GlobalFoundries, Inc. (GFS) reported Wednesday that net income attributable to shareholders for the fourth quarter was $200 million or $0.36 per share, compared to a net loss of $729 million or $1.32 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.55 per share, compared to $0.46 per share in the year-ago quarter.
On average, 16 analysts polled expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter remained flat with last year at $1.83 billion. The Street expected revenues of $1.80 billion for the quarter.
Looking ahead to the first quarter, the company now projects earnings in a range of $0.18 to $0.28 per share and adjusted earnings in a range of $0.30 to $0.40 per share on net revenues between $1.60 billion and $1.65 billion.
The Street is looking for earnings of $0.35 per share on revenues of $1.61 billion for the quarter.
The company also announced that its Board of Directors has approved a share repurchase authorization of up to $500 million of its common stock.
In Wednesday's pre-market trading, GFS is trading on the Nasdaq at $44.91, up $3.01 or 7.18 percent.
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