Technology
Kulicke & Soffa Reports Fourth Quarter 2024 Results
Published
24 hours agoon
By
SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced the financial results of its fourth fiscal quarter ended September 28, 2024. The Company reported fourth quarter net revenue of $181.3 million, net income of $12.1 million, representing EPS of $0.22 per fully diluted shares, and non-GAAP net income of $18.5 million, representing non-GAAP EPS of $0.34 per fully diluted share.
Quarterly Results – U.S. GAAP
Fiscal Q4 2024
Change vs.
Fiscal Q4 2023
Change vs.
Fiscal Q3 2024
Net Revenue
$181.3 million
down 10.4%
down 0.2%
Gross Margin
48.3 %
up 90 bps
up 170 bps
Income from Operations
$2.7 million
down 86.2%
down 67.5%
Operating Margin
1.5 %
down 810 bps
down 310 bps
Net Income
$12.1 million
down 48.1%
down 1.2%
Net Margin
6.7 %
down 480 bps
down 10 bps
EPS – Diluted
$0.22
down 46.3%
up 0%
Quarterly Results – Non-GAAP
Fiscal Q4 2024
Change vs.
Fiscal Q4 2023
Change vs.
Fiscal Q3 2024
Income from Operations
$12.7 million
down 51.7%
down 20.2%
Operating Margin
7.0 %
down 600 bps
down 170 bps
Net Income
$18.5 million
down 37%
down 4.1%
Net Margin
10.2 %
down 430 bps
down 40 bps
EPS – Diluted
$0.34
down 33.3%
down 2.9%
A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of non-GAAP Financial Results” section.
Fusen Chen, Kulicke & Soffa’s President and Chief Executive Officer, stated, “We continue to drive market adoption of our advanced packaging and assembly solutions including vertical wire, high-power interconnect (HPI), advanced dispense and fluxless thermo-compression (FTC). Demand for these solutions is anticipated to accelerate along with coordinated General Semiconductor and Automotive market recovery through fiscal year 2025.”
The transition to emerging chiplet and heterogeneous applications — which are enabling new levels of performance and transistor density — position Kulicke & Soffa for additional share gains within leading-edge logic. Beyond this emerging FTC solution which is supporting leading-edge assembly transitions; high-volume memory, automotive and LED applications are also requiring new assembly solutions which can deliver package-level transistor density improvements. These growing market needs are being directly supported through Kulicke & Soffa’s portfolio of vertical wire, advanced dispense and advanced display solutions.
Fiscal Year 2024 Financial Highlights
Net revenue of $706.2 million.Gross margin of 38.1%.Net loss of $69.0 million or $(1.24) per fully diluted share; non-GAAP net income of $1.6 million or $0.03 per fully diluted share.GAAP cash from operations of $31.0 million; Adjusted free cash flow of $14.9 million.The Company repurchased a total of 3.2 million shares of common stock at a cost of $151.0 million.Cash, cash equivalents, and short-term investments were $577.1 million as of September 28, 2024.
Fourth Quarter Fiscal 2024 Financial Highlights
Net revenue of $181.3 million.Gross margin of 48.3%.Net income of $12.1 million or $0.22 per fully diluted share; non-GAAP net income of $18.5 million or $0.34 per fully diluted share.GAAP cash from operations of $31.6 million; Adjusted free cash flow of $29.2 million.The Company repurchased a total of 1.0 million shares of common stock at a cost of $42.7 million.
First Quarter Fiscal 2025 Outlook
The Company currently expects net revenue in the first fiscal quarter of 2025, ending December 28, 2024, to be approximately $165.0 million, +/- $10 million, GAAP diluted EPS to be approximately $1.45 +/- 10%, and non-GAAP diluted EPS to be approximately $0.28, +/- 10%. This outlook includes favorable claim/proceeds relating to cessation of business due to the cancellation of Project W – which was disclosed on March 11, 2024.
A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.
Earnings Conference Webcast
A webcast to discuss these results will be held tomorrow, November 14, 2024, beginning at 8:00am EST. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037 or internationally +1-201-689-8037.
A replay will be available from approximately one hour after the completion of the call by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13743544.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration cost, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.
