April 10 (Bloomberg) -- Semiconductor Manufacturing International Corp., a circuit-chip maker based in Shanghai, jumped the most in a month in New York after lifting its forecast for first-quarter sales and gross margin.
The company’s American depositary receipts advanced 5 percent to $2.52 by 11:02 a.m. in New York, the biggest intraday gain since March 8. The ADRs earlier surged 7.5 percent to $2.58.
Semiconductor’s revenue for the first quarter this year will rise between 14 percent and 15 percent from the previous three months, the company said in a statement today, up from its Feb. 8 forecast of growth of 7 percent to 9 percent. Semiconductor also increased its estimate of gross margin, a measure of profitability, to as much as 12 percent from a previous forecast of 7 percent.
Since the company’s last sales guidance, “we have seen solid order momentum and an improved outlook from our customers across the board, exceeding our earlier expectations,” Gary Tseng, Semiconductor’s chief financial officer, said in a statement.
First-quarter sales rose 10 percent to $320 million, from $289.6 million in the fourth quarter of 2011, the median estimate of five analysts compiled by Bloomberg showed.
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