GlobalFoundries Q3 Results Top Estimates; Guides Q4 Above View

(RTTNews) - GlobalFoundries, Inc. (GFS) reported Tuesday that net income attributable to shareholders declined to $178 million or $0.32 per share from $249 million or $0.45 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.41 per share, compared to $0.55 per share in the year-ago quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter decreased 6 percent to $1.74 billion from $1.85 billion in the same quarter last year. The Street expected revenues of $1.73 billion for the quarter.

Looking ahead to the fourth quarter, the company now projects earnings in a range of $0.29 to $0.43 per share and adjusted earnings in a range of $0.39 to $0.51 per share on net revenues between $1.80 billion and $1.85 billion.

The Street is looking for earnings of $0.37 per share on revenues of $1.80 billion for the quarter.

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