Management uses both U.S. GAAP metrics as well as non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.
About Kulicke & Soffa
Founded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.
Caution Concerning Results and Forward Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our thermo-compression products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, disruptions, breaches or failures in our information technology systems and network infrastructures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on November 16, 2023, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contacts:
Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended
Twelve months ended
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Net revenue
$ 181,319
$ 202,320
$ 706,232
$ 742,491
Cost of sales
93,662
106,481
437,478
383,836
Gross profit
87,657
95,839
268,754
358,655
Operating expenses:
Selling, general and administrative
42,645
37,380
155,142
145,493
Research and development
38,763
37,616
151,214
144,701
Impairment charges
—
—
44,472
21,535
Acquisition-related cost
—
13
—
511
Amortization of intangible assets
1,266
1,356
5,188
6,099
Restructuring
2,294
—
5,234
879
Total operating expenses
84,968
76,365
361,250
319,218
Income/(loss) from operations
2,689
19,474
(92,496)
39,437
Other income / (expense):
Interest income
7,423
9,500
34,230
32,906
Interest expense
(29)
(26)
(89)
(142)
Income/(loss) before income taxes
10,083
28,948
(58,355)
72,201
Income tax (benefit) / expense
(2,034)
5,591
10,651
15,053
Net income / (loss)
$ 12,117
$ 23,357
$ (69,006)
$ 57,148
Net income / (loss) per share:
Basic
$ 0.22
$ 0.41
$ (1.24)
$ 1.01
Diluted
$ 0.22
$ 0.41
$ (1.24)
$ 0.99
Cash dividends declared per share
$ 0.20
$ 0.19
$ 0.80
$ 0.76
Weighted average shares outstanding:
Basic
54,368
56,442
55,613
56,682
Diluted
54,871
57,408
55,613
57,548
Three months ended
Twelve months ended
Supplemental financial data:
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Depreciation and amortization
$ 4,839
$ 8,111
$ 24,735
$ 28,857
Capital expenditures
3,091
4,217
13,736
47,702
Equity-based compensation expense:
Cost of sales
240
289
1,277
1,192
Selling, general and administrative
4,441
3,841
18,524
16,239
Research and development
1,758
1,311
7,090
5,313
Total equity-based compensation expense
$ 6,439
$ 5,441
$ 26,891
$ 22,744
As of
September 28,
2024
September 30,
2023
Number of employees
2,746
3,025
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
As of
September 28,
2024
September 30,
2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 227,147
$ 529,402
Short-term investments
350,000
230,000
Accounts and notes receivable, net of allowance for doubtful accounts of $49 and $49 respectively
193,909
158,601
Inventories, net
177,736
217,304
Prepaid expenses and other current assets
46,161
53,751
TOTAL CURRENT ASSETS
994,953
1,189,058
Property, plant and equipment, net
64,823
110,051
Operating right-of-use assets
35,923
47,148
Goodwill
89,748
88,673
Intangible assets, net
25,239
29,357
Deferred tax assets
17,900
31,551
Equity investments
3,143
716
Other assets
8,433
3,223
TOTAL ASSETS
$ 1,240,162
$ 1,499,777
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
58,847
49,302
Operating lease liabilities
7,718
6,574
Accrued expenses and other current liabilities
90,802
103,005
Income taxes payable
26,427
22,670
TOTAL CURRENT LIABILITIES
183,794
181,551
Deferred tax liabilities
34,594
37,264
Income taxes payable
31,352
52,793
Operating lease liabilities
33,245
41,839
Other liabilities
13,168
11,769
TOTAL LIABILITIES
$ 296,153
$ 325,216
SHAREHOLDERS’ EQUITY
Common stock, no par value
596,703
577,727
