Amkor Technology Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI2024-10-29
Amkor Technology, Inc. Reports Third Quarter 2024 Financial Results
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, has announced its financial results for the third quarter, ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 Results | Quarter-over-Quarter Comparison | Consensus Estimates |
|---|---|---|---|
| Revenue | $1.86 billion | +27% | $1.84 billion |
| Earnings per Share (EPS) | $0.49 | Not provided | $0.50 |
The third quarter revenue of $1.86 billion exceeded Wall Street expectations of $1.84 billion, marking a 27% sequential increase. However, despite this top-line performance, the earnings per share came in just below the consensus estimate of $0.50, registering at $0.49.
Segment Revenue Performance
| Segment | Revenue Performance |
|---|---|
| Advanced SiP Technology | Driven by strong demand |
Amkor's revenue growth was primarily fueled by its Advanced SiP technology, which catered significantly to the Communications and Consumer end markets. The company successfully executed steep production ramps for several high-volume products and reinforced strategic partnerships with market leaders.
Key Developments and Operational Highlights
- Executed production ramps for high-volume products in the Communications and Consumer sectors.
- Strengthened partnerships with industry leaders to enhance regional supply chain resilience.
Comments from Company Officers
Giel Rutten, Amkor's President and CEO, highlighted the strong demand for Advanced SiP technology as a core driver of the robust quarterly results. He emphasized the company's focus on executing steep production ramps and building resilient supply chains in partnership with key industry leaders.
Dividends and Share Repurchase Program
The company declared a quarterly dividend of $0.07875 per share, which was paid on September 23, 2024. The continuation of dividend payments is contingent on approval from the Board of Directors.
Forward Guidance
For Q4 2024, Amkor provides the following projections: - Net sales expected between $1.60 billion to $1.70 billion. - Gross margin forecasted to range from 13.5% to 15.5%. - Projected net income between $70 million and $110 million, translating to an EPS range of $0.28 to $0.44. - Full-year capital expenditures anticipated to be approximately $750 million.
Stock Price Movement
Following the earnings release, Amkor's stock experienced a significant decline, with a post-event percentage change of approximately -14.54%.
The report has been organized for clarity and conciseness, removing unnecessary columns and ensuring the information is presented in a clear format.
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