November 14, 2017 / 6:56 AM / 2 years ago

Infineon reports sales slowdown as weak U.S. dollar weighs

FRANKFURT/MUNICH, Nov 14 (Reuters) - German chipmaker Infineon, the top supplier of power controls to auto and industrial markets, on Tuesday reported a slowdown in sequential sales due to a weaker dollar and guided lower for the current quarter.

Infineon reported fourth-quarter operating income of 177 million euros ($207 million), a year-on-year decline of 22 percent, below average expectations of 281 million euros in a Reuters poll of analysts.

Revenues rose 9 percent from a year earlier to 1.82 billion euros but were down 1 percent on a sequential basis. The consensus forecast was for 1.838 billion euros, according to 15 analysts polled by Reuters.

“Infineon continues to grow. We raised the outlook for the full fiscal year in March 2017 and achieved the higher targets, despite stronger headwinds caused by the weaker U.S. dollar,” CEO Reinhard Ploss said in a statement.

Infineon shares were indicated 2.6 percent lower in pre-market trading by broker Lang & Schwarz. ($1 = 0.8570 euros) (Reporting by Irene Preisinger and Douglas Busvine; Editing by Ludwig Burger)

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