that deliver faster charging, longer range and lower systems costs.
Navitas’ GaNFast power ICs integrate GaN power and drive with control, sensing, and protection to enable faster charging, higher power density, greater energy savings and system cost reduction. New ‘Gen-3 Fast’ GeneSiC MOSFETs have up to 50% improved performance vs. other SiC devices. Summit exhibition attendees can explore the latest in EV-optimized GaNFast and GeneSiC products and complete EV system hardware solutions and learn how to accelerate their leading-edge projects.
“We’re delighted to participate in China Electronic Hotspot Solutions Innovation Summit, where we can discuss the technological trend of new energy industry with experts from renowned domestic institutions and leaders in international electronic components,” said Charles Zha, VP and GM of Navitas China. “Navitas’ leading GaN and SiC technology will enable faster charging, longer-range and more environmentally friendly power systems for EV. These improvements not only significantly enhance product performance but also effectively shorten time-to-market.”
The China Electronic Hotspot Solutions Innovation Summit will be held on April 27th, 2024, at Crowne Plaza, Nanshan District, Shenzhen.
Original – Navitas Semiconductor
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Transphorm, Inc. and the global leader in adapter USB Power Delivery (PD) Controller Integrated Circuits (IC) Weltrend Semiconductor Inc. announced availability of two new GaN System-in-Packages (SiPs). When combined with Weltrend’s flagship GaN SiP announced last year, the new devices establish the first SiP product family based on Transphorm’s SuperGaN® platform.
The new SiPs—WT7162RHUG24B and WT7162RHUG24C—integrate Weltrend’s high frequency multi-mode (QR/Valley Switching) Flyback PWM controller with Transphorm’s 150 mΩ and 480 mΩ SuperGaN FETs respectively. Like their 240 mΩ predecessor (WT7162RHUG24A), the devices pair with USB PD or programmable power adapter controllers to provide a total adapter solution.
Notably, they also offer several innovative features including the UHV valley tracking charge mode, adaptive OCP compensation, and adaptive green mode control among others that allow customers to design high quality power supplies faster and with fewer components using the simplest design approach.
“When we launched our first GaN SiP last year, it was an important milestone in our company’s evolution. It demonstrated a new GTM strategy for the AC-to-DC power market,” said Wayne Lo, Vice President of Marketing, Weltrend. “Today’s news confirms we’re continuing to serve that space with a wider selection of devices designed to support a wider assortment of product power levels. A total packaged solution with Transphorm’s SuperGaN platform delivers design simplicity with unparalleled performance for devices now ranging from low 30-watt USB-C PD power adapters through to nearly 200-watt chargers, a unique Transphorm GaN capability.”
End product manufacturers seek ways to develop new adapters with a reduced bill-of-materials (BOM) that offer versatility, fast charging, and higher power outputs. Additionally, in many cases they seek to deliver “one-size-fits-all” chargers with multiple ports and/or multiple types of connections. All of this in smaller, lighter weight form factor.
Some key advantages of Transphorm’s normally-off d-mode SuperGaN platform include best-in-class robustness (+/- 20 V gate margin with a 4 V noise immunity) and reliability (< 0.05 FIT) with the ability to increase power density by 50% over silicon. Weltrend’s elegant SiP designs harness those advantages along with its own innovative technologies to create a near plug-and-play solution that speeds design while reducing form factor size.
“SiPs are an important device option when considering the needs of adapter and charger manufacturers,” said Tushar Dhayagude, Vice President of Worldwide Sales and FAE, Transphorm. “These systems require effective power conversion that, while simple to use with integrated functionality, also minimize learning curves to ensure quick design in. The first device released validated the performance and versatility of a SuperGaN SiP. The new devices announced today validate both our companies’ deepening commitment to arming customers with choice.”
Key Specifications WT7162RHUG24A WT7162RHUG24B (new) WT7162RHUG24C (new) Rds(on) 240 mΩ 150 mΩ 480 mΩ Vds min 650 V Power Efficiency > 93% Power Density 26 w/in3 Max Frequency 180 kHz Wide Output
Voltage OperationUSB-C PD 3.0
PPS 3.3V~21VPackage 24-pin 8×8 QFN Key Features Feature Advantage Adjustable GaN FET gate slew rate control Balances out efficiency and EMI compliance External VDD linear regulator circuit not required
(700 V ultra HV start-up current pulled directly from AC Line voltage)Reduces component count Reduced package inductance Maximizes chip performance Fits in a standard 8×8 QFN FF Allows for low profile/small system footprint Original – Transphorm
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Toshiba Electronic Devices & Storage Corporation has launched a newly developed press pack IEGT “ST1000GXH35” with ratings of 4500 V/1000 A for use in high-voltage converters such as DC power transmission systems and industrial motor controllers.
