BERLIN (AP) -- Quarterly earnings at chip maker Infineon Technologies AG surged as revenue climbed by more than half in an improving economy and the company booked a gain on tax assets.
Infineon on Tuesday reported net earnings of euro390 million ($532 million) for the July-September period, its fiscal fourth quarter -- up from euro11 million a year earlier.
Revenue from continuing operations rose to euro942 million from euro609 million. Infineon said it had a one-time benefit of euro69 million from deferred tax assets.
Net earnings for the full fiscal year came to euro659 million, compared with a loss of euro626 million a year earlier. Revenue rose to euro3.3 billion from euro2.18 billion.
Infineon said it would propose a dividend of 10 euro cents per share for the financial year "in recognition of the company's favorable operating performance ... and its comfortable cash position." That would be its first dividend in a decade.
The company classified its wireless unit, which it is selling to Intel Corp. for $1.4 billion in a deal announced at the end of August, as a discontinued operation.
Quarterly income from continuing operations, which was boosted by the gain on tax assets, rose to euro193 from euro10 million a year earlier. Income from discontinued operations -- which included the wireless business and recognition of a deferred tax asset among other items -- was up to euro197 million from euro1 million.
"The company's growth during this up-cycle remains significantly ahead of the market and our profitability has risen yet again," CEO Peter Bauer said of the results. He noted that Infineon had a free cash flow from continuing operations of euro236 million for the quarter, up from euro140 million a year earlier.
Infineon, based in Neubiberg, Germany, said it expects revenue for the current quarter to be flat or down slightly compared with the previous three-month period, depending on the euro-dollar exchange rate.
Assuming an exchange rate of $1.40 to the euro, which is currently a bit below that level, Infineon said it expects full-year revenue to grow at a rate of close to 10 percent.
