LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

DIGITIMES Asia - Philips Lumileds introduces new LED - 4/4/2024

Philips Lumileds recently announced immediate availability of Luxeon Rebel power LED, which is 3x4.5mm with a footprint area 75% smaller than other surface mount power LEDs.

For the complete story see:

https://www.digitimes.com/photogallery/showphoto.asp?id=1978&tag=857

LEDinside - Godox KNOWLED P600R and P1200R RGB LED Panels Announced - 3/4/2024

Godox announced two new, high-power, hard RGB LED panels.

For the complete story see:

https://www.ledinside.com/news/2024/4/2024_04_03_04

TechRadar - IKEA's affordable new smart LED wall panel is an impressively versatile mood light - 3/4/2024

IKEA has just launched a rather attractive new smart LED wall light, which is based on ceiling light panel that arrived earlier this year.

For the complete story see:

https://www.techradar.com/home/smart-home/ikeas-affordable-new-smart-led-wall-panel-is-an-impressively-versatile-mood-light

Other Stories

Yahoo Finance - Viper Networks Delivers First Major LED Lights Order to Sri Lanka - 26/3/2024

Tech Explore - A high efficiency LED based on copper-iodide clusters - 25/3/2024

LEDinside - One Floral begins LED lighting trial with Sollum Technologies - 22/3/2024

LEDinside - CEA-Leti researchers achieve world record in micro-OLED optical communications - 19/3/2024

LEDinside - Glamox wins three contracts to light offshore wind farms in Asia - 18/3/2024

Media Releases

Universal Display Corporation - Universal Display Corporation to Deliver Keynote Address and Sponsor ICDT 2024 - 28/3/2024

Latest Research

The effect of 580 nm-based-LED mixed light on growth, adipose deposition, skeletal development, and body temperature of chickens - By Yefeng Yang, Chenghuang Zhen, Bo Yang, Yonghua Yu, Jinming Pan

Industry Overview

The LED Industry

Overviews of Leading Companies

American Bright LED

Brodwax Lighting

Cree LED (NASDAQ: SGH)

Eaton Cooper Industries (NYSE: ETN)

GE Lighting (NYSE: GE)

International Light Technologies

LG Innotek Co Ltd (011070: KS)

Ledtronics

Lumileds

PerkinElmer Inc. (NYSE: PKI)

Samsung LED (005930: KS)

Seoul Semiconductor Co., Ltd (046890: KQ)

Toyoda Gosei Co., Ltd. (TSE: 72820)

Universal Display Corporation (NASDAQ: OLED)

Wolfspeed, Inc. (formerly Cree Inc.) (NYSE: WOLF)

Associate: Mohammad Azhar Bin Mazlan

News and Commentary

DIGITIMES Asia - Philips Lumileds introduces new LED - 4/4/2024

Philips Lumileds recently announced immediate availability of Luxeon Rebel power LED, which is 3x4.5mm with a footprint area 75% smaller than other surface mount power LEDs.

For the complete story see:

https://www.digitimes.com/photogallery/showphoto.asp?id=1978&tag=857

LEDinside - Godox KNOWLED P600R and P1200R RGB LED Panels Announced - 3/4/2024

Godox announced two new, high-power, hard RGB LED panels.

For the complete story see:

https://www.ledinside.com/news/2024/4/2024_04_03_04

TechRadar - IKEA's affordable new smart LED wall panel is an impressively versatile mood light - 3/4/2024

IKEA has just launched a rather attractive new smart LED wall light, which is based on ceiling light panel that arrived earlier this year.

For the complete story see:

https://www.techradar.com/home/smart-home/ikeas-affordable-new-smart-led-wall-panel-is-an-impressively-versatile-mood-light

Yahoo Finance - Viper Networks Delivers First Major LED Lights Order to Sri Lanka - 26/3/2024

Viper Networks, Inc. announced that the Company has recently shipped their first major LED lights order for the country of Sri Lanka.

For the complete story see:

https://finance.yahoo.com/news/viper-networks-delivers-first-major-133000210.html

Tech Explore - A high efficiency LED based on copper-iodide clusters - 25/3/2024

A team led by Prof. Yao Hongbin from the University of Science and Technology of China (USTC) developed a high efficiency, high brightness warm white light-emitting diode (LED) based on copper-iodide cluster hybrids.

For the complete story see:

https://techxplore.com/news/2024-03-high-efficiency-based-copperiodide-clusters.html

LEDinside - One Floral begins LED lighting trial with Sollum Technologies - 22/3/2024

Greenhouse plant grower One Floral Group is conducting its first-ever foray into LED lighting with SUNaa LED grow lights supplied by Sollum Technologies.

For the complete story see:

https://www.ledinside.com/news/2024/3/2024_03_21_01

LEDinside - CEA-Leti researchers achieve world record in micro-OLED optical communications - 19/3/2024

Micro-LEDs represent a major field of research worldwide and provide essential technology for a variety of sectors including any that rely on display technology.

For the complete story see:

https://www.ledinside.com/news/2024/3/2024_03_19_01

LEDinside - Glamox wins three contracts to light offshore wind farms in Asia - 18/3/2024

Glamox is replicating its success in lighting European offshore windfarms with three separate orders for LED lighting for the turbine foundation transition pieces for three fixed offshore windfarms in Taiwan and South Korea.

For the complete story see:

https://www.ledinside.com/news/2024/3/2024_03_20_01

Media Releases

Universal Display Corporation - Universal Display Corporation to Deliver Keynote Address and Sponsor ICDT 2024 - 28/3/2024

EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its Executive Vice President and Chief Technical Officer, Dr. Julie Brown, will deliver a Keynote Presentation at the International Conference on Display Technology (ICDT) 2024 (2024å½éæ¾ç¤ºææ¯å¤§ä¼). UDC is also presenting an Invited Paper and is a Gold sponsor of the conference, which is hosted by the Society for Information Display (SID) and will be held March 31-April 3 at Binhu Hefei International Convention and Exhibition Center, China.

"We are pleased to participate in ICDT 2024 as a keynote speaker, invited paper presenter and proud sponsor. This renowned display symposium and exhibition provides a wonderful opportunity for Dr. Brown and our UDC China team to discuss UDC's tremendous work in advancing the frontiers of OLED materials and technologies," said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. "OLEDs continue to expand the possibilities for consumer electronics displays and become an even more integral part of our everyday lives, from AR/VR displays and smartwatches, to smartphones, IT, automotive and TV applications. As a key enabler in the OLED ecosystem, we continue to invent and develop next-generation phosphorescent materials and technologies that deliver higher energy efficiency and performance, supporting our customers, the expanding OLED industry and consumers around the world."

ICDT 2024 will include a Keynote Presentation and Invited Paper Presentation discussing UDC's work to support product roadmaps that drive towards expanding color gamut, brightness and efficiency, as well as our groundbreaking Plasmonic PHOLED device architecture for the next frontier of energy efficiency and lifetime gains. In addition, senior representatives from UDC Ewing HQ, Beijing, Chengdu, Hong Kong, Shanghai, Shenzhen and Taiwan offices will attend the conference in Hefei.

Keynote/Plenary Session: Dr. Julie Brown, Executive Vice President and Chief Technical Officer, will present on "Next Frontiers in OLED Technology," on Monday, April 1st at 3:45 PM CST.

Session 45: Device Physics of OLEDs, where Dr. Zhaoqun Zhou, Principal Technologist, will present his Invited Paper on "Surface Plasmonic Coupled PHOLED Device Performance: Improving Efficiency, Stability and Angle Dependence," on Wednesday, April 3rd at 8:50 AM CST.

https://ir.oled.com/newsroom/press-releases/press-release-details/2024/Universal-Display-Corporation-to-Deliver-Keynote-Address-and-Sponsor-ICDT-2024/default.aspx

Latest Research

The effect of 580 nm-based-LED mixed light on growth, adipose deposition, skeletal development, and body temperature of chickens

Yefeng Yang, Chenghuang Zhen, Bo Yang, Yonghua Yu, Jinming Pan

Abstract

Though previous study indicated that the 580 nm-yellow-LED-light showed an stimulating effect on growth of chickens, the low luminous efficiency of the yellow LED light cannot reflect the advantage of energy saving. In present study, the cool white LED chips and yellow LED chips have been combined to fabricate the white × yellow mixed LED light, with an enhanced luminous efficiency. A total 300 newly hatched chickens were reared under various mixed LED light. The results indicated that the white × yellow mixed LED light had "double-edged sword" effects on bird's body weight, bone development, adipose deposition, and body temperature, depending on variations in ratios of yellow component. Low yellow ratio of mixed LED light (Low group) inhibited body weight, whereas medium and high yellow ratio of mixed LED light (Medium and High groups) promoted body weight, compared with white LED light (White group). A progressive change in yellow component gave rise to consistent changes in body weight over the entire experiment. Moreover, a positive relationship was observed between yellow component and feed conversion ratio. High group-treated birds had greater relative abdominal adipose weight than Medium group-treated birds (P = 0.048), whereas Medium group-treated birds had greater relative abdominal adipose weight than Low group-treated birds (P = 0.044). We found that mixed light improved body weight by enhancing skeletal development (R2 = 0.5023, P = 0.0001) and adipose deposition (R2 = 0.6012, P = 0.0001). Birds in the Medium, High and Yellow groups attained significantly higher surface temperatures compared with the White group (P = 0.010). The results suggest that the application of the mixed light with high level of yellow component can be used successfully to improve growth and productive performance in broilers.

https://www.sciencedirect.com/science/article/abs/pii/S1011134417313337#

The Industry

Solid-State Lighting

The DOE report, Energy Savings Forecast of Solid-State Lighting in General Illumination Applications, is the latest edition of a biannual report which models the adoption of LEDs in the U.S. general-lighting market, along with associated energy savings, based on the full potential DOE has determined to be technically feasible over time. The new report uses an updated 2016 U.S. lighting-market model that is more finely calibrated and granular than previous models, and extends the forecast period to 2035 from the 2030 limit that was used in previous editions.

The new report projects that energy savings from LED lighting will top 5 quadrillion Btus (quads) annually by 2035.

Among the key findings:

By 2035, LED lamps and luminaires are anticipated to hold the majority of lighting installations for each of the niches examined, comprising 86% of installed stock across all categories (compared to only 6% in 2015).

Annual savings from LED lighting will be 5.1 quads in 2035, nearly equivalent to the total annual energy consumed by 45 million U.S. homes today, and representing a 75% reduction in energy consumption versus a no-LED scenario.

Most of the 5.1 quads of projected energy savings by 2035 will be attributable to two commercial lighting applications (linear and low/high-bay), one residential application (A-type), and one that crosses both residential and commercial (directional). Connected lighting and other control technologies will be essential in achieving these savings, accounting for almost 2.3 quads of the total.

From 2015 to 2035, a total cumulative energy savings of 62 quads - equivalent to nearly $630 billion in avoided energy costs - is possible if the DOE SSL Program goals for LED efficacy and connected lighting are achieved.

LED Lighting Forecast

The DOE report Energy Savings Forecast of Solid-State Lighting in General Illumination Applications estimates the energy savings of LED white-light sources over the analysis period of 2013 to 2030. With declining costs and improving performance, LED products have been seeing increased adoption for general illumination applications. This is a positive development in terms of energy consumption, as LEDs use significantly less electricity per lumen produced than many traditional lighting technologies.

Using an econometric model that relies on assumptions of projected efficacy, retail price, and operating life, annual lighting energy consumption in nine major lighting submarkets is forecasted under a Reference Scenario that is based on a continuance of current trends in LED price and performance. The difference between this forecast and the projected energy consumption under a No-LED Scenario (which hypothesizes no additional market penetration of LEDs beyond current levels) indicates the anticipated energy savings from LED lighting.

Under the Reference Scenario, LED lighting is projected to achieve a market share of 84% of lumen-hour sales in the general illumination market by 2030, reducing lighting energy consumption in that year alone by 40%, for a savings of 3.0 quads (261 terawatt-hours) - worth over $26 billion at today's energy prices and equivalent to the total energy consumed by nearly 24 million U.S. homes.

Though these energy savings are impressive, there is a huge opportunity for even further savings by accelerating investment in cost and efficacy improvements. The report's sensitivity analysis shows that meeting DOE's ambitious goals for price and efficacy in all LED lighting products would increase the energy savings by 20%. DOE is committed to helping our country realize this potential.

