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Himax Technologies Inc. Reports Second Quarter 2024 Financial Results
Overview
Himax Technologies, Inc. (NASDAQ:HIMX), a leading fabless semiconductor company, reported its financial results for the second quarter of 2024 ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Consensus Estimate | YoY Change (%) | QoQ Change (%) |
|---|---|---|---|---|---|---|
| Total Revenue | $239.6M | $207.4M | $198.3M | $229.34M | 20.8% | 15.5% |
| Gross Margin | 32.0% | 29.3% | 21.7% | 31.5%-33.5% | 47.5% | 9.2% |
| EPS (Diluted ADS) | $0.169 | $0.071 | $0.005 | $0.15 | 3280% | 138% |
Interpretation
Himax Technologies exceeded revenue expectations with a total revenue of $239.6 million, which represented a 15.5% increase quarter-over-quarter (QoQ) and a 20.8% year-over-year (YoY) growth. The earnings per share (EPS) of 16.9 cents surpassed Wall Street consensus of 15 cents, indicating a significant performance improvement both QoQ and YoY. The company's gross margin of 32.0% was within the guidance range, reflecting favorable product mix and cost improvements.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | QoQ Change (%) | YoY Change (%) |
|---|---|---|---|
| Large Display Drivers | $39.0M | 24.7% | N/A |
| Small and Medium Display Drivers | $158.8M | 10.1% | N/A |
| Non-Driver Products | $41.8M | 30.6% | N/A |
Interpretation
Revenue from large display drivers saw a significant uptick of 24.7% QoQ due to customer restocking and preparation for shopping festivals. Small and medium-sized display drivers noted a 10.1% increase QoQ driven by stronger sales in TDDI products for automotive, smartphones, and tablets. Non-driver products registered a substantial 30.6% QoQ surge, mainly due to heightened orders for Tcon products.
Comments from Company Officers
Jordan Wu, President and CEO of Himax, emphasized the company's optimism about its automotive IC business despite macroeconomic uncertainties. Wu noted strong adoption of advanced displays as a growing trend and reiterated Himax's commitment to long-term product innovation.
Forward Guidance
For Q3 2024, Himax expects revenue to decrease by 12.0% to 17.0% QoQ with a projected gross margin around 30%. Profit per diluted ADS is forecasted to range from 1.5 cents to 4.5 cents. This conservative outlook is attributed to cautious IC procurement by panel customers due to excessive inventories and macroeconomic challenges.
Stock Price Movement
Following the earnings release, Himax's stock price experienced a marginal increase of 1.02%.
Himax Technologies demonstrated a robust financial performance in Q2 2024, surpassing revenue guidance and maintaining strong margins, driven by diversified growth across its key segments despite anticipating a challenging Q3 2024.
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