X-Fab Silicon Foundris Se (XFABF) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to XFAB Quarter 3, 2024 results conference call. My name is Alicia and I will be your coordinator for today's event. Please note, this call is being recorded and for the duration of the call, your lives will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to Rudy De Winter, CEO, and Alva Morgantini, CFO. Thank you. Thank you for the introduction, Alicia. In the third quarter, we recorded revenues of $206 million, down 12% year-on-year, and 1% up quarter-on-quarter. This compares to a guidance of $205 to $250. Revenues in our core markets, automotive, industrial and medical, accounted for 190 million, flat compared to previous quarter and down 8% year-on-year. The bookings were up 4% year-on-year, with a book-to-bill of 1.05 in the third quarter. The backlog came in at 481 million compared to 517 million end of the previous quarter. The decrease in backlog is related to long-term orders worth under $14 million, for which delivery dates are not yet confirmed at the end of the quarter. These longer-term orders for deliveries in the year 2025-2026 will be added to the backlog in the next months. In the third quarter, our automotive business grew 8% year-on-year. While automotive bookings weakened due to year-end inventory adjustments and general destocking, the picture is mixed on the automotive side. Our China automotive business has grown with 55% year-on-year and 38% quarter-on-quarter, while EU and US investments automotive bookings weakened. Our industrial and medical business decre...