Treasury stock, at cost
(881,830)
(737,214)
Retained earnings
1,242,558
1,355,810
Accumulated other comprehensive loss
(13,422)
(21,762)
TOTAL SHAREHOLDERS’ EQUITY
$ 944,009
$ 1,174,561
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 1,240,162
$ 1,499,777
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
Twelve months ended
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Net cash provided by operating activities
$ 31,619
$ 77,492
$ 31,037
$ 173,404
Net cash (used in) / provided by investing activities, continuing operations
(117,983)
70,386
(138,501)
(91,338)
Net cash used in financing activities, continuing operations
(54,371)
(19,518)
(196,100)
(111,876)
Effect of exchange rate changes on cash and cash equivalents
965
(764)
1,309
3,675
Changes in cash and cash equivalents
(139,770)
127,596
(302,255)
(26,135)
Cash and cash equivalents, beginning of period
366,917
401,806
529,402
555,537
Cash and cash equivalents, end of period
$ 227,147
$ 529,402
$ 227,147
$ 529,402
Short-term investments
350,000
230,000
350,000
230,000
Total cash, cash equivalents, and short-term investments
$ 577,147
$ 759,402
$ 577,147
$ 759,402
Reconciliation of U.S. GAAP Income from Operating
to Non-GAAP Income from Operation and Operating Margin
(In thousands, except percentages)
(unaudited)
Three months ended
September 28,
2024
September 30,
2023
June 29,
2024
Net revenue
$ 181,319
$ 202,320
$ 181,650
U.S. GAAP income from operations
2,689
19,474
8,277
U.S. GAAP operating margin
1.5 %
9.6 %
4.6 %
Pre-tax non-GAAP items:
Amortization related to intangible assets
$ 1,266
$ 1,356
1,250
Acquisition-related costs
—
13
—
Equity-based compensation
6,439
5,441
6,363
Restructuring
2,294
—
—
Non-GAAP income from operations
$ 12,688
$ 26,284
$ 15,890
Non-GAAP operating margin
7.0 %
13.0 %
8.7 %
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and
U.S. GAAP net income per share to Non-GAAP net income per share
(in thousands, except per share data)
(unaudited)
Twelve months ended
Three months ended
September 28,
2024
September 28,
2024
September 30,
2023
June 29,
2024
Net revenue
$ 706,232
$ 181,319
$ 202,320
$ 181,650
U.S. GAAP net income
(69,006)
12,117
23,357
12,264
U.S. GAAP net margin
(9.8) %
6.7 %
11.5 %
6.8 %
Non-GAAP adjustments:
Amortization related to intangible assets
$ 5,188
$ 1,266
$ 1,356
1,250
Restructuring
5,234
2,294
—
—
Acquisition-related costs
—
—
13
—
Equity-based compensation
26,891
6,439
5,441
6,363
Impairment charges
44,472
—
—
—
Income tax benefit – US one-time transition tax
(6,461)
(6,461)
—
—
Net income tax (benefit)/expense on non-GAAP items
(4,752)
2,866
(758)
(568)
Total non-GAAP adjustments
70,572
6,404
6,052
7,045
Non-GAAP net income
1,566
18,521
29,409
19,309
Non-GAAP net margin
0.2 %
10.2 %
14.5 %
10.6 %
U.S. GAAP net income per share:
Basic
(1.24)
0.22
0.41
0.22
Diluted(a)
(1.24)
0.22
0.41
0.22
Non-GAAP adjustments per share:(b)
Basic
1.27
0.12
0.11
0.13
Diluted
1.27
0.12
0.10
0.13
Non-GAAP net income per share:
Basic
$ 0.03
$ 0.34
$ 0.52
$ 0.35
Diluted(c)
$ 0.03
$ 0.34
$ 0.51
$ 0.35
Weighted average shares outstanding:
Basic
55,613
54,368
56,442
55,280
Diluted
55,613
54,871
57,408
55,724
(a)
GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.
(b)
Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, acquisition and integration cost, equity-based compensation expenses, impairment relating to business cessation or disposal, income tax benefit from the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner related to the U.S. one-time transition tax and income tax effects associated with the foregoing non-GAAP items.
(c)
Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock.
