Semiconductor Manufacturing International Corp.(SIUIF.PK,SMI) Wednesday posted a profit for the first quarter versus a loss last year, mainly on the back of increased revenue. Earnings per ADS were in line with the Street estimates. The company further provided revenue guidance for the second quarter.
For the period, the firm posted net income attributable to SMIC of $40.6 million versus a loss of $42.82 million last year. On a per ADS basis, earnings totaled $0.06 compared with loss of $0.08 last year.
An analyst polled by Thomson Reuters estimated earnings per ADS of $0.06 for the period. Analyst estimates typically exclude one-time items.
Revenue for the three months climbed to $501.6 million from $332.71 million a year back. Analysts on the other hand were looking for revenue of $485.89 million for the period.
Looking forward, the company said it sees second quarter revenue increasing between 3 to 5 percent quarter over quarter.
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