By Connor Hart
Shares of SkyWater Technology rose after the company narrowed its loss and beat estimates in the fourth quarter.
The stock gained 15%, to $10.15, in midday trading Wednesday. Despite climbing 27% in the past three months, shares are down 16% over the past year.
The Bloomington, Minn.-based semiconductor manufacturer before the bell posted a loss of $700,000, or one cents a share, compared with a loss of $10.3 million, or 22 cents a share, a year earlier.
Adjusted per-share earnings came in at four cents, compared with analyst views for a loss of six cents, according to FactSet.
Revenue fell 5% to $75.5 million but topped the $74.2 million that analysts expected.
For the first quarter, the company guided for an adjusted per-share loss of 10 cents to 16 cents, compared with analyst expectations for a loss of 6 cents. It forecast revenue of $59 million to $63 million, missing the $66.5 million that analysts modeled.
Also on Wednesday, SkyWater said it inked a deal with Infineon Technologies, a German semiconductor company, to purchase an Austin, Texas, facility, increasing its available chip capacity in the U.S. The companies entered a corresponding long-term supply agreement, which they said in a joint statement would enable Infineon to maintain a manufacturing footprint in the country.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 26, 2025 12:47 ET (17:47 GMT)
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