Reconciliation of U.S. GAAP Cash provided by Operating Activities
to Non-GAAP Adjusted Free Cash Flow
(In thousands, except percentages)
(unaudited)
Twelve
months ended
Three months ended
September 28,
2024
September
28, 2024
September
30, 2023
June 29,
2024
U.S. GAAP net cash provided by operating activities
$ 31,037
$ 31,619
$ 77,492
$ 26,897
Expenditures for property, plant and equipment
(16,148)
(2,468)
(9,281)
(2,683)
Proceeds from sales of property, plant and equipment
27
27
273
—
Non-GAAP adjusted free cash flow
14,916
29,178
68,484
24,214
Reconciliation of U.S. GAAP to Non-GAAP Outlook
(In millions, except per share data)
(Unaudited)
First quarter of fiscal 2025 ending December 28, 2024
GAAP Outlook
Adjustments
Non-GAAP Outlook
Net revenue
$165 million
+/- $10 million
—
$165 million
+/- $10 million
Operating expenses
$4.0 million
+/- 2%
$(66.5) million B,C,D,E
$70.5 million
+/- 2%
Diluted EPS(1)
$1.45
+/- 10%
$(1.17) A,B,C,D,E,F
$0.28
+/- 10%
Non-GAAP Adjustments
A. Equity-based compensation – Cost of sales
0.5
B. Equity-based compensation – Selling, general and
administrative and Research and development
6.3
C. Amortization related to intangible assets
1.4
D. Restructuring expenses
0.8
E. Claim/proceeds relating to cessation of business
(75.0)
F. Net income tax effect of the above items
2.4
(1)
GAAP and non-GAAP diluted EPS based on approximately 54.2 million diluted weighted average shares outstanding.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-fourth-quarter-2024-results-302304678.html
SOURCE Kulicke & Soffa Industries, Inc.
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/C O R R E C T I O N — Natural Resources Canada/
Published
38 minutes agoon
November 14, 2024By
In the news release, Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada, issued 14-Nov-2024 by Natural Resources Canada over PR Newswire, we are advised by the company that the 18th paragraph has been added to the release. The complete, corrected release follows:
Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada
COQUITLAM, BC, Nov. 14, 2024 /CNW/ – Working together to reduce risks from the changing climate will help keep Canadians safer and healthier. Acting now will help improve long-term resilience and reduce costs associated with the increasing frequency of extreme weather events in Canada, including higher grocery prices, insurance premiums and local taxes to cover the costs of disaster recovery and damage.
Across the country, the impacts of climate change are becoming more severe and more frequent with extreme events like floods, wildfires and heatwaves on the rise. Gradual changes, like thawing permafrost in the north and rising sea levels in coastal regions, are also affecting the safety of our communities and quality of life. To protect our communities from the worst economic and environmental impacts of climate change, we must continue to prepare for the changes that are coming by investing in community resilience. This will not only support the safety of Canadians but also reinforce the ability of communities to recover from extreme weather events.
Today, the Honourable Jonathan Wilkinson announced over $7 million in funding for 12 projects in British Columbia or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP) and the Climate-Resilient Coastal Communities (CRCC) Program. These projects will aim to help regions and sectors in B.C. and across Canada adapt to a changing climate by developing, improving and delivering strategies, tools and resources that address climate change risks and adaptation gaps, and to support the implementation of climate change adaptation and resilience actions.
The funding announced today comes from a total investment of $39.5 million for 53 projects through the CCAP and the the CRCC Program to reduce climate change risks and build more resilient communities across the country in support of the National Adaptation Strategy (NAS). Details on additional projects supported by this investment will be announced in the near future.
The steps we take now will protect our communities, our livelihoods, our environment and our economy. We are actively investing in climate change adaptation to proactively support long-term, community-led resilience and adaptation projects. It is essential, now more than ever, that we come together to help communities stay strong in the face of the current and future impacts of climate change.
“The impacts associated with climate change, including atmospheric rivers here in British Columbia, are being felt right now. That is why this federal government is acting now to help our communities and our economy prepare and protect themselves from the threat of climate change. Today’s announcement of 12 projects based in British Columbia under two funding programs supports the vital long-term, community-based work to keep people safe now and into the future.”
The Honourable Jonathan Wilkinson
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“Municipalities are on the front lines of climate change, and they know best what local challenges — and solutions — are affecting local neighbourhoods, transportation and businesses. The 12 projects under the CCAP and CRCC program will help build stronger, more livable communities, providing safety and security in the face of a changing climate. With smart investments, forward planning and active collaboration, we can support communities that are already feeling the impacts of climate change and help make them more sustainable and prosperous for generations to come.”
