Renesas Electronics Corporation (TSE: 6723), a premier supplier
of advanced semiconductor solutions, today announced the
consolidated financial forecasts for the six months ending June 30,
2024.
Renesas Electronics Group (“the Group”) reports its consolidated
forecasts on a quarterly basis as a range because of the difficulty
of forecasting full-year results with high accuracy due to the
short-term volatility of the semiconductor market. Additionally, in
order to provide useful information to better understand the
Group’s constant business results, figures such as revenue, gross
margin and operating margin are presented in the non-GAAP format,
which excludes or adjusts the non-recurring items related to
acquisitions and other adjustments including non-recurring expenses
or income from the financial figures (GAAP, IFRS basis) following a
certain set of rules. The gross margin and operating margin
forecasts are given assuming the midpoint in the revenue
forecast.
Consolidated forecasts for the six months ending June 30,
2024 (January 1, 2024 to June 30, 2024)
In millions of yen
Non-GAAP Revenue
Non-GAAP
Gross Margin
Non-GAAP
Operating Margin
Previous forecasts
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Forecasts as of April 25,
2024
699,290 to 714,290
56.1%
31.4%
Increase (decrease)
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Percentage change
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Reference:
Corresponding period of the
previous year (January 1, 2023 to June 30, 2023)
728,383
56.8%
34.8%
Note:
Non-GAAP figures are calculated by
removing or adjusting non-recurring items and other adjustments
from GAAP (IFRS basis) figures following a certain set of rules.
The Group believes non-GAAP measures provide useful information in
understanding and evaluating the Group’s constant business results,
and therefore, forecasts are provided on a non-GAAP basis. This
adjustment and exclusion include the amortization of intangible
assets recognized from acquisitions, other PPA (purchase price
allocation) adjustments and stock-based compensation, as well as
other non-recurring expenses and income the Group believes to be
applicable.
The consolidated forecasts for the six months ending June 30,
2024 are calculated by combining the forecasts for the three months
ending June 30, 2024, to the financial results of the three months
ended March 31, 2024. The consolidated forecasts for the six months
ending June 30, 2023 are calculated at the rate of 148 yen per USD
and 160 yen per Euro.
Refer to Renesas' earnings report “Renesas Reports Financial
Results for the First Quarter Ended March 31, 2024” issued on April
25, 2024 for more details.
The statements with respect to the financial outlook of the
Group are forward-looking statements involving risks and
uncertainties. The Company cautions you in advance that actual
results may vary materially from such forward-looking statements
due to several important factors.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer,
smarter and more sustainable future where technology helps make our
lives easier. A leading global provider of microcontrollers,
Renesas combines our expertise in embedded processing, analog,
power and connectivity to deliver complete semiconductor solutions.
These Winning Combinations accelerate time to market for
automotive, industrial, infrastructure and IoT applications,
enabling billions of connected, intelligent devices that enhance
the way people work and live. Learn more at renesas.com. Follow us
on LinkedIn, Facebook, Twitter, YouTube, and Instagram.
(FORWARD-LOOKING STATEMENTS)
The statements in this press release with respect to the plans,
strategies and financial outlook of Renesas and its consolidated
subsidiaries (collectively “we”) are forward-looking statements
involving risks and uncertainties. Such forward-looking statements
do not represent any guarantee by management of future performance.
In many cases, but not all, we use such words as “aim,”
“anticipate,” “believe,” “continue,” “endeavor,” “estimate,”
“expect,” “initiative,” “intend,” “may,” “plan,” “potential,”
“probability,” “project,” “risk,” “seek,” “should,” “strive,”
“target,” “will” and similar expressions to identify
forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions. These
statements discuss future expectations, identify strategies,
contain projections of our results of operations or financial
condition, or state other forward-looking information based on our
current expectations, assumptions, estimates and projections about
our business and industry, our future business strategies and the
environment in which we will operate in the future. Known and
unknown risks, uncertainties and other factors could cause our
actual results, performance or achievements to differ materially
from those contained or implied in any forward-looking statement,
including, but not limited to, general economic conditions in our
markets, which are primarily Japan, North America, Asia, and
Europe; demand for, and competitive pricing pressure on, products
and services in the marketplace; ability to continue to win
acceptance of products and services in these highly competitive
markets; and fluctuations in currency exchange rates, particularly
between the yen and the U.S. dollar. Among other factors, downturn
of the world economy; deteriorating financial conditions in world
markets, or deterioration in domestic and overseas stock markets,
may cause actual results to differ from the projected results
forecast.
This press release is based on the economic, regulatory, market
and other conditions as in effect on the date hereof. It should be
understood that subsequent developments may affect the information
contained in this presentation, which neither we nor our advisors
or representatives are under an obligation to update, revise or
affirm.
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version on businesswire.com: https://www.businesswire.com/news/home/20240424062958/en/
Media Contact: Corporate Communications Office +81
3-6773-3001 pr@renesas.com
Investor Relations Contact: IR Office +81 3-6773-3002
ir@renesas.com