Source:

ENERGY EFFICIENCY & RENEWABLE ENERGY

https://www.energy.gov/eere/ssl/ssl-forecast-report

Leading Companies

American Bright LED

About us

American Bright LED is a leading global supplier of LED components, integrated solutions, and design services.

For over 25 years American Bright LED has led the LED lighting industry with innovative designs and product solutions that span the visible and invisible light spectrum. Our products are used in virtually every industry: automotive and electric vehicle (EV) space, factory automation, medical and dental, horticulture, robotics, surveillance, aerospace, consumer electronics, general lighting and much more.

https://www.americanbrightled.com/about/

Aerospace LED Applications

Serving AS9100 aircraft lighting OEM designers and suppliers around the world.

With over 25 years as a fully vertically integrated prime discrete LED and LED assembly manufacturer, American Bright builds customer-designed AS9100 Aircraft Interior lights using any manufacturers LEDs (American Bright LED, Lumileds®, Cree®, Nichia®, etc.) per customer requirements. We supply all interior cabin lighting, reading modules, linear boards, and rope lighting for passenger and freight aircraft configurations. As one of the largest LED and component board suppliers, we can satisfy your AS-9100 certification requirements, technical requirements, and product availability and supply chain control needs.

https://www.americanbrightled.com/aerospace/

Brodwax Lighting

About us

Brodwax Lighting has joined with LED Lighting Spot.

In 1938, General Electric introduced the first commercial fluorescent light bulb. Nine years later, in 1947, a company called Brodwax Lighting was founded by two men, WWII vets George Broder and Murray Wax. Brodwax continues to be a leader in the fluorescent lighting business today, under second generation leadership.

In 2016 Brodwax launched a new website -- LED Lighting Spot. Here we dealt with the rapidly growing...and rapidly changing LED lighting market. To better serve both our loyal and new customers, we now combine both websites, providing innovative, stylish, LED, Fluorescent, Xenon and Halogen lighting for your home and/or business, with the competitive pricing and superior service you have come to expect from us over all these years.

https://www.brodwax.com/about

Cree LED (NASDAQ: SGH)

Cree LED, an SGH company, offers one of the industry's broadest portfolios of application-optimized LED chips and components, leading the industry in performance and reliability. Cree LED delivers bestin-class technology and breakthrough solutions for focused applications in high-power and mid-power general lighting, specialty lighting and video screens. With more than thirty years of experience, we develop products backed by expert design assistance, superior sales support and industry-best global customer service.

Cree LED offers one of the industry's broadest portfolios of application-optimized LED chips and components, leading the industry in performance and reliability. With more than thirty years of experience, we develop products backed by expert design assistance, superior sales support and industry-best global customer service.

https://www.sghcorp.com/cree-led-brand-landing-page/

https://www.sghcorp.com/

SGH Reports First Quarter Fiscal 2024 Financial Results

January 9, 2024

MILPITAS, Calif.--(BUSINESS WIRE) - SMART Global Holdings, Inc. ("SGH" or the "Company") (NASDAQ: SGH) today reported financial results for the first quarter of fiscal 2024.

On November 29, 2023, we completed our previously announced divestiture of an 81% interest in our SMART Brazil operations. Our SMART Brazil operations are classified as discontinued operations in the accompanying financial information for all periods presented. The following discussion relates to our continuing operations, which exclude SMART Brazil.

First Quarter Fiscal 2024 Highlights for Continuing Operations

Net sales of $274.2 million, down 30.0% versus the year-ago quarter

Record GAAP gross margin of 30.2%, up 160 basis points versus the year-ago quarter

Record Non-GAAP gross margin of 33.3%, up 200 basis points versus the year-ago quarter

GAAP EPS of $(0.23) versus $(0.08) in the year-ago quarter

Non-GAAP EPS of $0.24 versus $0.75 in the year-ago quarter

"We are pleased with the progress we are making on our transformation journey, marked by the strategic divestiture of our Brazil business and another quarter of record non-GAAP gross margins reflecting the continued shift to higher value enterprise solutions," commented CEO Mark Adams. "Additionally, we ended our first quarter with record cash and short term-investments of $553 million, allowing us to continue investing strategically in AI, developing products based on advanced memory technologies and strengthening CreeLED's portfolio to enable future long term growth," concluded Adams.

Share Repurchase Authorization

On January 8, 2024, the Audit Committee of the Board of Directors approved a $75 million share repurchase authorization, bringing total share repurchase authorizations over the last two years to $150 million. Under the share repurchase authorization, the Company may repurchase its outstanding ordinary shares from time to time through open market purchases, privately-negotiated transactions or otherwise. The share repurchase authorization has no expiration date, may be suspended or terminated by the Audit Committee at any time and does not obligate the Company to acquire any amount of ordinary shares.

Quarterly Financial Results of Continuing Operations

GAAP (1)

Non-GAAP (2)

(in thousands, except per share amounts)

Q1 FY24

Q4 FY23

Q1 FY23

Q1 FY24

Q4 FY23

Q1 FY23

Net sales:

Memory Solutions

85,668

105,181

118,286

85,668

105,181

118,286

Intelligent Platform Solutions

118,824

145,432

210,971

118,824

145,432

210,971

LED Solutions

69,755

66,045

62,540

69,755

66,045

62,540

Total net sales

274,247

316,658

391,797

274,247

316,658

391,797

Gross profit

82,850

91,585

112,098

91,277

100,300

122,805

Operating income (loss)

1,305

(1,639)

14,847

26,679

30,295

51,388

Net income (loss) attributable to SGH

(11,773)

64,841

(3,939)

12,538

18,406

37,364

Diluted earnings (loss) per share

(0.23)

1.17

(0.08)

0.24

0.35

0.75

(1)

GAAP represents U.S. Generally Accepted Accounting Principles.

(2)

Non-GAAP represents GAAP excluding the impact of certain activities. Further information regarding the Company's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures is included within this press release.

Business Outlook

As of January 9, 2024, SGH is providing the following financial outlook for its continuing operations for the second quarter of fiscal 2024:

GAAP

Outlook

Adjustments

Non-GAAP

Outlook

Net sales

$285 million +/- $25 million

Gross margin

29.5% +/- 1%

(A)

32.5% +/- 1%

Operating expenses

$81 million +/- $3 million

($15) million

(B)(C)

$66 million +/- $3 million

Diluted earnings (loss) per share

$(0.15) +/- $0.10

$0.40

(A)(B)(C)(D)

$0.25 +/- $0.10

Diluted shares

52 million

1 million

53 million

Non-GAAP adjustments (in millions)

(A) Share-based compensation and amortization of acquisition-related intangibles included in cost of sales

(B) Share-based compensation and amortization of acquisition-related intangibles included in R&D and SG&A

(D) Estimated income tax effects

(2)

https://ir.sghcorp.com/news/news-details/2024/SGH-Reports-First-Quarter-Fiscal-2024-Financial-Results/default.aspx

Eaton Cooper Industries (NYSE: ETN)

About Eaton

Today, the world runs on critical infrastructure and technology. Planes. Hospitals. Factories. Data centers. Vehicles. The electrical grid. These are things people depend on every day. And the companies behind them depend on us to help solve some of the toughest power management challenges on the planet. At Eaton, we're dedicated to improving people's lives and the environment with power management technologies that are more reliable, efficient, safe and sustainable.

We are a power management company made up of over 92,000 employees, doing business in more than 175 countries. Our energy-efficient products and services help our customers effectively manage electrical, hydraulic and mechanical power more reliably, efficiently, safely and sustainably. By giving people tools to use power more efficiently. Helping companies do business more sustainably. And by encouraging each and every employee at Eaton to think differently about our business, our communities-and the positive impact we can have on the world.

https://www.eaton.com/my/en-us/company/about-us.html

LED Lighting Design & Specification

Eaton's Crouse-Hinds series LED solutions are built to withstand the toughest conditions, deliver maximum lighting performance and safety, and reduce expensive maintenance costs. Learn about the key factors to consider when selecting LED luminaires for your industrial lighting application.

https://www.eaton.com/us/en-us/products/lighting-controls.html

Eaton Reports Record Fourth Quarter 2023 Results, with Continued Strong Backlog Growth, and Issues Guidance on 2024 Outlook - 1/2/2024

Fourth quarter earnings per share of $2.35 and record adjusted earnings per share of $2.55, up 24% over 2022

Record quarterly sales with 10% organic growth resulting in record fourth quarter segment margins of 22.8%, 200 basis points above the fourth quarter of 2022

For full year 2023, record earnings per share of $8.02 with 12% organic growth and record adjusted earnings per share of $9.12, up 20% over 2022

Adjusted earnings per share for 2024 expected to be between $9.95 and $10.35, up 11% at midpoint over 2023

DUBLIN - Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $2.35 for the fourth quarter of 2023. Excluding charges of $0.22 per share related to intangible amortization, $0.02 per share related to a multi-year restructuring program, and income of $0.04 per share related to acquisitions and divestitures, adjusted earnings per share of $2.55 were a record and up 24% over the fourth quarter of 2022.

Sales in the quarter were $6.0 billion, a record and up 11% from the fourth quarter of 2022, driven by 10% organic sales growth and 1% foreign exchange.

Segment margins were 22.8%, a fourth quarter record and a 200-basis point improvement over the fourth quarter of 2022.

Operating cash flow was $1.3 billion and free cash flow was $1.1 billion, both records and up 9% and 8%, respectively, over the same period in 2022.

Craig Arnold, Eaton chairman and chief executive officer, said, "We're pleased with our teams' strong execution in the fourth quarter, which resulted in record quarterly sales, adjusted earnings and operating cash flow to close the year. Ongoing strength in our backlog shows robust demand and gives us continued confidence in our growth outlook."

For the full year 2023, sales were a record $23.2 billion, up 12% from 2022, driven entirely by organic sales growth.

Segment margins of 22.0% for 2023 were a record and at the high end of the latest guidance range. This represents a 180-basis point improvement over the full year 2022.

Earnings per share for 2023 were a record $8.02. Excluding charges of $0.89 per share related to intangible amortization, $0.11 per share related to a multi-year restructuring program, and $0.10 per share related to acquisitions and divestitures, adjusted earnings per share were a record $9.12, up 20% over 2022.

Operating cash flow for 2023 was $3.6 billion and free cash flow was $2.9 billion, both records and up 43% and 48%, respectively, over the same period in 2022.

On full year results, Arnold continued, "With our strong performance in 2023, we've continued to deliver on our commitments. And we're not finished yet - we're investing to position the company for ongoing growth and performance over the long term. That's why we're announcing a $375 million multi-year restructuring program, which we expect to deliver $325 million of mature year benefits. We're confident with these proactive steps - growing the company while also reducing costs - we'll be able to generate strong shareholder returns for years to come."

For the full year 2024, the company expects organic growth of 6.5-8.5% and adjusted earnings per share to be between $9.95 and $10.35, up 11% at the midpoint over 2023. For the first quarter of 2024, the company anticipates organic growth of 6-8% and adjusted earnings per share to be between $2.21 and $2.31.

Business Segment Results

Sales for the Electrical Americas segment were a record $2.7 billion, up 16% from the fourth quarter of 2022, driven entirely by organic sales growth. Operating profits were a record $763 million, up 40% over the fourth quarter of 2022. Operating margins in the quarter were a record 28.5%, up 480 basis points over the fourth quarter of 2022.

The twelve-month rolling average of orders in the fourth quarter was down 4% organically from high levels in 2022, with growth in the data center, machinery OEM and institutional markets. Backlog at the end of December remains at record levels, up 18% organically over December 2022.

Sales for the Electrical Global segment were a fourth quarter record $1.5 billion, up 6% from the fourth quarter of 2022, driven by organic sales growth of 4% and foreign exchange of 2%. Operating profits were $284 million, a fourth quarter record, and operating margins in the quarter were 18.8%.

The twelve-month rolling average of orders in the fourth quarter was up 1% organically, with strength in the data center and utility markets.

On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained strong at over 1.1.

Aerospace segment sales were a record $895 million, up 10% from the fourth quarter of 2022. Organic sales increased 8%, and currency translation added 2%. Operating profits were $200 million, a fourth quarter record and up 1% from the fourth quarter of 2022. Operating margins in the quarter were 22.4%.

The twelve-month rolling average of orders in the fourth quarter was up 7% organically, with particular strength in commercial OEM, commercial aftermarket and defense aftermarket. The backlog at the end of December was up 13% over December 2022. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.

