Aixtron posts Q3 core profit miss
Oct 31 (Reuters) -German chip systems manufacturer Aixtron AIXGn.DE on Thursday reported a lower than expected third-quarter core profit, due to lower gross margins in a weak market environment.
The group's earnings before interest and taxes (EBIT)fell 17% year-on-year to 37.5 million euros ($40.74 million) in the quarter, missing analysts' average estimate of 40.6 million euros in a poll by LSEG.
Its quarterly revenue fell 5% to 156.3 million euros, below analysts' estimate of 162.5 million euros, according to a LSEG poll.
Chip stocks have been under pressure after the U.S. government's tighter restrictions on exports of chip equipment to China and uncertainty over the U.S. presidential election made investors cautious. Weak demand for automotive, PC and memory chips has been only partially offset by increased demand for AI chips.
Aixtron said that it expects 2025 revenues near the level of fiscal year 2024 or slightly below.
The company also confirmed its full-year guidance for 2024, expecting revenues to be in a range of 620 million to 660 million euros.
($1 = 0.9206 euros)
Reporting by Ozan Ergenay, editing by Thomas Escritt
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