UMC Reports First Quarter 2024 Results

First quarter operating revenues declined 0.6% sequentially to NT$54.63 billion. Revenue contribution from 40nm and below technologies represented 47% of wafer revenue. Gross profit declined 5.1% QoQ to NT$16.90 billion, or 30.9% of revenue. Operating expenses decreased 13.4% to NT$5.75 billion. Net other operating income decreased to NT$0.51 billion. Net non-operating income totaled NT$1.06 billion. Net income attributable to shareholders of the parent amounted to NT$10.46 billion.

Earnings per ordinary share for the quarter was NT$0.84. Earnings per ADS was US$0.131. The basic weighted average number of shares outstanding in 1Q24 was 12,414,087,724, compared with 12,414,087,724 shares in 4Q23 and 12,348,880,384 shares in 1Q23. The diluted weighted average number of shares outstanding was 12,577,525,057 in 1Q24, compared with 12,589,138,701 shares in 4Q23 and 12,597,236,266 shares in 1Q23. The fully diluted shares counted on March 31, 2024 were approximately 12,577,525,000.

Detailed Financials Section

Operating revenues decreased to NT$54.63 billion. COGS grew 1.6% to NT$37.73 billion, which included 3.7% increase in depreciation. Gross profit fell 5.1% QoQ to NT$16.90 billion. Operating expenses declined to NT$5.75 billion, as Sales & Marketing fell 16.9% to NT$0.68 billion, R&D decreased 13.6% to NT$3.41 billion or 6.2% of revenue, and G&A also declined 11.8% to NT$1.70 billion. Net other operating income was NT$0.51 billion. In 1Q24, operating income declined 6.1% QoQ to NT$11.67 billion.

COGS & Expenses

 

(Amount: NT$ million)

1Q24

 

4Q23

 

QoQ %
change

 

1Q23

 

YoY %
change

 

Operating Revenues

54,632

 

 

54,958

 

 

(0.6

)

 

54,209

 

 

0.8

 

 

COGS

(37,733

)

 

(37,152

)

 

1.6

 

 

(34,985

)

 

7.9

 

 

Depreciation

(9,335

)

 

(9,006

)

 

3.7

 

 

(8,439

)

 

10.6

 

 

Other Mfg. Costs

(28,398

)

 

(28,146

)

 

0.9

 

 

(26,546

)

 

7.0

 

 

Gross Profit

16,899

 

 

17,806

 

 

(5.1

)

 

19,224

 

 

(12.1

)

 

Gross Margin (%)

30.9

%

 

32.4

%

 

 

 

35.5

%

 

 

 

Operating Expenses

(5,747

)

 

(6,635

)

 

(13.4

)

 

(5,780

)

 

(0.6

)

 

Sales & Marketing

(684

)

 

(823

)

 

(16.9

)

 

(950

)

 

(28.0

)

 

G&A

(1,702

)

 

(1,930

)

 

(11.8

)

 

(2,102

)

 

(19.0

)

 

R&D

(3,407

)

 

(3,945

)

 

(13.6

)

 

(2,767

)

 

23.2

 

 

Expected credit impairment gain

46

 

 

63

 

 

(27.9

)

 

39

 

 

18.0

 

 

Net Other Operating Income & Expenses

513

 

 

1,252

 

 

(59.0

)

 

1,037

 

 

(50.5

)

 

Operating Income

11,665

 

 

12,423

 

 

(6.1

)

 

14,481

 

 

(19.4

)

 

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