The Vehicle segment posted sales of $723 million, up 2% from the fourth quarter of 2022, driven entirely by favorable foreign exchange. Operating profits were $129 million, up 21% over the fourth quarter of 2022. Operating margins in the quarter were 17.9%, up 270 basis points over the fourth quarter of 2022.

eMobility segment sales were a record $165 million, up 19% over the fourth quarter of 2022, driven by organic sales growth of 18% and foreign exchange of 1%. The segment recorded an operating loss of $16 million, reflecting the timing of program start-up costs associated with new program wins.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're accelerating the planet's transition to renewable energy sources, helping to solve the world's most urgent power management challenges, and building a more sustainable society for people today and generations to come.

https://www.eaton.com/us/en-us/company/news-insights/news-releases/2024/eaton-reports-record-fourth-quarter-2023-results--with-continued.html

GE Lighting (NYSE: GE)

About GE Lighting

GE Lighting a savant company

We've introduced new ages of lighting for over 130 years.

We have been at the forefront of lighting technology for over 130 years. And now, powered by Savant, GE Lighting's future has never been stronger or brighter. We have embraced our parent company's mission to provide the best smart home experience, including new and exciting advances in intelligent lighting designed to enhance lifestyle and wellness in any setting. We continue to help you create perfectly lit spaces and smart, healthy environments in which to live, work and play. We are committed to bringing innovation, exceptional value and reliability to retail partners and consumers as the number one intelligent lighting and smart home company in the world.

https://www.gelighting.com/about

SAVANT SYSTEMS, INC.

Savant Systems, Inc. is a recognized leader in both smart home and smart power solutions, as well as the leading provider of energy efficient smart LED fixtures and bulbs for every room of the house. Savant Systems, Inc.'s brands include Savant, Savant Power and GE Lighting, a Savant company.

https://www.savant.com./company-info

A Legacy of Lighting

In addition to adding intelligence directly into the panel, Savant Systems, Inc. is also focused on intelligence and energy efficiency across light fixtures, light switches and bulbs. Savant offers GE branded lighting, known as one of the most recognized consumer brands in the world. The GE brand has been recognized for decades for providing affordable, energy efficient lighting products. GE Lighting, a Savant company, is a 17-time winner of the EPA's Energy Star[TM] award and and delivers consumer utility rebate programs worth Millions annually.

As the number one recognized lighting brand, GE Lighting, a Savant company, is committed to bringing exceptional consumer value and reliability with solutions available from respected retailers nationwide.

https://www.savant.com/company-info

GE Releases Its 3Q'23 Results

GE released its third-quarter financial results today, and I encourage you to read the full materials and

listen to our earnings call

at 7:30 a.m. ET.

Key highlights of GE's financial performance for the third quarter 2023:

Total orders: $17.9B, +19%; organic orders +18%

Total revenues (GAAP): $17.3B, +20%; adjusted revenues:* $16.5B, +18% organically*

Profit margin (GAAP) of 1.7%, +330 bps; adjusted profit margin*: 9.8%, +760 bps organically*

Continuing EPS (GAAP) of $0.08, +$0.36; adjusted EPS*: $0.82, +$0.99

Cash from operating activities (GAAP): $1.9B, +$1.1B; free cash flow*: $1.7B, +$1.0B

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp Jr. said, "GE delivered another quarter of very strong results with double-digit growth in revenue, profit, and cash. At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services. At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve. With our two largest Renewable Energy businesses delivering and Power's continued strength, we remain highly confident in GE Vernova's spin-off next year."

Culp concluded, "Based on our year-to-date results and continued momentum in the fourth quarter, GE is raising full-year 2023 guidance. We're well-positioned to launch GE Aerospace and GE Vernova as independent companies in the beginning of the second quarter. I'm more excited than ever about our path ahead."

Overall, we delivered very strong 3Q results with double-digit growth in revenue, profit, and free cash flow.* Orders were up +18% organically, with equipment orders up in all segments and services orders growth driven by GE Aerospace. Organic revenue* was also up +18%, with all segments delivering top-line growth. Profitability and cash improvements were significant, with +760 bps of organic margin* expansion, $0.82 of adjusted EPS*, and $1.7B of free cash flow.*

GE Aerospace is growing rapidly. Orders growth was +34%. Organic revenue* grew +25% and profit improved +33% organically* year over year from robust services growth. Defense revenue was up 8%, driven by strength in services and Edison Works. Notably, margins expanded 120 basis points organically,* reaching 20.4% in the quarter.

At GE Vernova, performance is strengthening pre-spin at both Renewable Energy and Power. Grid and now Onshore Wind were both profitable this quarter and we expect their performance to continue to improve. Orders growth at Renewable Energy was led by Grid and North America Onshore Wind. Revenue grew 14% organically* across Grid and North America Onshore and Offshore Wind. Additionally, profit improved both sequentially and year over year.

Power delivered solid growth, with seasonally lower outages in 3Q and 200 basis points of margin expansion.

We're raising 2023 guidance based on year-to-date results and expectations for continued strength in the fourth quarter:

Organic revenue* growth in the low-teens range, up from low-double-digit (LDD) growth

Adjusted EPS* of $2.55 to $2.65, up from $2.10 to $2.30

Free cash flow* (FCF) of $4.7 to $5.1 billion, up from $4.1 to $4.6 billion

In addition, GE is updating its business-specific guidance and now expects:

GE Aerospace: organic revenue* growth in the low 20% range, up from high teens to 20%; operating profit of approximately $6.0 billion, up from $5.6 to $5.9 billion; and FCF* is trending even better year over year.

GE Vernova: high-single-digit organic revenue* growth, up from mid-single digits; operating profit of $(0.3) to $(0.1) billion, up from $(0.4) to $(0.1) billion; FCF* remains flat to slightly improved.

Renewable Energy: LDD organic revenue* growth, up from HSD, and maintaining the outlook for significantly better operating profit, and flat-to-improving FCF*.

Power: Continues to expect low-single-digit organic revenue* growth, operating profit better year-over-year, and lower FCF*.

Our businesses have seen very strong performance year-to-date and we're well positioned as we approach the launch of GE Aerospace and GE Vernova as independent companies. Shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol GEV, and shares of GE Aerospace will continue GE's listing on the New York Stock Exchange under the ticker symbol GE. We also further simplified and strengthened our balance sheet, redeeming the remainder of our preferred equity and selling a portion of our AerCap shares for approximately $2.7B.

We've also made key hires, including GE Vernova's seasoned CFO, Ken Parks, and we expanded Vic Abate's leadership role, now CEO of the entire Wind business. At GE Aerospace, we named our heads of Corporate Affairs, Human Resources, Legal, and Treasury, with experienced leaders from within and outside GE.

I personally couldn't be more excited about what's ahead.

Thank you for your continued interest in GE.

Best,

Steve & team

https://www.ge.com/news/reports/ge-releases-its-3q23-results

International Light Technologies

About ILT

For over

fifty years International Light Technologies

has been developing products and solutions that meet a broad range of needs and solve a variety of challenges. ILT combines technical lighting and

light measurement expertise

to provide products and services that shine.

International Light Technologies was formed when Gilway Technical Lamp merged with International Light. Gilway and International Light have long and proud reputations for delivering exemplary customer service, on-time delivery, and technical expertise. Formed in 1969, Gilway Technical Lamp has provided customers with off-the-shelf and customized solutions for a full spectrum of light sources. Since 1965 International Light has been solving the inherent difficulties in light measurement through the design and manufacture of a wide range of light measuring instruments, including the

most accurate light meters

on the market.

In February of 2022, ILT was acquired by

Ocean Insight

. International Light Technologies offices, R&D efforts, certified state-of-the-art testing and calibration lab, warehousing and much of its manufacturing are located in Peabody Massachusetts, just 15

miles north of Boston

https://www.intl-lighttech.com/company/about-ilt

Ocean Insight Expands Its Capabilities to Deliver Additional Light

21 February 2022

Addition of International Light Technologies (ILT) light measurement system boosts portfolio

Orlando, Florida, USA (February 21, 2022) - Ocean Insight acquired International Light Technologies (ILT), a leading producer of light measurement and detection systems, and specialty customized light source solutions that are used in biomedical, environmental, agricultural, food and beverage, and industrial applications.

Based in Peabody, Massachusetts, USA, ILT's portfolio of light sources and light measurement systems expands Ocean Insight's presence as an international leader in light measurement and detection systems and enhances Ocean's ability to apply spectral knowledge to solve measurement challenges across different markets, industries, and sectors.

"International Light Technologies is a leader in developing highly customized light generation and light measurement solutions for some of the world's largest companies. Ocean Insight is a global leader in creating and delivering precise yet practical optical sensing solutions that enable researchers and industry to solve meaningful problems in health, safety and the environment," said Dr. Michael Edwards, President of Ocean Insight. "By combining Ocean Insight and International Light Technologies, we are advancing our ability to meet the needs of an increasingly diverse range of applications and industries by leveraging the power of light to amplify optical sensing product innovations that make the world safer, cleaner, healthier for everyone, every day."

To learn more, please contact us, or visit International Light Technologies, Inc. (Peabody, M.A.)

https://www.oceaninsight.com/about/news/expanding-capabilities-in-light-measurement-technology/

LG Innotek Co Ltd (011070: KS)

About LG Innotek

LG Innotek, as a global materials and components engineering service company, develops key materials and components for the industries of automotive, mobile, IoT, display, semiconductor, LED, etc.

Our company is, in particular, leading the global market in such areas as camera modules, photo masks, and tape substrates, and we are also preparing future business through the development of automotive electric components and IoT components.

With the rapid innovation of products in recent years, the importance of materials and components applied to them is increasing.

Going beyond simply being a materials and components company, LG Innotek will continue to provide differentiated values to our customers and do its best to make every customer a winner.

http://www.lginnotek.com/en/company/intro/ceo/

LG Innotek's innovative technologies are designed for Safe, Convenient and Enjoyable Future!

http://www.lginnotek.com/en/

LG Electronics LG Announces Third-Quarter 2023 Financial Results

SEOUL, Oct. 27, 2023 - LG Electronics Inc. (LG) today announced third-quarter 2023 consolidated revenue of KRW 20.7 trillion and operating profit of KRW 996.7 billion, both the second highest third-quarter figures in the company's history. The noteworthy performance was driven by both the company's core home appliance business and vehicle solutions, one of its future growth engines. Home appliances more than doubled its operating profit year-over-year while vehicle solutions recorded an all-time high operating profit.

The strong performance reflects the company's smooth progress in the execution of its future vision for 2030, leading to solid revenue and profits despite a prolonged economic slowdown. The fundamentals of LG's 2030 vision, announced last July, is to focus on B2B expansion, non-hardware business model innovation as well as the development and acquisition of new growth engines with the aim to go beyond a home appliance company to truly become a Smart Life Solutions company capable of connecting and expanding diverse spaces and experiences.

The revenue growth was greatly bolstered by expansion in B2B, including automotive parts and HVAC systems - a key factor behind the second highest third-quarter figure in the company's history. Revenue in B2B grew significantly to account for approximately 35 percent of overall revenue this year.

B2B segments are less influenced by economic conditions compared to B2C, and stable revenue and profits can be expected once the business is properly set up. Another merit is the lock-in effect that can help promote the development of a strong long-term relationship with clients and customers. LG plans to develop additional growth opportunities in the area by going beyond merely supplying B2B products to expand into providing high added-value business solutions in connection to the supplied products. The goal will be to boost B2B revenue to over KRW 40 trillion by 2030.

Third-quarter operating profit increased by more than 30 percent both year-over-year and quarter-over-quarter. A key contributor to the high profitability was the company's business model innovation - combining non-hardware solutions such as content and subscription services with traditional hardware products such as home appliances and TVs. In the past, a one-off revenue was recorded when a product was sold. This has now transformed into generating recurring revenue from the use of solutions on platforms installed in the millions of products used by consumers of LG devices.

In developing and acquiring new growth engines, LG aims to focus on investing in promising businesses that not only show high potential but can also create synergy with existing businesses. Investment into electric vehicle charging is a prime illustration of such strategy. The company has plans for global expansion beginning next year in collaboration with diverse partners.

The seamless operation and solid progress of the company's 2030 vision's three pillars - leading growth of company (B2B), generating profit (non-hardware) and boosting enterprise value (new growth engines) - is a strong demonstration of LG's advancement toward achieving Triple 7 (average growth rate and operating profit of 7 percent or more and enterprise value to EBITDA ratio of 7 or more).

