Amkor Technology Reports Third Quarter 2024 Financial Results
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Wall St. Estimates | QoQ Change |
|---|---|---|---|---|
| Total Revenue | $1.86 Billion | $1.46 Billion | $1.84 Billion | +27% |
| Earnings Per Share (EPS) | $0.49 | N/A | $0.50 | N/A |
Amkor's third-quarter revenue slightly exceeded Wall Street's estimate of $1.84 billion, achieving $1.86 billion—a 27% increase from the previous quarter, due to surging demand for Advanced SiP technology, notably in the Communications and Consumer segments.
Revenue Performance by Segment
| Segment | Revenue Contribution |
|---|---|
| Advanced SiP Technology | Strong |
The boost in revenue was attributed chiefly to strong performance in the Advanced SiP technology sector, which caters notably to Communications and Consumer markets.
Key Developments and Operational Highlights
- Executed steep production ramps for several high-volume products.
- Strengthened partnerships with leading industry figures to ensure robust regional supply chains.
Management Commentary
Giel Rutten, Amkor's President and CEO, highlighted the company's intensified focus on scaling production capabilities and broadening alliances, positioning Amkor firmly within the semiconductor packaging and testing landscape.
Dividends and Repurchase Program
Amkor paid a quarterly dividend of $0.07875 per share on September 23, 2024. Future dividends will depend on Board approval.
Forward Guidance
For the fourth quarter of 2024, Amkor projects: - Net sales between $1.60 billion and $1.70 billion. - Gross margin ranging from 13.5% to 15.5%. - Net income between $70 million and $110 million, translating to an EPS of $0.28-$0.44. - Capital expenditures for the full year 2024 expected at roughly $750 million.
Stock Price Movement
Following the earnings release, Amkor's shares saw a decline of approximately 1.17%.
Amkor Technology's third-quarter performance highlights the company's strategic efforts to capitalize on emerging market demands while maintaining a vigilant focus on corporate flexibility and supply chain resilience.
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