May 12 (Reuters) – Semiconductor solutions provider Qnity Electronics raised its annual revenue and profit forecast on Tuesday, driven by demand for artificial intelligence and high-performance computing.
Shares of the company gained over 5% in early trading.
Demand for semiconductor equipment is surging on AI infrastructure spending, boosting suppliers like Qnity, which makes chips, advanced packaging, interconnects and thermal management products for data centers.
• Qnity expects full-year revenue in the range of $5.23 billion to $5.38 billion, up from its earlier projection between $4.97 billion to $5.17 billion. Analysts, on average, estimate annual revenue of $5.12 billion, according to data compiled by LSEG.
• Adjusted profit is expected to be between $3.80 and $4.14 per share, compared with its previous forecast of $3.55 to $3.95.
• The Wilmington, Delaware-based company was spun off from industrial materials maker DuPont in October and began trading as an independent public company in November.
• For the first quarter, Qnity posted revenue of $1.32 billion, beating estimates of $1.27 billion.
• Adjusted profit came in at $1.08 per share, compared with estimates of 92 cents per share for the quarter ended March 31.
(Reporting by Arunesh Sinha and Anhata Rooprai in Bengaluru; Editing by Vijay Kishore)