LG will continue to focus on accelerating its business portfolio transformation efforts into the fourth quarter, seeking to maintain high-growth in B2B with vehicle component solutions taking the lead, while at the same time growing sales of key product lineups as the end-of-year peak season approaches. Simultaneously, the company plans to optimize efficiencies through enhanced demand forecasting to support stable profitability going forward.

The LG Home Appliance & Air Solution Company generated third-quarter revenue of KRW 7.46 trillion and an operating profit of KRW 504.5 billion. The operating profit more than doubled year-over-year, attributable to strong competitiveness in overall business operations including manufacturing, procurement and logistics. Revenue maintained strong versus last year's third quarter, aided by strategic repositioning of product lineups in response to softened demand as well as expansion of B2B lineups including HVAC, parts and built-in appliances. LG plans to leverage the electrification and decarbonization trend in HVAC systems to accelerate its B2B growth momentum. For example, in the United States, the company recently committed to a series of actions supporting California's goal to install six million electric heat pumps by 2030. LG is also actively expanding its HVAC portfolio with new Dedicated Outdoor Air Systems. In the fourth quarter, the company will seek to spearhead a paradigm shift in home appliances with the LG ThinQ UP 2.0 expanding business into services and subscriptions. Four upgraded features for the ThinQ UP have already been released in North America, accelerating the speed of customer experience innovation.

The LG Vehicle component Solutions Company's third-quarter revenue was KRW 2.5 trillion and operating profit KRW 134.9 billion - the highest among all third-quarter revenue and operating profit. The company is accelerating its pace of growth based on stable management of its supply chain and an order backlog that is expected to reach KRW 100 trillion by the end of the year. The business unit is expected to exceed KRW 10 trillion in annual revenue for the first time this year, setting the stage to become a key driving force in LG's overall growth. Growth is still expected to be high due to the accelerating transition to electric vehicles and soaring demand for high added-value parts, despite some concerns of a temporary slowdown of demand in the automotive parts industry. In light of such developments, LG plans to maintain its growth momentum by focusing on high added-value projects and acceleration of regional production at the LG Magna plant in Ramos Arizpe, Mexico.

The LG Home Entertainment Company recorded third-quarter revenue of KRW 3.57 trillion and an operating profit of KRW 110.7 billion. The company maintained its profitable growth by effectively managing marketing expenses despite increased LCD panel prices, while also diversifying profit sources based on the growth of content and services business built on its smart TV platform. The company is accelerating its transition from a product-based business to a platform-based media and entertainment business as the content and services market continues to grow. To this end, in addition to expanding collaboration with various content providers, the company is upgrading TV operating systems to expand the content experience of customers. The number of TVs powered by webOS, the foundation of LG's content and services business, is expected to reach 300 million units by 2026.

The LG Business Solutions Company's third-quarter revenue was KRW 1.33 trillion with an operating loss of KRW 20.5 billion. Both revenue and profitability weakened due to the softening of demand for IT products. As challenging business conditions persist, the company continues to innovate customer experiences with premium IT lineups such as commercial displays and foldable laptops that provide customized solutions, while also making progress in fostering the electric vehicle charger business, one of LG's new growth engines.

Earnings Conference and Conference Call

LG Electronics will hold a Korean / English conference call on October 27, 2023, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.

https://www.lgcorp.com/media/release/26938

Ledtronics

About us

LEDtronics is known industry-wide for its high-quality products in the 3 top categories: LED indicators, indoor architectural lighting, and outdoor area lighting.

We continue to specialize in and focus on

LED indicators

as our main, top-selling product line. With staple lighting products to customizable items, LEDtronics will have an indicator for everyone, no matter the problem or required application. LEDtronics' indicator line includes:

Miniature based bulbs

Intermediate based bulbs

Relampable panel indicators

Snap/bolt panel indicators

Machine status lamps

Discrete & SMD LEDs

PC Board LEDs

The LEDtronics Indicator line is our best-selling brand focus, and we can guarantee high-quality, durable products made with only the best materials. Thanks to our longevity in the business, we are the best known, most relied upon indicator company out there, with clients like Fortune 500 companies who have been purchasing our products for almost 40 years. Indicators are what we do best, and we continue to dominate the field today.

Our

indoor architectural lighting

line is durable, aesthetically streamlined, and applicable to lots of different indoor lighting fixtures. With products like tube lights, high bays, and more, our indoor lighting options will give you the peace of mind you need when enjoying any indoor space.

Who said you can't have impeccable lighting outside? LEDtronics offers premium

outdoor lighting

, such as flood lights, shoebox area lights, and post top lamps, that'll add to the functionality and aesthetic of any and every outside area.

LEDtronics is the ultimate one-stop-lighting-shop for any and every industry looking for high-quality, durable LED lighting solutions. Our decades of experience have allowed us to expand into nearly every market out there, from industrial controls, defense & aerospace, and

transportation

all the way to elevators, commercial buildings, education, and healthcare. We can and have done it all, and we won't stop until we provide the lighting solution you are looking for.

https://www.ledtronics.com/

Lumileds

About us

Technology advancements in lighting, especially LED, are creating tremendous opportunities in the field of light. Lighting solutions today not only need to work and to last, they need to give customers a competitive edge. Companies developing automotive, mobile, IoT and illumination lighting applications require a partner who can collaborate with them to push the boundaries of light. With more than 100 years of inventions and industry firsts, Lumileds is a global lighting solutions company that helps customers around the world deliver differentiated solutions to gain and maintain a competitive edge.

As the inventor of Xenon technology, a pioneer in halogen lighting and the leader in high performance LEDs, Lumileds builds innovation into everything it does. What's more, quality and reliability are guiding principles for Lumileds. The company demonstrates this by maintaining control over materials, processes and technologies and by helping customers engineer the best quality of light for their application to achieve the highest levels of performance.

The best innovation happens when great minds work together. Lumileds acts with integrity as a trusted partner to its customers, honoring commitments, offering deep expertise, and going the extra mile - making the world better, safer, more beautiful - with light.

https://www.lumileds.com/company/about-us

PerkinElmer Inc. (NYSE: PKI)

About PerkinElmer

PerkinElmer is a leading, global provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence. With an 85-year legacy of advancing science and a mission of innovating for a healthier world, our dedicated team of more than 16,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. We are also deeply committed to good corporate citizenship through our dynamic ESG and sustainability programs. The Company reported revenues of approximately $5 billion in 2021, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at

www.perkinelmer.com

Follow PerkinElmer on

Twitter

Facebook

Instagram

and

YouTube

Key Facts

Our Mission: Innovating for a healthier world

President and Chief Executive Officer: Prahlad Singh

2021 Revenue: Approximately $5 billion

Global Headquarters: Waltham, MA

Number of

Patents

: 3,500

Ticker Symbol:

PKI (NYSE)

https://www.perkinelmer.com/corporate/company/about-us

Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2023

1 February 2024

Fourth quarter revenue of $696 million; (6)% reported growth; (7)% organic growth; (3)% non-COVID organic growth

Fourth quarter GAAP EPS of $0.64; Adjusted EPS from continuing operations of $1.25

Initiates full year 2024 guidance

WALTHAM, Mass.--(BUSINESS WIRE)--

Revvity, Inc.

(NYSE: RVTY), today reported financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023

The Company reported GAAP earnings per share of $0.64, as compared to $1.01 in the same period a year ago. GAAP revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $77 million, as compared to $137 million for the same period a year ago. GAAP operating profit margin from continuing operations was 11.1% as a percentage of revenue, as compared to 18.5% in the same period a year ago.

Adjusted earnings per share from continuing operations for the quarter was $1.25, as compared to $1.41 in the same period a year ago. Adjusted revenue for the quarter was $696 million, as compared to $741 million in the same period a year ago. Adjusted operating income was $192 million, as compared to $240 million for the same period a year ago. Adjusted operating profit margin was 27.5% as a percentage of adjusted revenue, as compared to 32.3% in the same period a year ago.

Full Year 2023

The Company reported GAAP earnings per share of $5.55 in 2023, as compared to $4.50 in 2022. GAAP revenue for the year was $2,751 million, as compared to $3,312 million in 2022. GAAP operating income from continuing operations for the year was $301 million, as compared to $743 million for 2022. GAAP operating profit margin from continuing operations for the year was 10.9% as a percentage of revenue, as compared to 22.4% in 2022.

Adjusted earnings per share from continuing operations for the year was $4.65, as compared to $6.92 in 2022. Adjusted revenue for the year was $2,751 million, as compared to $3,313 million in 2022. Adjusted operating income for the year was $770 million, as compared to $1,212 million in 2022. Adjusted operating profit margin for the year was 28.0% as a percentage of adjusted revenue, as compared to 36.6% in 2022.

Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

"We persevered through continued industry headwinds and performed better than anticipated during the final months of 2023," said Prahlad Singh, president and chief executive officer of Revvity. "We are leading with innovation to be a strategic scientific partner with our customers, which positions us well to continue to perform at a high level for years to come."

Financial Overview by Reporting Segment for the Fourth Quarter and Full Year 2023

Life Sciences

Fourth quarter 2023 revenue was $320 million, as compared to $347 million in the same period a year ago. Reported revenue decreased 8% and organic revenue decreased 9% as compared to the same period a year ago.

Full year 2023 revenue was $1,292 million, as compared to $1,293 million in 2022. Reported revenue and organic revenue were both flat as compared to the same period a year ago.

Fourth quarter 2023 adjusted operating income was $118 million, as compared to $146 million in the same period a year ago. Adjusted operating profit margin was 36.9% as a percentage of adjusted revenue, as compared to 41.9% in the same period a year ago.

Full year 2023 adjusted operating income was $489 million, as compared to $503 million in 2022. Adjusted operating profit margin was 37.9% as a percentage of adjusted revenue, as compared to 38.9% in 2022.

Diagnostics

Fourth quarter 2023 revenue was $376 million, as compared to $394 million in the same period a year ago. Reported revenue decreased 4% and organic revenue decreased 6% as compared to the same period a year ago.

Full year 2023 revenue was $1,459 million, as compared to $2,020 million in 2022. Reported revenue decreased 28% and organic revenue decreased 27% as compared to the same period a year ago.

Fourth quarter 2023 adjusted operating income was $80 million, as compared to $113 million in the same period a year ago. Adjusted operating profit margin was 21.1% as a percentage of adjusted revenue, as compared to 28.7% in the same period a year ago.

Full year 2023 adjusted operating income was $321 million, as compared to $782 million in 2022. Adjusted operating profit margin was 22.0% as a percentage of adjusted revenue, as compared to 38.7% in 2022.

Initiates Full Year 2024 Guidance

For the full year 2024, the Company forecasts total revenue of $2.79-$2.85 billion and adjusted earnings per share of $4.55-$4.75.

Guidance for the full year 2024 is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company's results prepared in accordance with GAAP.

Webcast Information

The Company will discuss its fourth quarter and full year 2023 results and its outlook for business trends during a webcast on February 1, 2024, at 8:00 a.m. Eastern Time. A live audio webcast and presentation will be available on the

Investors

section of the Company's website.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.

Factors Affecting Future Performance

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "estimates," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) our ability to obtain future financing; (21) restrictions in our credit agreements; (22) significant fluctuations in our stock price; (23) reduction or elimination of dividends on our common stock; and (24) other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

About Revvity

At Revvity, "impossible" is inspiration, and "can't be done" is a call to action. Revvity provides health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what's possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

With 2023 revenue of more than $2.7 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 190 countries.

