2024-04-25 00:10:18 ET
Renesas Electronics Corporation (RNECF)
Q1 2024 Earnings Conference Call
April 24, 2024, 09:00 PM ET
Company Participants
Hidetoshi Shibata - President and CEO
Shuhei Shinkai - SVP and CFO
Conference Call Participants
Daiki Takayama - Goldman Sachs
Mikio Hirakawa - BofA Securities
Kenji Yasui - UBS Securities
Takeru Hanaya - SMBC Nikko Securities
Presentation
Operator
Thank you everyone for taking your precious time to attend Renesas Electronics 2024 First Quarter Earnings Call. We thank you very much indeed. Today, simultaneous interpretation service is available. Please select the translation icon at the bottom of the screen and select the language of your choice. Now, the speakers, you are now requested to turn your video on. Today's session is attended by our President and CEO, Mr. Hidetoshi Shibata, and our Executive Officer and CFO, Mr. Shuhei Shinkai, and some other staff of the company.
First, Mr. Shibata will provide you with a few words of greetings, and then Mr. Shinkai will provide you with an explanation of the first quarter results, followed by the Q&A session. We expect we'll finish the entire session in about 60 minutes. The materials to be used for today's session is the one that is posted on the IR site of our homepage.
Now, Mr. Shibata, please turn the microphone on, and the floor is yours.
Hidetoshi Shibata
Good morning, everyone. This is Shibata here. Since the last several times, we again think that this is an earnings call that we don't have major news to share with you. Triggered by the internal organization change this time around, we have slightly changed the classification of segmentation, segment reporting, and this will be explained by Mr. Shinkai later. But still, that is not a major change.
Altium transforms acquisition processes. So far, we are making good progress, and nothing unexpected has really happened. As for the first quarter results, well, the last time we mentioned that the first or second quarter, we will likely hit the bottom, according to what I recall, and that view remains unchanged as I speak today.
The automotive is not showing a very robust growth, according to our outlook, but steadily we expect a four-year growth for this segment, a steadfast growth. And although this is not a major business in our company, but the AI and DDR5 transition, that is the tailwind for us and data center and infrastructure businesses, this has been achieving a very strong growth, and we believe this will continue into the full year. For industrial, and again mobile, which is not so large again, but I think the sluggishness of the market will continue for some time now, especially Japan customers, the inventory consumption will take some time, I believe, so I think they will need some time to eliminate inventories....
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Renesas Electronics Corporation (RNECF) Q1 2024 Earnings Call Transcript