MagnaChip Reports Third Quarter 2018 Financial Results

 

Third Quarter 2018 and Recent Company Highlights

MagnaChip:

Fourth Quarter 2018 Business Outlook
For the fourth quarter of 2018, MagnaChip anticipates:

  • Revenue in this seasonally soft quarter to be in the range of $174 million to $184 million, down sequentially about 13.1% at the mid-point of the projected range. The guidance for the fourth quarter compares with revenue of $206 million in the third quarter of 2018, and $174.6 million in the fourth quarter of 2017. The revenue guidance reflects an inventory correction from certain foundry customers, consistent with current macro trends.
  • Gross profit margin to be in the range of 25% to 27%. This compares to 27.1% in the third quarter of 2018, and 28.3% in the fourth quarter of 2017.

Third Quarter 2018 Conference Call
The conference call will be webcast live today at 5 p.m. EDT and also will be available by dialing toll-free at 1-844 536-5472. International call-in participants can dial toll-free at 1-614-999-9318. The conference ID number is 2362749. Participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. EDT start time to ensure a timely connection. The webcast and earnings release will be accessible at www.magnachip.com.

A replay of the conference call will be available the same day and will run for 72 hours. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056.  The access code is 2362749.

About MagnaChip Semiconductor Corporation
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company's Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with over 30 years of operating history, owns a portfolio of more than 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through, MagnaChip's website is not a part of, and is not incorporated into, this release.

Safe Harbor for Forward-Looking Statements
Information in this release regarding MagnaChip's forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include statements about our future operating and financial performance, including fourth quarter 2018 revenue and gross profit expectations. All forward-looking statements included in this release are based upon information available to MagnaChip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, compliance with U.S. and international trade and export laws and regulations by us and our distributors, and other risks detailed from time to time in MagnaChip's filings with the SEC, including our Form 10-K filed on February 22, 2018 and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. MagnaChip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

 

CONTACTS:


In the United States:

Bruce Entin

Investor Relations

Tel. +1-408-625-1262

Investor.relations@magnachip.com

In Korea:

Chankeun Park

Director, Public Relations

Tel. +82-2-6903-5223

chankeun.park@magnachip.com

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES



CONSOLIDATED STATEMENTS OF OPERATIONS



(In thousands of US dollars, except share data)



(Unaudited)











Three Months Ended


September 30,
2018


June 30,
2018


September 30,
2017

Net sales               

$     206,000


$     199,685


$     176,697

Cost of sales        

150,251


145,831


126,387







Gross profit          

55,749


53,854


50,310







Gross profit %     

27.1 %


27.0 %


28.5 %

Operating expenses            






Selling, general and administrative expenses     

18,566


18,935


17,266

Research and development expenses  

18,918


21,005


17,554







Total operating expenses             

37,484


39,940


34,820







Operating income

18,265


13,914


15,490







Interest expense       

(5,587 )


(5,489 )


(5,485 )

Foreign currency gain (loss), net            

6,002


(27,449 )


(3,662 )

Other income (expense), net  

150


(960 )


198







Income (loss) before income taxes 

18,830


(19,984 )


6,541

Income tax expenses         

1,608


1,521


937







Net income (loss)

$       17,222


$      (21,505 )


$          5,604







Earnings (loss) per common share—              






Basic          

$            0.50


$           (0.62 )


$            0.16

Diluted       

$            0.41


$           (0.62 )


$            0.15

Weighted average number of shares—          






Basic          

34,573,377


34,420,654


34,103,029

Diluted       

46,021,610


34,420,654


45,542,418










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