Magnachip Reports Results for Fourth Quarter and Year 2021

- Fourth quarter revenue of $110.3 million was down 13.1% sequentially and down 22.8% year-over-year (YoY) due mainly to severe supply shortages especially for 28nm 12" OLED wafers; Full-year revenue of $474.2 million decreased 6.5% YoY due primarily to a revenue decrease in our OLED business due to wafer supply shortages, offset in part by strong growth in our Power business.

SEOUL, South Korea, Feb. 16, 2022 — (PRNewswire) —  Magnachip Semiconductor Corporation (NYSE: MX) ("Magnachip" or the "Company") today announced financial results for the fourth quarter and full-year 2021.

Commenting on the results for the fourth quarter of 2021, YJ Kim, Magnachip's chief executive officer stated, "For the fourth quarter, the demand and signals from our customers remained strong across the board. However, severe supply constraints continued to significantly limit our OLED revenue potential, which was partially offset by strong Power business. We reported $110.3 million in revenue and 31 cents in non-GAAP diluted EPS for the fourth quarter."

Commenting on the full-year, YJ stated, "While our 2021 revenue was negatively impacted by continuing supply shortages, especially for 28nm 12" OLED wafers, we delivered higher profitability in all of our key measures in 2021 compared to 2020. In addition, our team at Magnachip achieved critical milestones to fuel future growth; we broadened our customer base, further penetrated new applications, and enhanced our supply chain for additional manufacturing capacity, which is expected to come online in the later part of 2022. While our near-term outlook is still being challenged by persisting supply constraints, these developments reinforce our confidence and optimism about our long-term growth."

 

Q4 and 2021 Financial Highlights




In thousands of U.S dollars, except share data




GAAP




Q4 2021



Q3 2021



Q/Q change



Q4 2020



Y/Y change


Revenues





























Standard Products Business





























Display Solutions



41,298




58,528




down




29.4

%



82,705




down




50.1

%

Power Solutions



58,212




58,887




down




1.1

%



46,861




up




24.2

%

Transitional Fab 3 foundry services (1)



10,825




9,585




up




12.9

%



13,379




down




19.1

%

Gross Profit Margin



35.0

%



36.7

%



down




1.7

%pts 



26.9

%



up




8.1

%pts 

Operating Income



63,870




20,001




up




219.3

%



9,206




up




593.8

%

Net Income



53,611




10,768




up




397.9

%



66,581




down




19.5

%

Basic Earnings per Common Share



1.16




0.23




up




404.3

%



1.87




down




38.0

%

Diluted Earnings per Common Share



1.12




0.23




up




387.0

%



1.45




down




22.8

%





In thousands of U.S dollars, except share data




Non-GAAP (4)




Q4 2021



Q3 2021



Q/Q change



Q4 2020



Y/Y change


Adjusted Operating Income



14,421




22,691




down




36.4

%



15,355




down




6.1

%

Adjusted EBITDA



18,144




26,361




down




31.2

%



18,582




down




2.4

%

Adjusted Net Income



14,606




20,073




down




27.2

%



17,268




down




15.4

%

Adjusted Earnings per Common Share—Diluted



0.31




0.42




down




26.2

%



0.40




down




22.5

%


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