Himax Technologies Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Himax Technologies Reports Q2 2024 Financial Results
Himax Technologies, Inc. (NASDAQ:HIMX) reported its financial results for the second quarter of 2024, ended June 30, 2024.
Financial Metrics
| Metric | Q2 2023 | Q1 2024 | Q2 2024 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $190.5 million | $207.5 million | $239.6 million | +25.8% | +15.5% | $229.34 million |
| Gross Margin | 21.7% | 29.3% | 32.0% | +10.3pp | +2.7pp | In Line (31.5 - 33.5%) |
| Earnings Per Share (EPS) | $0.005 | $0.071 | $0.169 | +3280% | +138.03% | $0.15 |
The data indicates strong year-over-year (YoY) and quarter-over-quarter (QoQ) growth in revenue, exceeding consensus estimates. The gross margin improvement reflects better cost management and a favorable product mix. EPS reached $0.169, surpassing the expected $0.15.
Segment Revenue
| Segment | Revenue (Q1 2024) | Revenue (Q2 2024) | QoQ Change | Previous Guidance |
|---|---|---|---|---|
| Large Display Drivers | $31.3 million | $39.0 million | +24.7% | Not Specified |
| Small & Medium Display Drivers | $144.3 million | $158.8 million | +10.1% | Surpassed |
| Non-Driver Products | $32.0 million | $41.8 million | +30.6% | Surpassed |
Revenue from large display drivers surged due to customer restocking, while small and medium display drivers also saw an increase. The non-driver products segment exhibited robust growth, highlighting diversification.
Comments from Company's Officers
Jordan Wu, President and CEO, noted prevailing macroeconomic uncertainties and commented on the strong performance in the automotive market. Wu expressed optimism regarding long-term innovation and development in the automotive IC business.
Dividends and Share Repurchase Program
The report indicates a future payment of $50.7 million for annual dividends to shareholders and expected expenditures of $30.7 million for employee bonuses in the coming quarter.
Forward Guidance
Himax forecasts a decline in Q3 2024 revenue by 12.0% to 17.0% quarter-over-quarter, a gross margin around 30%, and EPS between $0.015 and $0.045.
Stock Price Movement
Post-earnings release, Himax's stock experienced a decline of 4.27%.
Summary
Himax Technologies demonstrated strong financial performance in Q2 2024 with noteworthy revenue and margin improvements. While the company faces macroeconomic challenges affecting demand, particularly in the Chinese automotive market, it remains optimistic about its new product developments and strategic investments in sectors like AI and high-speed computing. Despite a conservative outlook for Q3 2024, Himax's strategic positioning and comprehensive product portfolio provide a solid foundation for future growth.
The report has been organized into a clear and concise format suitable for investors.