Revvity, Inc. and Subsidiaries

CONDENSED CONSOLIDATED INCOME STATEMENTS

Three Months Ended

Twelve Months Ended

(In thousands, except per share data)

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

Revenue

695,901

741,214

2,750,571

3,311,822

Cost of revenue

312,423

304,884

1,210,880

1,321,992

Selling, general and administrative expenses

256,723

244,325

1,022,551

1,025,514

Research and development expenses

49,596

54,536

216,578

221,617

Operating income from continuing operations

77,159

137,469

300,562

742,699

Interest income

(18,363)

(1,565)

(72,131)

(3,589)

Interest expense

24,582

22,508

98,813

103,955

Change in fair value of financial securities

21,079

1,433

33,921

15,754

Other expense (income), net

18,482

(23,354)

56,983

(25,258)

Income from continuing operations, before income taxes

31,379

138,447

182,976

651,837

(Benefit from) provision for income taxes

(32,188)

40,950

3,473

139,161

Income from continuing operations

63,567

97,497

179,503

512,676

Income from discontinued operations

14,996

30,161

513,591

56,503

Net income

78,563

127,658

693,094

569,179

Diluted earnings per share:

Income from continuing operations

0.52

0.77

1.44

4.06

Income from discontinued operations

0.12

0.24

4.11

0.45

Net income

0.64

1.01

5.55

4.50

Weighted average diluted shares of common stock outstanding

123,412

126,476

124,812

126,426

ABOVE PREPARED IN ACCORDANCE WITH GAAP

Additional supplemental information (1) :

(per share, continuing operations)

GAAP EPS from continuing operations

0.52

0.77

1.44

4.06

Amortization of intangible assets

0.73

0.71

2.93

Debt extinguishment costs

(0.00)

(0.02)

(0.03)

(0.02)

Purchase accounting adjustments

0.02

0.00

0.05

0.36

Acquisition and divestiture-related costs

0.08

0.11

0.71

0.32

Change in fair value of financial securities

0.17

0.01

0.27

0.12

Significant litigation matters and settlements

0.00

(0.00)

Significant environmental matters

0.01

0.02

Disposition of businesses and assets, net

(0.02)

Mark to market on postretirement benefits

0.08

(0.18)

0.08

(0.18)

Restructuring and other, net

0.09

(0.01)

0.21

0.11

Tax on above items

(0.29)

(0.07)

(1.02)

(0.84)

Significant tax items

(0.14)

0.12

(0.01)

0.10

Adjusted EPS from continuing operations

1.25

1.41

4.65

6.92

(1) amounts may not sum due to rounding

Revvity, Inc. and Subsidiaries

REVENUE AND OPERATING INCOME (LOSS)

Three Months Ended

Twelve Months Ended

(In thousands, except percentages)

December 31, 2023

January 1, 2023

December 31, 2023

January 1, 2023

Adjusted revenue and operating income

Reported revenue

695,901

741,214

2,750,571

3,311,822

Revenue purchase accounting adjustments

209

205

827

814

Adjusted revenue

696,110

741,419

2,751,398

3,312,636

Reported operating income from continued operations

77,159

137,469

300,562

742,699

OP%

11.1%

18.5%

10.9%

22.4%

Amortization of intangible assets

89,624

90,169

365,113

370,638

Purchase accounting adjustments

2,899

5,956

45,681

Acquisition and divestiture-related costs

10,079

13,961

69,159

39,826

Significant litigation matters and settlements

(627)

Significant environmental matters

1,325

2,457

Restructuring and other, net

10,665

(1,863)

26,601

13,580

Adjusted operating income

191,763

239,828

769,860

1,211,797

OP%

27.5%

32.3%

28.0%

36.6%

Segment revenue and segment operating income

Life Sciences

319,691

347,425

1,292,340

1,292,909

Diagnostics

376,419

393,994

1,459,058

2,019,727

Revenue purchase accounting adjustments

(209)

(205)

(827)

(814)

Reported revenue

695,901

741,214

2,750,571

3,311,822

Life Sciences

117,939

145,582

489,349

503,243

36.9%

41.9%

37.9%

38.9%

Diagnostics

79,514

113,004

320,928

781,985

21.1%

28.7%

22.0%

38.7%

Corporate

(5,690)

(18,758)

(40,417)

(73,431)

Subtotal reportable segments adjusted operating income

191,763

239,828

769,860

1,211,797

Amortization of intangible assets

(89,624)

(90,169)

(365,113)

(370,638)

Purchase accounting adjustments

(2,899)

(87)

(5,956)

(45,681)

Acquisition and divestiture-related costs

(10,079)

(13,961)

(69,159)

(39,826)

Significant litigation matters and settlements

(12)

(5)

(12)

627

Significant environmental matters

(1,325)

(2,457)

Restructuring and other, net

(10,665)

1,863

(26,601)

(13,580)

Reported operating income from continued operations

77,159

137,469

300,562

742,699

https://news.revvity.com/press-announcements/press-releases/press-release-details/2024/Revvity-Announces-Financial-Results-for-the-Fourth-Quarter-and-Full-Year-of-2023/default.aspx

Samsung LED (005930: KS)

About Samsung LED

Samsung LED is a business unit of the Device Solutions business unit of Samsung Electronics Co., Ltd.

https://www.samsung.com/global/ir/

As a forefront pioneer of LED technology, Samsung LEDs marks a new era in a global industry. Our company delivers a product line that comprises core components for LED lighting systems including modules for various uses in displays, mobile devices, automotive, and smart lighting solutions.

Samsung's expertise in semiconductor manufacturing and IT serve as the foundation quintessential to the continued innovation and delivery of state-of-the-art LED devices. Our persistence and consistent pursuit of market enhancing LED innovation are based on key fundamentals well represented by our unique strategy named the "4 building block solution."

These building blocks are represented as follows:

The first building block is Samsung LEDs CSP technology, the second building block is our premium line-up, the third building block is Samsung LEDs vision to innovate the future through lighting, and the fourth building block is the trustworthy support afforded by the Samsung brand. These blocks have established the resolute foundation for ceaseless industry differentiation and competitive positioning of Samsung LEDs.

The first building block of Samsung LEDs 4 building block solution is our CSP technology. In 2014, Samsung LEDs developed and manufactured the world's first Chip Scale Package (CSP), and introduced its groundbreaking 200 lm/W product in 2017. Samsung LEDs CSP significantly reduces LED package size to enable more flexible and compact designs, while slashing LED lighting system manufacturing and operational costs. Our exceptional CSP technology can be customized to fit various applications from mainstream to outdoor. As such, so many customers can enjoy efficient operation combined with design freedom.

Samsung LEDs was the first manufacturer to start mass production of CSP applied display LEDs and mobile flash. Our CSP modules are being utilized in the world's bestselling television and mobile phones. We have been leading display design trends by enabling slimmer displays with thinner bezels.

In automotive lighting, Samsung LEDs multi-color CSP realizes additional colors including red and amber by adding RGB to pixel lighting. This technology has a higher potential reliability via blue-chip phosphor conversion.

The second building block consists of our premium line-up. Samsung LEDs premium line-up promises a brand-new level of value to customers by offering LED packages and modules with industry-leading efficacy. We now deliver the industry's best overall efficacy levels throughout our entire line-up of products from mid-power LED packages to Chip on Board (COB) and LED modules. Our latest flagship product is the LM301B series with world-leading 220lm/W efficacy.

Samsung LEDs Chip on Board (COB) with small LES technology ensures enhanced light quality, vivid colors, and currently boasts the top rank in efficiency market wide. Above and beyond, we also offer premium color line-ups with the highest contrast and special spectrum in terms of color variation.

We also offer a premium automotive lighting solution line-up. With the utilization of ceramic substrate technology, our products deliver highly reliable performance through low thermal resistance, and deliver diverse color options including white, amber, allnGaP red and bi-color. Additionally, exceptionally compact 1mm x 1mm LED chips accomplish a sleek design with uniform light, significantly improving any driving experience through individually addressable multi-LEDs actualizing the Adaptive Driving Beam (ADB) solution.

Our third building block is the vision we have for future innovation. Samsung LEDs realizes the most holistic user experience through human-centric lighting. Our main aim is to provide added value above and beyond energy efficiency and promoting the improved quality of our customers' lives. Using its accumulated expertise, Samsung LEDs shall continue its imperative role in the transformation of people's ordinary lives in the near future to be richer and more comfortable than ever before.

Samsung LEDs Smart Lighting Platform is a highly integrated lighting solution. We have established an intelligent lighting system via a combination of various IoT and LED technologies. With this system, we can empower state-of-the-art space management that optimizes comfort, safety, security, and maintenance. With our extensive know-how of hardware and software, we offer end-to-end smart lighting solutions that accelerate and shape smart homes, smart buildings, and smart cities.

Samsung LEDs advanced technology offers not only solutions to general lighting, but has revolutionized the automotive industry. Our automotive lighting delivers a plethora of simple functionalities to assist drivers with improved vision and alerts that are more impactful. Moreover, Samsung raises the driving experience to an entire new level never experienced before. Our scalable chip designs with extraordinary contrast ratios truly realize ADB technology to enhance both driving experience and safety. Multi-colored chip scaled packages characterized by reduced deterioration, combined with blue chip phosphor conversion, are an ideal replacement to OLED. This technology will open up new possibilities to our customers through innovative applications such as Text Readable Heads-Up Displays and an Adaptive Rear Lighting System.

The fourth building block is the dependability of the Samsung brand. Samsung's brand power supports Samsung LEDs through its strong brand presence throughout the world. Samsung LEDs has become synonymous with trust to our business partners and consumers and continues its status as a beloved brand.

We have begun ingredient branding program for our products to further promote Samsung's brand leverage in LED fixtures. It assists LED lighting prospective customers seeking high quality LED products with their selections via the Samsung's logo representing high quality LED components applied in Samsung LEDs fixtures.

Samsung LEDs operates a world-class certification test center in collaboration with major international certification agencies to allow the quick supply and launch of ever safer products. Additionally, Samsung LEDs customers benefit from our exclusive Certification Support Program that speeds up the certification process and makes it more affordable.

Samsung LEDs owns various patent rights, involving EPI, chip, packaging, phosphor, modules and drivers for blanket coverage in crucial LED technological areas. We have positioned ourselves as a global leader in successful patent applications and registrations. We continue to carry out meaningful research and development to expand our intellectual property rights pool and will passionately protect our creations and its value to customers.

Samsung LEDs endeavors to take the leading role in both LED applications and components with a smart innovative approach to lighting. We will continue to invest in technology development and design to reach beyond the boundaries of LEDs to create innovation for business and the society.

https://www.samsung.com/led/about-us/business-overview/

https://www.samsung.com/led/

Samsung Electronics Announces Fourth Quarter and FY 2023 Results

January 31, 2024

DRAM business posts profit in 4Q, aims to enhance leadership in DDR5 and address demand for HBM Moderate first-half earnings recovery on macro uncertainties; 2H to show more significant improvement

Samsung Electronics today reported financial results for the fourth quarter and the fiscal year 2023.

The Company posted KRW 67.78 trillion in consolidated revenue and KRW 2.82 trillion in operating profit in the quarter ended December 31, 2023. For the full year, it reported KRW 258.94 trillion in annual revenue and KRW 6.57 trillion in operating profit.

Fourth quarter revenue and operating profit increased from the third quarter based on improved performance in Memory due to higher prices, and continued strength in sales of premium display products.

In the first quarter of 2024, the Company will focus on improving profitability by increasing sales of high value-added products. The component businesses aim to meet demand for advanced products and those aimed for generative AI while the Device eXperience (DX) Division will strengthen AI features in smartphones and other consumer products.

The memory market and demand for IT are expected to continue recovering in 2024, though macroeconomic uncertainties remain to be seen. The Company will meet demand for semiconductors for AI applications and expand into AI-enabled consumer product markets. At the same time, the Company will strengthen its leadership in premium products and competitiveness in advanced-node semiconductors.

As ongoing macroeconomic uncertainties are expected to weigh on the business environment in the near-term, the Company expects earnings in the first half of 2024 to show a moderate improvement, with a more significant improvement expected to take place in the second half of the year.

The Company's capital expenditures in 2023 reached a total of KRW 53.1 trillion, including KRW 48.4 trillion spent in the Device Solutions (DS) Division and KRW 2.4 trillion in Samsung Display Corporation (SDC). In the fourth quarter, the total was KRW 16.4 trillion, with KRW 14.9 trillion allocated to the DS Division and KRW 0.8 trillion to SDC.

Spending on memory was concentrated on building out infrastructure at the facility in Pyeongtaek, Korea and expansion of production capacity of HBM, DDR5 and other advanced nodes. Foundry investments focused on expanding the production capacity of advanced EUV nodes of 5 nanometers (nm) and below, as well as infrastructure at the Company's factory in Taylor, Texas. Display investments were mainly made in IT OLED products and flexible displays.

Semiconductor Demand To Recover Gradually in 2024

The DS Division posted KRW 21.69 trillion in consolidated revenue and KRW 2.18 trillion in operating losses in the fourth quarter of 2023.

