Q2 FY 2022: Revenue €3.298 billion, up 4 percent on preceding quarter and 22 percent year on year; Segment Result €761 million; Segment Result Margin 23.1 percent; Free Cash Flow €120 million
Outlook for Q3 FY 2022: Based on an assumed exchange rate of US$1.10 to the euro, revenue of around €3.4 billion predicted. On this basis, Segment Result Margin expected at around 21 percent
Outlook for FY 2022: Based on an assumed exchange rate of US$1.10 to the euro (previously US$1.15), revenue of €13.5 billion plus or minus €500 million (previously €13.0 billion) now forecast for 2022 fiscal year. At mid-point of guided revenue range, Segment Result Margin above 22 percent predicted (previously about 22 percent). Investments at around €2.4 billion still planned. Free Cash Flow expected to reach about €1.1 billion (previously about €1.0 billion).
Group performance in second quarter of 2022 fiscal year
In the second quarter of the 2022 fiscal year, Group revenue grew by €139 million
or 4 percent to €3,298 million, compared with €3,159 million in the previous three month period. Revenue continued to grow in the Automotive (ATV), Industrial Power Control (IPC) and Connected Secure Systems (CSS) segments, while the Power & Sensor Systems (PSS) segment recorded a slight decrease.
The gross margin improved from 41.5 percent to 42.9 percent and the adjusted gross margin from 43.9 percent to 45.4 percent quarter on quarter. The Segment Result increased to €761 million, compared with €717 million in the previous three-month period, with the Segment Result Margin improving slightly
from 22.7 percent to 23.1 percent.
The second-quarter non-segment result was a net loss of €143 million, compared to a net loss of €100 million in the first quarter. The non-segment result for the quarter included €82 million of cost of goods sold, €50 million of selling, general and administrative expenses and €6 million of research and development expenses. In addition, net other operating expenses amounted to €5 million in the
Operating profit for the second quarter of the 2022 fiscal year amounted to €618 million, compared with €617 million in the previous three-month period.
The financial result amounted to minus €43 million, compared with minus €45 million one quarter earlier.
The tax expense went up slightly from €117 million to €121 million quarter on quarter.
Profit from continuing operations for the second quarter of the 2022 fiscal year improved to €469 million, compared with €461 million in the previous three-month period. The second-quarter result from discontinued operations came in at €0 million, following a loss of €4 million reported for the first quarter. The profit for the period amounted to €469 million, up from €457 million one year earlier.
Basic earnings per share from continuing operations edged up from €0.35 to €0.36 quarter on quarter, while diluted earnings per share from continuing operations were unchanged at €0.35. Adjusted earnings per share1 (diluted) rose from €0.41 to €0.44 quarter on quarter.
The Q2 Investor Presentation is available (in English only) at: