TEMPE, Ariz. — (BUSINESS WIRE) — October 30, 2023 — 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, 2023.
Third Quarter 2023 Highlights
- Net sales $1.82 billion
- Gross profit $283 million, operating income $167 million
- Net income $133 million, earnings per diluted share $0.54
- EBITDA $333 million
“Amkor delivered third quarter revenue and profitability at the high end of guidance. Revenue of $1.82 billion was up 25% sequentially, driven by growth within the Communications end market, which grew year-on-year to a new record level,” said Giel Rutten, Amkor’s president and chief executive officer. “Earlier this month we celebrated the grand opening of our state-of-the-art factory in Bac Ninh, Vietnam, further expanding our geographic footprint. With our strategic focus on advanced packaging and our broad geographic footprint, Amkor remains well positioned to outperform the industry.”
Quarterly Financial Results
($ in millions, except per share data) |
|
Q3 2023 |
|
Q2 2023 |
|
Q3 2022 |
Net sales |
|
$1,822 |
|
$1,458 |
|
$2,084 |
Gross margin |
|
15.5% |
|
12.8% |
|
20.2% |
Operating income |
|
$167 |
|
$76 |
|
$319 |
Operating income margin |
|
9.1% |
|
5.2% |
|
15.3% |
Net income attributable to Amkor |
|
$133 |
|
$64 |
|
$306 |
Earnings per diluted share |
|
$0.54 |
|
$0.26 |
|
$1.24 |
EBITDA (1) |
|
$333 |
|
$245 |
|
$481 |
(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
At September 30, 2023, total cash and short-term investments was $1.2 billion, and total debt was $1.1 billion.
The company paid a quarterly dividend of $0.075 per share on September 25, 2023. 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 2023 (unless otherwise noted):
- Net sales of $1.625 billion to $1.725 billion
- Gross margin of 14.0% to 16.0%
- Net income of $80 million to $120 million, or $0.32 to $0.49 per diluted share
- Full year 2023 capital expenditures of approximately $750 million
Conference Call Information
Amkor will conduct a conference call on Monday, October 30, 2023, 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.
About Amkor Technology, Inc.