For the Memory Business, the overall market showed a recovery compared to the previous quarter, with content-per-box continuing to increase for PC and mobile. Server demand showed signs of recovery as investments in generative AI expanded across the IT industry.

The Memory Business also focused on expanding sales of high value-added products, leading to significantly higher sales of cutting-edge solutions like HBM, DDR5, LPDDR5x and UFS 4.0, among others. As a result, its bit growth exceeded market growth, and inventory depletion of DRAM and NAND accelerated. The DRAM business posted a profit on the back of higher prices.

Looking to the first quarter of 2024, PC and mobile demand recovery is expected to continue, while server and storage demand will show signs of recovery, though market conditions need close monitoring. In terms of industry supply, bit growth of cutting-edge products is anticipated to face constraints across the market while consumer demand for advanced-node products is predicted to stay strong. The Memory Business will focus on responding to demand for cutting-edge products and intends to improve profitability by actively addressing demand for HBM and generative AI-related server SSDs.

In 2024, the Memory Business expects the market to continue to recover despite various potential obstacles, including interest rate policies and geopolitical issues. For PC and mobile, content-per-box is expected to grow due to the impact from expansion of on-device AI. As far as servers are concerned, server replacements and transitions to new platforms will likely lead to a gradual recovery in demand. Additionally, the Memory Business plans to focus on profitability based on the competitiveness of cutting-edge nodes.

For DRAM, the aim is to enhance leadership in the high-density DDR5 market and solidify competitiveness in HBM by ramping up the volume of next-generation HBM3E in a timely manner. For NAND, the Memory Business will respond to customer demand for high-density storage by being the first in the industry to enter the mobile QLC market, and by leading the Gen5 SSD market for generative AI applications.

Due in large part to inventory adjustments and the selection of Exynos 2400 for a major customer's flagship model, the System LSI Business saw its earnings improve in the fourth quarter.

In the first quarter of 2024, sales of new SoCs and high-pixel image sensors are expected to remain strong. However, demand for some SoCs is expected to decline, and earnings are likely to worsen - mainly for mobile display driver IC (DDI) - so overall earnings improvement is predicted to be somewhat limited. However, the introduction of on-device AI provides an opportunity to restore the desire of consumers to replace their smartphones.

Although the smartphone market is expected to rebound in 2024, it is believed that the normalization of chip prices and higher financial costs will erode set makers' promotional capabilities, limiting demand growth.

The System LSI Business will secure future growth engines by leveraging AI momentum and maximizing SoC, sensor and LSI business competitiveness. It plans to continuously improve on-device functions like NPU performance improvement and model weight reduction. For image sensors, it will expand sales of high-pixel sensors and DDIs and will achieve growth, even in uncertain environments, as IT devices adopt more OLEDs.

The Foundry Business saw its earnings decline in the fourth quarter due to a delay in global economic recovery. Despite these challenges, it is actively developing 3nm and 2nm Gate-All-Around (GAA) technology and plans to expand into newly emerging application segments using advanced process technologies. Furthermore, the Foundry Business achieved its highest annual order backlog in 2023.

In the first quarter of the year, it expects the launch of new products including AI smartphones and AI PCs to drive an improvement in demand. However, the ongoing trend of customers reducing inventory may mean that earnings will not significantly recover. Nevertheless, the Foundry Business is focused on improving yield and optimizing the second-generation 3nm GAA process. It is also securing a 2nm AI accelerator order that includes HBM and advanced packaging.

As demand for smartphones and PCs gradually recovers in 2024, advanced processes are expected to drive an approach to 2022 levels in the foundry market. The Foundry Business will continue stable mass production of the 3nm GAA process, develop the 2nm process and increase orders for fast growing applications such as AI accelerators.

Mobile Display To Focus on Smartphones and IT/Auto; Large Display To Improve Profitability

SDC posted KRW 9.66 trillion in consolidated revenue and KRW 2.01 trillion in operating profit for the fourth quarter.

For the mobile display business, the market demand for smartphones increased slightly year-on-year. Despite facing multiple challenges during the quarter, SDC maintained its performance compared to the previous quarter by ensuring a timely supply for major customers' new products and focusing on high-end products in its product mix.

For the large display business, although demand remained weak due to unfavorable economic conditions, SDC posted sales growth and reduced losses backed by year-end seasonal TV demand.

In the first quarter of 2024, SDC expects a decline in mobile display business earnings due to intensifying competition among panel manufacturers and muted seasonal demand.

For the large display business, despite challenges posed by weak demand and off-season effects, SDC will continue its efforts to reduce losses by launching new QD-OLED monitors and expanding its customer base.

In 2024, the market demand for smartphones is expected to be sluggish due to the global economic slowdown and prolonged regional conflicts. Nevertheless, SDC aims to focus on sales growth based on differentiated technology and capabilities in the smartphone market, particularly in the highly competitive high-end segment. It also intends to strengthen its future growth engines in the IT and Auto segments.

Although ongoing macroeconomic uncertainties pose challenges to the large display business, SDC expects TV demand to recover moderately, buoyed by upcoming sporting events. It will closely monitor market developments and work towards improving profitability by centering QD-OLED monitors in its product mix, enhancing production efficiency and adding capacity without additional investments.

MX Maintains Double-Digit Profitability, Will Become Global Standard for Mobile AI With Galaxy AI

The MX and Networks Businesses posted KRW 25.04 trillion in consolidated revenue and KRW 2.73 trillion in operating profit for the fourth quarter.

Market demand for smartphones increased slightly quarter-on-quarter, driven by the premium segment, despite continued inflation and geopolitical instability.

The MX Business reported a decline in sales and profit quarter-on-quarter due to lower smartphone sales, including the fading of new-product effects from flagship models launched in the third quarter. However, tablet shipments, led by new product releases, grew significantly and included healthy sales of premium products. Wearable devices also maintained sales momentum during the peak holiday season.

In the first quarter of 2024, smartphone market demand is expected to decline sequentially due to seasonality, but the premium segment is expected to grow year-on-year. Accordingly, the MX Business plans to leverage the newly launched Galaxy S24 series - which brings advanced AI capabilities and enhanced product competitiveness - to expand sales of flagship products. The MX Business will also continue to focus on operational efficiency.

In 2024, smartphone market demand is expected to rebound as consumer sentiment stabilizes in anticipation of a global economic recovery, leading to market growth, especially in the premium segment. Similarly, the tablet market is expected to recover, while the wearables market is forecasted to achieve double-digit value growth for smartwatches and slight value growth for True Wireless Stereo (TWS) devices.

The MX Business aims to lead the AI smartphone market by offering customers a differentiated experience through the integration of Galaxy AI in the S24 series, while also enhancing the user experience and optimizing Galaxy AI for foldable devices. Through these efforts, the MX Business aims to grow its annual flagship shipments at a double-digit rate and solidify its leadership in the foldable category.

In addition, the MX Business will continue to focus on sales of premium devices for tablets. For wearables, it will strive to elevate the Galaxy ecosystem experience, enhance wellness functions in smartwatches and increase the smartphone attach rate by integrating AI technologies.

Through these efforts, the MX Business aims to achieve revenue growth and ensure solid profitability by continuing to optimize resources amid unstable market conditions. Finally, the MX Business will strengthen R&D and investment in future growth areas such as generative AI, digital health and XR.

Visual Display and Digital Appliances To Lead the AI Era

The Visual Display and Digital Appliances Businesses posted KRW 14.26 trillion in consolidated revenue and KRW 0.05 trillion in operating losses in the fourth quarter.

Overall market demand for TVs increased quarter-on-quarter in the fourth quarter, led by seasonality, but declined year-on-year due to reduced consumption sentiments among advanced markets.

The Visual Display Business expanded its leadership in the premium market by focusing on selling high-value-added products - including Neo QLEDs, OLEDs, and Big TVs above 75" to preemptively respond to high demand during the peak season, including Black Friday.

However, profitability decreased slightly on a quarter-on-quarter and year-on-year basis due to the stagnant TV market demand and increased costs amid intensified competition.

In the first quarter of 2024, overall TV demand is expected to decrease owing to seasonality, apart from the premium market, including Neo QLEDs, OLEDs, and Big TVs above 75", where solid demand is projected.

The Visual Display Business will amplify the buzz created by launching new premium models announced at CES and its showcase event First Look and, in order to focus on sales of strategic products and securing profitability, take a more proactive approach to promoting differentiated products and service.

In 2024, replacement demand linked to global sporting events is expected to ease the decline in TV market demand gradually. However, uncertainties surrounding various macro factors are anticipated to continue.

The Visual Display Business aims to innovate its premium and Lifestyle products and diversify its lineup to meet various customer needs. Furthermore, it will lead the AI-screen era by continuing to introduce innovations in hyper-connectivity and customized content and services, powered by its next-generation AI processor and Tizen operating system.

https://news.samsung.com/global/samsung-electronics-announces-fourth-quarter-and-fy-2023-results

Seoul Semiconductor Co., Ltd (046890: KQ)

About us

Seoul Semiconductor is the world's second-largest global LED manufacturer, a ranking excluding the captive market, and has more than 18,000 patents. Based on a differentiated product portfolio, Seoul offers a wide range of technologies, and mass produces innovative LED products for indoor and outdoor lighting, automotive, IT products, such as mobile phones, computer displays, and other applications, as well as the UV area. Seoul's world's first development and mass production products are becoming the LED industry standard and leading the global market with a package-free LED, WICOP; a high-voltage AC-driven LED, Acrich; an LED with 10X the output of a conventional LED, nPola; a cutting edge ultraviolet clean technology LED, Violeds; an all-direction light emitting technology, filament LED; a natural sun spectrum LED, SunLike; and more.

http://www.seoulsemicon.com/en/company/main

2022 1Q Earnings Results

10 May 2022

http://www.seoulsemicon.com/download/sales_report/47/en

Toyoda Gosei Co., Ltd. (TSE: 72820)

About Toyoda Gosei

Toyoda Gosei is developing LEDs with new added value are being developed.

UV-C LED modules

LED modules equipped with water-resistance and heat dissipation functions.

UV-C LED water purification units

This unit is equipped with a UV-C LED module and is used to purify water (drinking water, domestic use water, discharge water, etc.)

Solar LEDs

An LED that reproduces natural light with original technology. Red, green, blue phosphor is irradiated with violet light to achieve a color tone close to sunlight.

Deep ultraviolet light source module

LED module emits deep ultraviolet light (UV-C), which has a bactericidal effect, for uses such as water sterilization (to ensure drinking water, waste water purification).

General Industry Products

Using the technologies we have cultivated for automobile parts, we develop products in various other fields. Our business is growing in areas ranging from air purifiers, for which we are involved in all steps from design to production, to construction and industrial machines, home construction components and personal electronics.

*Air Conditioning Products

We are a top OEM manufacturer of air conditioners, providing a wide range of variations in performance, design, color, and more.

*Home Construction Components

These products use vibration suppression rubber technology to suppress footstep sounds on upper and lower floors in houses and create a quiet, comfortable environment.

*Industrial machinery parts (interior parts)

Interior products, steering wheels, weatherstrips, hoses

Steering wheels, shift levers, and instrument panel components for construction and industrial machines including forklifts and power shovels.

*Construction machinery parts (interior parts)

*Others

These LED light products can be charged by simply pulling a wire. They can be used in vehicle emergencies, disasters, and for early morning and evening walks.

https://www.toyoda-gosei.com/seihin/#a01

In 1991, under the direction of Prof. Isamu Akasaki of Nagoya University, we successfully developed blue LEDs as fourth generation lights following fire lights, electric bulbs, and fluorescent lights. Together with red and green LEDs, which were already available, this gave us all three primary colors of light to achieve full color displays and white lighting with LEDs.

https://www.toyoda-gosei.com/kigyou/gaiyou/how/strength3/

Since the company was founded in 1949, we have contributed to society through the provision of automotive products that mainly use rubber and plastics technology under the company credo of "Boundless Creativity and Social Contribution." Today, we have 62 Group companies in 16 countries and regions.

