TEMPE, Ariz. — (BUSINESS WIRE) — October 28, 2024 — Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
- Net sales $1.86 billion, up 27% sequentially
- Gross profit $272 million, operating income $149 million
- Net income $123 million, earnings per diluted share $0.49
- EBITDA $309 million
“Amkor delivered third quarter revenue of $1.86 billion, up 27% sequentially, driven by strong demand for our Advanced SiP technology to support the Communications and Consumer end markets,” said Giel Rutten, Amkor’s president and chief executive officer. “During the quarter we focused on executing steep production ramps for several high-volume products and further strengthened key partnerships with leaders in the industry to ensure resilient regional supply chains.”
Quarterly Financial Results
($ in millions, except per share data) |
|
Q3 2024 |
|
Q2 2024 |
|
Q3 2023 |
Net sales |
|
$1,862 |
|
$1,461 |
|
$1,822 |
Gross margin |
|
14.6% |
|
14.5% |
|
15.5% |
Operating income |
|
$149 |
|
$82 |
|
$167 |
Operating income margin |
|
8.0% |
|
5.6% |
|
9.1% |
Net income attributable to Amkor |
|
$123 |
|
$67 |
|
$133 |
Earnings per diluted share |
|
$0.49 |
|
$0.27 |
|
$0.54 |
EBITDA (1) |
|
$309 |
|
$247 |
|
$333 |
(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.” |
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At September 30, 2024, total cash and short-term investments was $1.5 billion, and total debt was $1.1 billion.
The company paid a quarterly dividend of $0.07875 per share on September 23, 2024. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
Business Outlook
The following information presents Amkor’s guidance for the fourth quarter 2024 (unless otherwise noted):
- Net sales of $1.60 billion to $1.70 billion
- Gross margin of 13.5% to 15.5%
- Net income of $70 million to $110 million, or $0.28 to $0.44 per diluted share
- Full year 2024 capital expenditures of approximately $750 million
Conference Call Information
Amkor will conduct a conference call on Monday, October 28, 2024, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.