The Honourable Steven Guilbeault
Minister of Environment and Climate Change
“Climate change is impacting communities in British Columbia and across Canada. Now is the time to work together and build climate change responses that address current and future problems. By taking the necessary steps today to adapt and build resiliency, we can make more-informed decisions to prepare for and to respond and adapt to climate change impacts.”
Ron McKinnon
Member of Parliament for Coquitlam–Port Coquitlam
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Ewa Jackson
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Jennifer Natland
Vice President, Properties and Environment, Vancouver Fraser Port Authority
“Nature-based solutions, like restoring wetlands and adopting green infrastructure approaches, offer powerful ways for Canadian communities to adapt to climate change while unlocking significant social, economic and environmental co-benefits. Yet a lack of understanding of the monetary benefits of these multi-solving solutions means they remain underutilized by local governments. With the support of Natural Resources Canada and our partners, ESSA and All One Sky Foundation are developing a toolkit with clear economic data and guidance to help communities confidently invest in these sustainable, cost-effective strategies to multiple local problems.”
Jimena Eyzaguirre
Climate Change Adaptation Practice Lead, ESSA Technologies Ltd.
“In 2022, we brought together leadership and staff from First Nations and local governments and local agriculture sectors as well as federal and provincial representatives to collectively discuss what a Build Back Better, Together process would look like and to explore how we could work together more effectively in our shared landscape. This funding will support subsequent dialogues as we work toward developing a unified plan for how to maximize resilience in the Lower Mainland.”
Tribal Chief Tyrone McNeil
Chair of the Emergency Planning Secretariat
The National Adaptation Strategy (NAS) provides a whole-of-society plan focused on protecting Canadian lives and building more resilient and prosperous communities. Canada released its first NAS on June 27, 2023. Achieving the objectives of the NAS requires whole-of-society action. The Government of Canada is working with provinces, territories, Indigenous partners and the private sector to develop innovative technical, financial and operational solutions that will support adaptation action by communities across the economy.Every $1 spent on climate adaptation measures saves up to $15 in terms of the long-term costs involved in mitigating climate change and extreme weather events.Since 2015, the Government of Canada has invested more than $6.5 billion in adaptation efforts, including $2.1 billion since fall 2022 to implement the NAS and other adaptation-related activities.The CCAP will help Canada’s regions and sectors to adapt to a changing climate. More specifically, the CCAP aims to:support decision-makers in identifying and implementing adaptation actions;enhance adaptation knowledge and skills among Canada’s workforce; andincrease access to climate change adaptation tools and resources.The CRCC Program supports regional-scale pilot projects on Canada’s three marine coasts —Atlantic, Pacific and North — and in the Great Lakes–St. Lawrence region. The program aims to enhance the climate resilience of coastal communities and businesses and to accelerate adaptation to reduce climate change risks and coordinate innovative actions.
Backgrounder: Canada Invests in Climate Change to Keep Communities Safe in British Columbia and Across Canada https://www.canada.ca/en/natural-resources-canada/news/2024/11/canada-invests-in-climate-change-adaptation-to-keep-communities-safe-in-british-columbia-and-across-canada.html
Climate Change Adaptation ProgramNatural Resources Canada Announces up to $15 Million to Help Communities and Businesses Adapt to a Changing ClimateClimate-Resilient Coastal Communities ProgramNational Adaptation StrategyGovernment of Canada Adaptation Action Plan
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SOURCE Natural Resources Canada
Technology
András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division
Published
38 minutes agoon
November 14, 2024By
This division targets the high-growth data center market, building on a decade of successful projects for industry leaders
AMSTERDAM, Nov. 14, 2024 /PRNewswire/ — Ferrovial, a leading global infrastructure company, announces the appointment of András Szakonyi as CEO of Digital Infrastructure. Szakonyi brings deep sector expertise, both in data centers and sustainable AI cloud solutions. As divisional CEO, he will strengthen and expand Ferrovial’s presence in a growing sector where it has been developing projects for multinational leaders for more than 10 years in Europe and the Americas.
“Ferrovial brings distinctive expertise in complex data center construction projects. Our proven track record of engineering excellence and value creation positions us well to expand our role as a global investor and developer of digital infrastructure. We welcome András’s leadership in driving our continued success and innovation in this strategic area,” said Ignacio Madridejos, CEO of Ferrovial.