The automobile industry is currently facing a period of great transformation with the advances in autonomous driving and electrification. Taking this huge change as an opportunity, we are harnessing the power of all 40,000 employees working together to respond to changes in the business environment and achieve sustainable growth in the future, we aim to grow as a global company that delivers satisfaction to customers worldwide through safety, comfort and well-being and the environment.

https://www.toyoda-gosei.com/kigyou/gaiyou/vision/message/

Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2024

2 February 2024

(1) Explanation of Business Results

Revenue for the nine months ended December 31, 2023 increased to ¥804.2 billion (up 14.6% compared to the same period of the previous fiscal year) mainly due to an increase in production by customers primarily in Japan and the Americas. Operating profit came to ¥55.9 billion (up 136.0% compared to the same period of the previous fiscal year) and profit attributable to owners of parent came to ¥41.2 billion (up 193.2% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales, progress made in improving revenue at group companies in the Americas, and efforts on Group-wide scale to eliminate loss due to production changes until the previous fiscal year and improve costs more than in normal years.

Results by segment are as follows.

(i) Japan

Revenue increased to ¥335.7 billion (up 16.1% compared to the same period of the previous fiscal year) due to factors such as an increase in production by customers. Operating profit came to ¥13.3 billion (compared with an operating profit of ¥0.8 billion for the same period of the previous fiscal year) mainly due to the effect of increased sales and rationalization efforts.

(ii) Americas

Revenue increased to ¥288.2 billion (up 19.9% compared to the same period of the previous fiscal year) due to factors such as an increase in production by customers. Operating profit came to ¥22.6 billion (up 146.1% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales and rationalization efforts.

(iii) Asia

Revenue increased to ¥221.8 billion (up 6.1% compared to the same period of the previous fiscal year) due to factors such as an increase in production in India, despite a decrease in production by customers in China and the ASEAN region. Operating profit came to ¥17.8 billion (up 16.7% compared to the same period of the previous fiscal year) mainly due to the effect of increased sales in India.

(iv) Europe and Africa

Revenue increased to ¥25.9 billion (up 21.5% compared to the same period of the previous fiscal year) due to factors such as an increase in production by customers. Operating profit came to ¥1.8 billion (compared with an operating loss of ¥1.4 billion for the same period of the previous fiscal year) mainly due to the effect of increased sales and onetime factors.

(2) Explanation of Financial Position

Assets increased by ¥27.9 billion from the end of the previous fiscal year to ¥893.2 billion as of December 31, 2023, primarily as a result of an increase in cash and cash equivalents. Liabilities decreased by ¥18.1 billion from the end of the previous fiscal year to ¥360.8 billion, mainly due to a decrease in borrowings. Equity increased by ¥46.0 billion from the end of the previous fiscal year to ¥532.4 billion, mainly due to an increase in retained earnings.

(3) Explanation Regarding Forecast of Consolidated Financial Results and Other Forward-looking Information

As for the outlook of financial results for the full fiscal year, the Company has revised the full fiscal year forecasts announced on October 31, 2023 in consideration of the actual results for the nine months ended December 31, 2023 and other factors. For details, please refer to the "Notice of Revisions to the Full Fiscal Year Forecasts of Financial Earnings for the Fiscal Year Ending March 31, 2024" announced today. These forecasts are based on the exchange rate assumption of ¥140 to US$1 from the fourth quarter, and ¥142 to US$1 for the full fiscal year.

https://contents.xj-storage.jp/xcontents/AS05368/7c002f78/f975/4010/8d41/ea0747dcace7/20240206141525570s.pdf

Universal Display Corporation (NASDAQ: OLED)

About Universal Display Corporation

In 1994, our founder and visionary, Sherwin Seligsohn visited the electrical engineering school at Princeton University and he observed research by Drs. Forrest and Thompson in self-emissive organic materials. He saw a green dot, with a 9-volt battery hanging from it, light up for seconds before it expired. From that green dot, Sherwin saw the future of display technology, and so began Universal Display's story.

We were founded with a vision of creating the next generation of displays, back when TVs were still CRTs (cathode ray tubes). That technology was energy-efficient organic light emitting diodes, or OLEDs. In 1996, Universal Display became a publicly traded company with a research contract with Princeton University, 3 part-time employees and one patent pending.

Fast forward almost two decades and we have grown from an R&D start-up to a global leader in the OLED industry. Today, we work with the largest consumer display panel manufacturers in the world. Our proprietary technologies and materials can be found in virtually every commercial OLED product in the world, from smartwatches and tablets, to smartphones and TVs, including Samsung's Galaxy series and LG's OLED TVs. Our leading-edge phosphorescent technology is also key in OLED lighting. With over 15% of the world's total electricity and 5% of worldwide greenhouse gas emissions stemming from lighting, more energy-efficient lighting products are in high demand. Based on our proprietary UniversalPHOLED® technology and materials, OLEDs have the potential to offer power efficiencies that are superior to those for today's incandescent bulbs and fluorescent tubes. The OLED industry is just beginning to take off, and we are excited to continue to have a critical role in this new era of display and lighting technologies.

Universal Display's Mission

Our mission is to be a key enabler in the OLED ecosystem and help grow the OLED industry with our broad and deep experience and know-how, proprietary OLED technologies and UniversalPHOLED (phosphorescent OLED) emissive materials' systems.

FAST FACTS

Corporate Headquarters: Ewing, NJ, U.S.

International Offices: China, Hong Kong, Ireland, Japan, South Korea and Taiwan

Founded: 1994

Revenue: ~$554 million (CY 2021)

Employees: ~409 (CY 2021)

Nasdaq Symbol: OLED

Patents: ~5,500+ (issued & pending patents worldwide, as of February 2022)

https://oled.com/about/

Universal Display Corporation Announces Fourth Quarter and Full Year 2023 Financial Results

22 February 2024

EWING, N.J.--(BUSINESS WIRE)--

Universal Display Corporation

(Nasdaq: OLED), enabling energy-efficient displays and lighting with its

UniversalPHOLED ®

technology and materials, today reported financial results for the fourth quarter and full year ended December 31, 2023.

"In 2023, we achieved key milestones, strengthened our capabilities and infrastructure, and positioned the Company for growth in the years ahead," said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. "Looking to 2024 and beyond, we see multiple paths for growth in the coming years. The commencement of an OLED IT adoption cycle, the resumption of OLED TV growth, the rise of automotive OLED displays, and the popularity of foldable OLED mobile applications all create promising opportunities for substantial growth. In addition to the growing OLED market, we are advancing and broadening our R&D roadmap, which includes novel phosphorescent materials and architectures, as well as our OVJP manufacturing platform."

Financial Highlights for the Fourth Quarter of 2023

Total revenue in the fourth quarter of 2023 was $158.3 million as compared to $169.0 million in the fourth quarter of 2022.

Revenue from material sales was $82.2 million in the fourth quarter of 2023 as compared to $88.3 million in the fourth quarter of 2022. The decrease in material sales was primarily the result of a decrease in the cumulative catch-up adjustments between periods, partially offset by higher sales volume of our emitter material.

Revenue from royalty and license fees was $72.9 million in the fourth quarter of 2023 as compared to $75.6 million in the fourth quarter of 2022. The decrease in royalty and license fees was primarily the result of changes in customer mix.

Cost of material sales was $33.4 million in the fourth quarter of 2023 as compared to $26.6 million in the fourth quarter of 2022. This was primarily due to an increase in the volume of material sales and increased contract manufacturing support costs.

Total gross margin was 77% in the fourth quarter of 2023 as compared to 82% in the fourth quarter of 2022.

Operating income was $64.7 million in the fourth quarter of 2023 as compared to $83.1 million in the fourth quarter of 2022.

The effective income tax rate was 18.0% and 19.2% for the fourth quarters of 2023 and 2022, respectively.

Net income was $62.0 million or $1.29 per diluted share in the fourth quarter of 2023 as compared to $65.1 million or $1.36 per diluted share in the fourth quarter of 2022.

Revenue Comparison

($ in thousands)

Three Months Ended December 31,

2023

2022

Material sales

82,240

88,339

Royalty and license fees

72,865

75,585

Contract research services

3,215

5,108

Total revenue

158,320

169,032

Cost of Materials Comparison

($ in thousands)

Three Months Ended December 31,

2023

2022

Material sales

82,240

88,339

Cost of material sales

33,379

26,603

Gross margin on material sales

48,861

61,736

Gross margin as a % of material sales

59%

70%

Financial Highlights for the Full Year 2023

Total revenue in the full year 2023 was $576.4 million as compared to $616.6 million in the full year 2022.

Revenue from material sales was $322.0 million in the full year 2023 as compared to $331.1 million in the full year 2022. The decline in material sales was primarily due to a decrease in the cumulative catch-up adjustments between periods, partially offset by higher blue emitter and host sales.

Revenue from royalty and license fees was $238.4 million in the full year 2023 as compared to $267.1 million in the full year 2022. The decrease in royalty and license fees was primarily the result of higher estimated future demand for several of our customers over the remaining lives of their contracts, as well as a net $19.7 million reduction in revenue due to the difference in cumulative catch-up adjustments between periods, the majority of which was recorded to royalty and license fees.

Cost of material sales was $123.1 million in the full year 2023 as compared to $115.6 million in the full year 2022. Cost of material sales increased primarily due to costs associated with our manufacturing facility in Shannon, Ireland which commenced manufacturing in mid-2022, increased inventory reserves and changes in product mix.

Total gross margin was 77% in the full year 2023 as compared to 79% in the full year 2022. Increases in Shannon facility costs of $5.1 million and inventory reserves of $4.9 million in 2023 contributed to the 2% decrease in total gross margin between periods.

Operating income was $217.2 million in the full year 2023 as compared to $267.1 million in the full year 2022.

The effective income tax rate was 17.2% and 21.7% in the full years 2023 and 2022, respectively.

Net income was $203.0 million or $4.24 per diluted share in the full year 2023 compared to $210.1 million or $4.40 per diluted share in the full year 2022.

Revenue Comparison

($ in thousands)

Year Ended December 31,

2023

2022

Material sales

322,029

331,081

Royalty and license fees

238,389

267,115

Contract research services

16,011

18,423

Total revenue

576,429

616,619

Cost of Materials Comparison

($ in thousands)

Year Ended December 31,

2023

2022

Material sales

322,029

331,081

Cost of material sales

123,076

115,602

Gross margin on material sales

198,953

215,479

Gross margin as a % of material sales

62%

65%

2024 Guidance

The Company believes that its 2024 revenue will be in the range of $625 million to $675 million. The OLED industry remains at a stage where many variables can have a material impact on results, and the Company thus caveats its financial guidance accordingly.

Dividend

The Company also announced a first quarter cash dividend of $0.40 per share on the Company's common stock. The dividend is payable on March 29, 2024 to all shareholders of record as of the close of business on March 15, 2024.

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

December 31, 2023

December 31, 2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

91,985

93,430

Short-term investments

422,137

484,345

Accounts receivable

139,850

92,664

Inventory

175,795

183,220

Other current assets

87,365

45,791

Total current assets

917,132

899,450

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $143,908 and $117,118

175,150

143,445

ACQUIRED TECHNOLOGY, net of accumulated amortization of $186,850 and $189,671

90,325

38,382

OTHER INTANGIBLE ASSETS, net of accumulated amortization of $10,414 and $8,989

6,874

8,247

GOODWILL

15,535

INVESTMENTS

299,548

259,861

DEFERRED INCOME TAXES

59,108

58,161

OTHER ASSETS

105,289

109,739

TOTAL ASSETS

1,668,961

1,532,820

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

10,933

9,519

Accrued expenses

52,080

51,002

Deferred revenue

47,713

45,599

Other current liabilities

8,096

29,577

Total current liabilities

118,822

135,697

DEFERRED REVENUE

12,006

18,279

RETIREMENT PLAN BENEFIT LIABILITY

52,249

59,790

OTHER LIABILITIES

38,658

43,685

Total liabilities

221,735

257,451

SHAREHOLDERS' EQUITY:

Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)

Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,731,026 and 49,136,030 shares issued, and 47,365,378 and 47,770,382 shares outstanding at December 31, 2023 and December 31, 2022, respectively

487

491

Additional paid-in capital

699,554

681,335

Retained earnings

789,553

653,277

Accumulated other comprehensive loss

(1,086)

(18,452)

Treasury stock, at cost (1,365,648 shares at December 31, 2023 and December 31, 2022)

(41,284)

Total shareholders' equity

1,447,226

1,275,369

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

1,668,961

1,532,820

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2023

2022

2023

2022

REVENUE:

(Unaudited)

Material sales

82,240

88,339

322,029

331,081

Royalty and license fees

72,865

75,585

238,389

267,115

Contract research services

3,215

5,108

16,011

18,423

Total revenue

158,320

169,032

576,429

616,619

COST OF SALES

36,019

30,098

135,376

127,896

Gross margin

122,301

138,934

441,053

488,723

OPERATING EXPENSES:

Research and development

33,641

31,906

130,481

117,062

Selling, general and administrative

16,830

18,513

67,387

77,886

Amortization of acquired technology and other intangible assets

4,551

2,897

15,993

17,459

Patent costs

2,300

2,254

9,356

8,329

Royalty and license expense

233

281

647

877

Total operating expenses

57,555

55,851

223,864

221,613

OPERATING INCOME

64,746

83,083

217,189

267,110

Interest income, net

7,865

3,505

28,166

7,811

Other income (loss), net

2,996

(5,942)

(184)

(6,691)

Interest and other income (loss), net

10,861

(2,437)

27,982

1,120

INCOME BEFORE INCOME TAXES

75,607

80,646

245,171

268,230

INCOME TAX EXPENSE

(13,629)

(15,512)

(42,160)

(58,169)

NET INCOME

61,978

65,134

203,011

210,061

NET INCOME PER COMMON SHARE:

BASIC

1.30

1.37

4.25

4.41

DILUTED

1.29

1.36

4.24

4.40

WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:

BASIC

47,571,382

47,402,007

47,559,669

47,390,352

DILUTED

47,657,854

47,492,560

47,622,763

47,468,507

CASH DIVIDEND DECLARED PER COMMON SHARE

0.35

0.30

1.40

1.20

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Year Ended December 31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

203,011

210,061

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

27,409

24,815

Amortization of intangibles

15,993

17,459

Amortization of premium and discount on investments, net

(11,603)

(6,461)

Impairment of minority investments

6,962

Stock-based compensation to employees

22,335

28,380

Stock-based compensation to Board of Directors and Scientific Advisory Board

1,774

1,566

Deferred income tax benefit

(3,766)

(26,946)

Retirement plan expense, net of benefit payments

3,129

5,276

Decrease (increase) in assets:

Accounts receivable

(47,186)

14,975

Inventory

7,425

(49,060)

Other current assets

(41,574)

(24,843)

Other assets

4,450

25,971

Increase (decrease) in liabilities:

Accounts payable and accrued expenses

4,047

3,338

Other current liabilities

(21,481)

20,917

Deferred revenue

(4,159)

(93,203)

Other liabilities

(5,027)

(32,392)

Net cash provided by operating activities

154,777

126,815

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment

(59,792)

(42,497)

Purchase of intangibles

(66,563)

(4,709)

Purchases of investments

(531,103)

(701,993)

Proceeds from sale and maturity of investments

574,165

468,456

Net cash used in investing activities

(83,293)

(280,743)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of common stock

2,012

1,570

Payment of withholding taxes related to stock-based compensation to employees

(8,206)

(9,209)

Cash dividends paid

(66,735)

(56,996)

Net cash used in financing activities

(72,929)

(64,635)

DECREASE IN CASH AND CASH EQUIVALENTS

(1,445)

(218,563)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

93,430

311,993

CASH AND CASH EQUIVALENTS, END OF YEAR

91,985

93,430

The following non-cash activities occurred:

Unrealized loss on available-for-sale securities

(8,938)

(8,100)

Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period

300

Net change in accounts payable and accrued expenses related to purchases of property and equipment

678

3,069

Cash paid for income taxes, net of refunds

96,176

72,347

https://ir.oled.com/newsroom/press-releases/press-release-details/2024/Universal-Display-Corporation-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-Results/default.aspx

Wolfspeed, Inc. (NYSE: WOLF)

About Wolfspeed Inc.

Cree, Inc. Officially Changes Company Name to Wolfspeed, Inc., Marking Successful Transition to Global Semiconductor Powerhouse.

https://www.wolfspeed.com/company/news-events/news/cree-inc-officially-changes-company-name-to-wolfspeed-inc-marking-successful-transition-to-global-semiconductor-powerhouse

Cree | Wolfspeed is a powerhouse semiconductor company focused on silicon carbide and GaN technologies. After more than thirty years of forging new technology adoption and transformation, our Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs are leading the industry through unrivaled expertise and capacity.

https://www.cree.com/about/

Cree - Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. - 1/3/2021

DURHAM, N.C. - Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed® business, today announced that it has completed the previously announced sale of its LED Products business unit ("Cree LED") to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. SMART will now license and incorporate the Cree LED brand name into the SMART portfolio of businesses, and Cree will change its corporate name to Wolfspeed later this year. Under the transaction terms Cree will receive up to $300 million, which consists of a $50 million cash payment at close and a $125 million seller note to be paid upon maturity in 2023. Cree also has the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close, also payable in the form of a three-year seller note.

"The completed sale of Cree LED represents a major milestone in our transformational journey, establishing the company as a pure-play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide," said Gregg Lowe, Cree CEO. "As industries across the globe look to increase efficiency and performance with smaller, more scalable power systems, this evolution sharpens our focus and strengthens our continued investments to capitalize on multi-decade growth opportunities for Wolfspeed silicon carbide and GaN solutions across EV, 5G and industrial applications."

Cree continues to drive the industry transition from silicon to silicon carbide forward with its ongoing capacity expansion plans and technology leadership, including its materials factory at its North Carolina headquarters and its Mohawk Valley Fab construction in Marcy, N.Y., which upon completion will be the world's largest silicon carbide manufacturing facility, as well as the world's first 200-millimeter silicon carbide fabrication facility, with production expected to begin in 2022.

https://www.cree.com/news-events/news/article/cree-completes-sale-of-led-business-to-smart-global-holdings-inc

Wolfspeed Reports Financial Results for the First Quarter of Fiscal Year 2024

Year-over-year Quarterly Revenue Growth of 4 Percent

Design-Ins Totaling $2.2 Billion; Record Design-Wins of more than $1 Billion

On Track to Meet 20 Percent Utilization Goal at the Mohawk Valley Fab in Fourth Quarter of Fiscal 2024

DURHAM, N.C. October 30, 2023 -- Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the first quarter of fiscal 2024.

Quarterly Financial Highlights (Continuing operations only. All comparisons are to the first quarter of fiscal 2023)

Consolidated revenue of $197.4 million, compared to $189.4 million

Mohawk Valley Fab contributed $4.0 million in revenue

Device design-ins of $2.2 billion and quarterly record of over $1 billion in device design-wins

GAAP gross margin of 12.5%, compared to 35.7%

Non-GAAP gross margin of 15.6%, compared to 38.8%

GAAP and non-GAAP gross margins for the first quarter of fiscal 2024 include the impact of $34.4 million of underutilization costs, representing approximately 1,740 basis points of gross margin. See "Start-up and Underutilization Costs" below for additional information.

"We kicked off our fiscal year with a strong quarter in both execution and market share. Not only have we continued to win in the marketplace, as evidenced by our third highest quarter of design-ins and a record quarter of design-wins, we have clear focus on the ramp of our Mohawk Valley Fab," said Wolfspeed CEO, Gregg Lowe. "At Mohawk Valley, we have an outstanding operations team in place, Building 10 on our Durham campus is producing enough 200mm wafers ahead of the needs of Mohawk Valley, and we already have enough qualified product to satisfy our 20 percent utilization goals."

Lowe continued, "We remain steadfast in our long-term vision for the future of this industry. The market opportunity for silicon carbide stands at $6 billion today, up from $400 million just five years ago. This further validates our strategy to invest now to capitalize on the immense opportunities at-hand, and the significant opportunity in the future. We have amassed significant materials expertise over the decades, which combined with the capacity of our new materials factory in Siler City, will increase our wafer production by 10x when fully operational, and creates significant competitive advantages over our peers and new entrants. We will be better positioned to support our customers' needs going forward and cater to a whole host of new applications for silicon carbide technology. As the only pure-play silicon carbide company in the market today, we believe that we are best positioned to capitalize on a decades long tailwind that represents a $20 billion addressable market by 2030."

As previously announced, on August 22, 2023, Wolfspeed entered into a definitive agreement to sell its RF product line to MACOM Technology Solutions Holdings, Inc. (MACOM) for approximately $75 million in cash, subject to a customary purchase price adjustment, and 711,528 shares of MACOM common stock, valued at $50 million based on the 30 trading day trailing average closing price for MACOM's common stock through August 21, 2023. Wolfspeed expects to close the transaction by the end of calendar 2023.

Business Outlook:

For its second quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $192 million to $222 million. GAAP net loss from continuing operations is targeted at $131 million to $153 million, or $1.04 to $1.22 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $71 million to $88 million, or $0.56 to $0.70 per diluted share. Targeted non-GAAP net loss from continuing operations excludes $60 million to $65 million of estimated expenses, net of tax, primarily related to stock-based compensation expense, amortization of discount and debt issuance costs, net of capitalized interest, project, transformation and transaction costs and loss on Wafer Supply Agreement.

Start-up and Underutilization Costs:

As part of expanding its production footprint to support expected growth, Wolfspeed is incurring significant factory start-up costs relating to facilities the Company is constructing or expanding that have not yet started revenue generating production. These factory start-up costs have been and will be expensed as operating expenses in the statement of operations.

When a new facility begins revenue generating production, the operating costs of that facility that were previously expensed as start-up costs will instead be primarily reflected as part of the cost of production within the cost of revenue, net line item in our statement of operations. For example, the Mohawk Valley Fab began revenue generating production at the end of fiscal 2023 and the costs of operating this facility going forward will be primarily reflected in cost of revenue, net in future periods.

During the period when production begins, but before the facility is at its expected utilization level, Wolfspeed expects some of the costs to operate the facility will not be absorbed into the cost of inventory. The costs incurred to operate the facility in excess of the costs absorbed into inventory are referred to as underutilization costs and are expensed as incurred to cost of revenue, net. These costs are expected to be substantial as Wolfspeed ramps up the facility to the expected utilization level.

Wolfspeed incurred $8.4 million of factory start-up costs and $34.4 million of underutilization costs in the first quarter of fiscal 2024. No underutilization costs were incurred in the first quarter of fiscal 2023.

For the second quarter of fiscal 2024, operating expenses are expected to include approximately $11 million of factory start-up costs primarily in connection with materials expansion efforts. Cost of revenue, net, is expected to include approximately $35 million of underutilization costs primarily in connection with the Mohawk Valley Fab.

Quarterly Conference Call:

Wolfspeed will host a conference call at 5:00 p.m. Eastern time today to review the highlights of its first quarter results and its fiscal second quarter 2024 business outlook, including significant factors and assumptions underlying the targets noted above.

The conference call will be available to the public through a live audio web broadcast via the Internet. For webcast details, visit Wolfspeed's website at investor.wolfspeed.com/events.cfm.

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Wolfspeed's website at investor.wolfspeed.com/results.cfm.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide and gallium nitride (GaN) technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed's product families include silicon carbide and GaN materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at

www.wolfspeed.com.

WOLFSPEED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended

(in millions of U.S. Dollars, except per share data)

September 24, 2023

September 25, 2022

Revenue, net

$197.4

$189.4

Cost of revenue, net

172.7

121.7

Gross profit

24.7

67.7

Gross margin percentage

13 %

36 %

Operating expenses:

Research and development

44.1

40.3

Sales, general and administrative

64.1

50.0

Factory start-up costs

8.4

38.4

Amortization or impairment of acquisition-related intangibles

0.3

0.5

Loss on disposal or impairment of other assets

0.1

Other operating expense

2.6

1.9

Total operating expense

119.6

131.2

Operating loss

(94.9)

(63.5)

Operating loss percentage

(48)%

(34)%

Non-operating expense (income), net

28.5

(49.5)

Loss before income taxes

(123.4)

(14.0)

Income tax expense

0.2

0.1

Net loss from continuing operations

(123.6)

(14.1)

Net loss from discontinued operations

(279.1)

(12.1)

Net loss

(402.7)

(26.2)

Basic and diluted loss per share

Continuing operations

($0.99)

($0.11)

Net loss

($3.22)

($0.21)

Weighted average shares - basic and diluted (in thousands)

125,105

124,035

https://s29.q4cdn.com/278875087/files/doc_earnings/2024/q1/earnings-result/Wolfspeed_Q1_2024_Earnings_Release.pdf

ACQ_REF: IS/42775/20240404/XXX/0/26

ACQ_AUTHOR: Associate/Mohammad Azhar Bin Mazlan

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No portion of this article can be reproduced without the express written permission from the copyright holder.

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References