The new product ST1000GXH35 employs trench-type IEGT chips and high-speed diode chips. The IEGT chips reduce collector-emitter saturation-voltage and improve shutdown tolerance, short-circuit tolerance, and high-temperature tolerance. Therefore, collector-emitter saturation-voltage (VCE(sat) ) has been reduced by approximately 28 % from 3.00 V to 2.15 V (typical) compared with the existing product ST750GXH24.
The high-speed diode chips suppress voltage oscillation during reverse recovery and improve reverse recovery tolerance and high-temperature tolerance. The new product can be used at a higher turn-on speed than the existing product, therefore the turn-on switching loss (Eon) has been reduced by approximately 34 % from 4.15 J to 2.75 J (typical).
Furthermore, the test voltage for shutdown tests and short-circuit tests has been enhanced to 3400 V in response to applications requiring high voltage. In addition, the junction temperature rating has been increased from 125 °C to 150 °C (maximum) by improving the high-temperature tolerance of the diode.
ST1000GXH35 contributes to size reduction and high output for high-voltage converters such as DC power transmissions, static VAR compensators, and industrial motor controllers.
Applications
- DC power transmissions
- Static VAR compensators
- Industrial motor controllers
Features
- Low collector-emitter saturation voltage and low turn-on switching loss
- Enhanced to test-voltage 3400 V for shutdown and short-circuit tests
- Maximum junction temperature rating: Tj(max)=150 °C
Original – Toshiba
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Texas Instruments Incorporated reported first quarter revenue of $3.66 billion, net income of $1.11 billion and earnings per share of $1.20. Earnings per share included a 10-cent benefit for items that were not in the company’s original guidance.
Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments:
- “Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets.
- “Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $940 million.
- “Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $5.3 billion in capital expenditures and returned $4.8 billion to owners.
- “TI’s second quarter outlook is for revenue in the range of $3.65 billion to $3.95 billion and earnings per share between $1.05 and $1.25. We continue to expect our effective tax rate to be about 13%.”
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures.
Earnings summary
(In millions, except per-share amounts) Q1 2024 Q1 2023 Change Revenue $ 3,661 $ 4,379 (16) % Operating profit $ 1,286 $ 1,934 (34) % Net income $ 1,105 $ 1,708 (35) % Earnings per share $ 1.20 $ 1.85 (35) % Cash generation
Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change Cash flow from operations $ 1,017 $ 6,277 $ 7,736 (19) % Capital expenditures $ 1,248 $ 5,337 $ 3,336 60 % Free cash flow $ (231) $ 940 $ 4,400 (79) % Free cash flow % of revenue 5.6 % 22.6 % Cash return
Trailing 12 Months (In millions) Q1 2024 Q1 2024 Q1 2023 Change Dividends paid $ 1,183 $ 4,615 $ 4,359 6 % Stock repurchases $ 3 $ 193 $ 3,129 (94) % Total cash returned $ 1,186 $ 4,808 $ 7,488 (36) % Original – Texas Instruments
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Vishay Intertechnology, Inc. issued the following statement from its Board of Directors in response to the press release issued on April 22, 2024 by Mountaineer Partners Management, LLC (“Mountaineer”) in which Mountaineer published its letter to the Board of Directors urging the Board to consider adopting and implementing a $600 million accelerated share repurchase.
Vishay regularly engages with our stockholders and welcomes constructive input focused on enhancing value. Vishay’s CEO has held numerous discussions with Mountaineer since his appointment to the position on January 1, 2023, and the senior management team met with stockholders most recently at the company’s Investor Day held on April 2, 2024.
Vishay’s Board appreciates and is carefully evaluating the suggestion made by Mountaineer along with input from other stockholders to determine the course of action that is in the best interest of the company and all stockholders.
Original – Vishay Intertechnology
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Axcelis Technologies, Inc. has received the Texas Instruments 2023 Supplier Excellence Award. The annual award honors companies whose dedication and commitment in supplying products and services meet TI’s high standards for excellence. Recipients are an elite group of suppliers chosen for their exemplary performance in the areas of Cost, Environmental & Social Responsibility, Technology, Responsiveness, Assurance of Supply, and Quality.
