IQE Forecasts Strong 2024 Results Fueled by Cost-Cutting Measures
London-based semiconductor wafer manufacturer, IQE, announced its projected sales and core earnings for 2024, surpassing previous expectations. A key driver of this growth is the company's implementation of cost-control initiatives.
IQE anticipates annual revenue of £118 million ($145.2 million), an increase from its earlier forecast of £115 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to reach at least £7.5 million, exceeding the previous estimate of £5 million.
In November, IQE launched a strategic review of its assets amidst a challenging industry backdrop, including a slow semiconductor industry recovery and a shift in focus towards supply chain security amidst US-China tensions. These cost-control measures and strategic adjustments have positioned IQE for a strong 2024.