Stock Earnings: Chartered Semiconductor Q1 result beat estimate!

Chartered Semiconductor swings to profit in Q1; sees weaker Q2 net Chartered Semiconductor Manufacturing Ltd said it returned to profitability in the first quarter as sales of the chipmaker almost doubled from a year earlier. The world's fourth-largest custom maker of microchips reported net profit of 25.27 mln usd for the three months to March against a loss of 84.52 mln a year ago. The net profit was ahead of Chartered's estimated range of 10-20 mln usd made in January and included 2.1 mln in cost related to stock-based compensation. First-quarter sales jumped 96 pct to 355.23 mln usd, within the company's estimate of 352-360 mln, due to strong growth in both the consumer and communications sectors, it said. Compared to the previous quarter, however, sales and net profit fell 3.3 pct and 4.7 pct, respectively. For the second quarter, Chartered expects net profit to drop to 11-21 mln usd despite sales rising to 359-367 mln.

Chartered Semiconductor Manufacturing Ltd first quarter to March results:

Sales - 355.23 mln usd vs 181.35 mln

Pretax profit - 31.80 mln usd vs loss 81.08 mln

Net profit - 25.27 mln usd vs loss 84.52 mln

Earnings per ADS - 0.08 usd vs loss per ADS 0.34