BERLIN -- Chip maker Infineon (IW 1000/734) said Tuesday that its third-quarter business had improved thanks to growth in the automotive and power management sectors, allowing it to boost its annual outlook.
The company posted an 11% jump in sales to 1.02 billion euros (US$1.35 billion) for the period from April to June, and after-tax profit more than doubled to 77 million euros.
Its profit margin hit 11.4%, up sharply from 7.4% in the second quarter.
"Infineon has made a good recovery and managed to grow again," chief executive Reinhard Ploss said.
"Our strategy is bearing fruit: we are now in a position to quickly and decisively take advantage of opportunities as markets pick up," Ploss said.
The company had said in May that it had put a slump behind it during the second quarter of its business year and forecast a slower drop in sales and earnings for the full year than originally feared.
Infineon said on Tuesday that it expected further growth in the fourth quarter, with revenues of around 1.05 billion euros and a profit margin of 13%.
For the full-year, sales are expected to decline by 1.5% compared to the 2011-12 business year, after initially forecasting a 5%-10% drop.
The profit margin is expected to come in just under 10%.
Copyright Agence France-Presse, 2013
