Qnity forecasts upbeat full-year earnings as AI boom boosts demand

Feb 26 (Reuters) - Qnity Electronics forecast full-year 2026 earnings above analysts' estimates on Thursday, ‌as the newly listed semiconductor solutions provider ‌benefits from strong demand for artificial intelligence, high‑performance computing and ​next‑generation connectivity.

The company's board of directors also authorized the repurchase of up to $500 million of outstanding common stock. Shares of the Wilmington, Delaware-based company rose ‌about 2% in ⁠premarket trading.

Chip suppliers have been among the biggest beneficiaries of the investment surge ⁠by businesses upgrading infrastructure to support AI-driven workloads.

Qnity, which offers products used in advanced computing, data centers ​and high-speed ​networking, said it ​expects those trends to ‌continue through 2026.

The company was spun off from industrial materials maker DuPont in October and began trading as an independent public company in November.

Qnity forecast full-year revenue in the range of $4.97 billion ‌to $5.17 billion, the mid-point of ​which is marginally above analysts' ​estimates of $5.06 billion ​according to data compiled by LSEG.

On ‌an adjusted basis, the company ​sees full-year ​profit per share in the range of $3.55 to $3.95, compared with analysts' estimates of $3.14.

For the fourth ​quarter, Qnity posted ‌revenue of $1.19 billion, above analysts estimates of $1.16 ​billion.

(Reporting by Kritika Lamba in Bengaluru; Editing ​by Krishna Chandra Eluri)