TEMPE, Ariz. — (BUSINESS WIRE) — February 5, 2024 — Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Highlights:
- Fourth quarter net sales $1.75 billion
- Net income $118 million, earnings per diluted share $0.48
Full Year 2023 Highlights:
- Net sales $6.50 billion, down 8% year-on-year
- Gross profit $943 million, operating income $470 million
- Net income $360 million, earnings per diluted share $1.46
- EBITDA $1.13 billion
- Net cash from operations $1.27 billion, free cash flow $534 million
“In 2023, amid a cyclical downturn, Amkor outperformed the semiconductor industry by maintaining our strategic focus on Advanced packaging,” said Giel Rutten, Amkor’s president and chief executive officer. “Amkor gained market share, achieved record revenue in Communications, supported AI deployment with our 2.5D technology, and continued to grow ADAS and Electrification solutions in the Automotive market.”
Financial Results
($ in millions, except per share data) |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
Net sales |
$1,752 |
$1,822 |
$1,906 |
$6,503 |
$7,092 |
Gross margin |
15.9% |
15.5% |
17.5% |
14.5% |
18.8% |
Operating income |
$159 |
$167 |
$225 |
$470 |
$897 |
Operating income margin |
9.1% |
9.1% |
11.8% |
7.2% |
12.7% |
Net income attributable to Amkor |
$118 |
$133 |
$164 |
$360 |
$766 |
Earnings per diluted share |
$0.48 |
$0.54 |
$0.67 |
$1.46 |
$3.11 |
EBITDA (1) |
$326 |
$333 |
$382 |
$1,135 |
$1,529 |
Net cash provided by operating activities |
|
|
|
$1,270 |
$1,099 |
Annual free cash flow (1) |
|
|
|
$534 |
$194 |
(1) |
EBITDA and free cash flow are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data.” |
At December 31, 2023, total cash and short-term investments was $1.59 billion, and total debt was $1.20 billion.
On November 14, 2023, Amkor’s Board of Directors announced a 5% increase in the company’s quarterly cash dividend, from $0.075 per share to $0.07875 per share, on the company’s common stock. The increase was effective with the dividend paid on December 26, 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.