“It is a tremendous honor for Axcelis to once again receive the Supplier Excellence Award from Texas Instruments,” said Russell Low, Axcelis’ President and Chief Executive Officer. “This is the fifth time Axcelis has received this prestigious award over the last 11 years and is a testament to our dedication to customer collaboration and success, and our commitment to a strong partnership with Texas Instruments. We look forward to continuing to serve the installed base with value added upgrades and services and participating in Texas Instruments’ expansion plans in the near future.”
Rob Simpson, Vice President of Worldwide Procurement and Logistics at Texas Instruments, commented, “Axcelis’ exceptional commitment to innovation and collaboration has set them apart and helped us achieve our priorities to serve our customers.”
Original – Axcelis Technologies
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ROHM and STMicroelectronics announced the expansion of the existing multi-year, long-term 150mm silicon carbide (SiC) substrate wafers supply agreement with SiCrystal, a ROHM group company. The new multi-year agreement governs the supply of larger volumes of SiC substrate wafers manufactured in Nuremberg, Germany, for a minimum expected value of $230 million.
Geoff West, EVP and Chief Procurement Officer, STMicroelectronics, commented “This expanded agreement with SiCrystal will bring additional volumes of 150mm SiC substrate wafers to support our devices manufacturing capacity ramp-up for automotive and industrial customers worldwide. It helps strengthen our supply chain resilience for future growth, with a balanced mix of in-house and commercial supply across regions”.
“SiCrystal is a group company of ROHM, a leading company of SiC, and has been manufacturing SiC substrate wafers for many years. We are very pleased to extend this supply agreement with our longstanding customer ST. We will continue to support our partner to expand SiC business by ramping up 150mm SiC substrate wafer quantities continuously and by always providing reliable quality”.said Dr. Robert Eckstein, President and CEO of SiCrystal, a ROHM group company.
Energy-efficient SiC power semiconductors enable electrification in the automotive and industrial sectors in a more sustainable way. By facilitating more efficient energy generation, distribution and storage, SiC supports the transition to cleaner mobility solutions, lower emissions industrial processes and a greener energy future, as well as more reliable power supplies for resource-intensive infrastructure like data centers dedicated to AI applications.
Original – STMicroelectronics
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STMicroelectronics unveiled L99H92 automotive gate driver which provides an SPI port for programming and diagnostics, a charge pump, protective features, and two additional current-sense amplifiers for system monitoring.
Containing two high-side and two low-side drivers, the L99H92 can control a single H-bridge powering one bidirectional DC motor or two half bridges for two unidirectional motors. Typical applications for the highly integrated and easily configurable driver include electric sunroof, window lift, powered trunk, sliding doors, and seat-belt pre-tensioners.
The charge pump powers the high-side drivers to maintain correct operation as the vehicle battery voltage fluctuates, enabling the outputs to function with a supply as low as 5.41V. The charge-pump output is also available at an external pin to control a MOSFET for reverse-battery protection.
The gate-driving current is programmed through the SPI port, allowing slew-rate control to minimize electromagnetic emissions and thermal dissipation. Programming the current saves up to four external discrete components per MOSFET, typically needed for slew-rate setting with conventional drivers. The maximum drive current of 170mA gives designers flexibility to use the driver with a wide variety of external MOSFETs, including high-power devices with large gate capacitance.
With many features for system protection and diagnostics, the L99H92 is built for reliability and safety. There is overcurrent protection with a programmable threshold, detected by monitoring the MOSFET drain current. Also, cross-conduction protection with programmable dead time ensures safety and efficiency. Additional protection includes overtemperature early warning and shutdown, overvoltage and undervoltage protection on analog and digital power supply inputs, and open-load and output short-circuit detection in off-state diagnostic mode.
A fail-safe input can turn off all MOSFETs instantaneously and a dedicated diagnostic pin provides immediate fault warning without waiting for periodic SPI transfers.
Additionally, two current-sense amplifiers are integrated for system-status monitoring, helping minimize the bill of materials. Suitable for high-side, low-side, and inline sensing, the amplifiers have independently programmable gain, low offset, and low thermal drift. They can be independently disabled to reduce current consumption when unused.
Original – STMicroelectronics
