Semiconductor manufacturer GlobalFoundries Inc.
reported revenue and earnings that topped expectations Tuesday morning. The company generated fourth-quarter net income of $668 million, or $1.21 a share, compared with $43 million, or 8 cents a share, in the year-earlier period. On an adjusted basis, GlobalFoundries earned $1.44 a share, up from 18 cents a share a year before and ahead of the FactSet consensus, which was for $1.33 a share. Revenue increased to $2.10 billion from $1.85 billion, while analysts were modeling $2.07 billion. “In the fourth quarter, the GF team continued to execute on its commitments to customers and shareholders, despite the well-publicized inventory correction,” Chief Executive Thomas Caufield said in a release. For the first quarter, GlobalFoundries anticipates $1.81 billion to $1.85 billion in revenue, along with 45 cents to 53 cents in adjusted earnings per share. The FactSet consensus was for $1.82 billion in revenue and 46 cents in adjusted EPS.