The Digital Infrastructure Division will identify investment opportunities to develop high-value projects in this sector.
András Szakonyi holds an MBA in Finance and Economics from Corvinus University in Budapest and is a graduate of INSEAD Business School’s LEAP (Leadership Excellence through Awareness and Practice Program).
During his extensive professional experience, he has held various international leadership positions. He started his career as a finance professional at General Electric, where he spent six years leading different finance functions in the United States.
Afterward, he spent 21 years in multiple senior leadership roles at Iron Mountain (IRM), a global listed B2B service company based in Boston focusing on data centers and information management services. He played a key role in building Iron Mountain’s data center business in his role as global COO.
Since 2020, he has been a member of the Supervisory Board and Audit Committee of Magyar Telekom (Subsidiary of Deutsche Telekom), a leading Hungarian information and communications technology company.
About Ferrovial
Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 24,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is part of the Dow Jones Sustainability Index and FTSE4Good, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.
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SOURCE Ferrovial
Technology
2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia
Published
38 minutes agoon
November 14, 2024By
Fortune will also hold a Most Powerful Women gathering in Riyadh next year
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Fortune announced that its 2025 Fortune Global Forum, the premier gathering of CEOs and other leaders of the world’s largest multinational companies, will convene in Riyadh, Saudi Arabia, next December. In the spring, Fortune will also hold in Riyadh its first-ever Fortune Most Powerful Women event in the Middle East, an extension of the annual Most Powerful Women summit in the U.S.
This marks the first time since its inception in 1995 that the Fortune Global Forum has taken place in the Saudi capital. The Forum and the MPW event are being held in partnership with the Saudi Conventions and Exhibitions General Authority.
“For 30 years, Fortune has been proud to bring the Fortune Global Forum to the frontiers of the business world,” Anastasia Nyrkovskaya, CEO of Fortune, said. “Saudi Arabia is one of those important frontiers. We look forward to connecting leaders of companies across industries from the East and West in Riyadh, an ideal location for our 2025 Fortune Global Forum.”
The Forum has historically been held in major cities at the forefront of global business, including Singapore, Barcelona, Guangzhou, New Delhi, Rome, Hong Kong, Paris, Abu Dhabi, Cape Town, and San Francisco. Earlier this week in New York City, the 2024 Fortune Global Forum included speakers such as former U.S. CIA Directors Mike Pompeo and Leon Panetta; Adena Friedman, Chair and CEO, Nasdaq; Gita Gopinath, First Managing Director, International Monetary Fund; Josh Kushner, Founder and CEO, Thrive Capital; Rob Manfred and Adam Silver, the commissioners of Major League Baseball and the National Basketball Association, respectively; John Stankey, CEO, AT&T; Boris Johnson, former Prime Minister of the United Kingdom; Brooke Shields, actor, New York Times bestselling author, and founder of Commence; H.E. Fahd bin Abdulmohsan Al-Rasheed, Advisor, General Secretariat of the Council of Ministers, and Chair, Saudi Conventions and Exhibitions General Authority; Tom Brady, seven-time world champion; and Wynton Marsalis, Pulitzer Prize-winning composer and Managing and Artistic Director of Jazz at Lincoln Center, the site of the Forum, and more.
The Fortune Global Forum fosters impactful discussions among leading executives and other top figures in business, government, and culture and offers valuable insights into international business strategies.
Fortune’s annual Most Powerful Women Summit convenes women leaders from Fortune 500 companies and trailblazers from government, philanthropy, education, sports, and the arts for inspiring conversations, collaboration, and networking. The Riyadh MPW conference will draw women globally who are making significant contributions to business and economic growth.
About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world’s biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World’s Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, Fortune Most Powerful Women. For more information, visit fortune.com.
Media Contacts:
Patrick Reilly
Fortune
Patrick.Reilly@fortune.com
Chelsea Hudson
Fortune
Chelsea.Hudson@fortune.com
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SOURCE Fortune Media (USA) Corporation
/C O R R E C T I O N — Natural Resources Canada/
András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division
2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia
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