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Amkor Technology Guidance Tops Estimates

Alex Cho

Amkor Technology (NASDAQ: AMKR) reported earnings following Monday's closing bell. The company offered stellar guidance, which moved the stock up by 4.59 percent in after-hours trading.

Analyst consensus EPS estimates for the second quarter was $0.15; Amkor reported EPS of $0.13 (excluding $0.08 impact from selling Amkor's Japanese subsidiary to J-Devices).

Amkor reported revenue of $767 million, a beat on consensus estimates of $761.4 million.

Amkor's gross margins improved to 19.6 percent, which is up from the prior year quarter of 18.5 percent. The gross margin figure could have been higher, which is why net income came in below EPS estimates.

Despite the slight miss on an adjusted basis, however, management guidance came in ahead of analyst expectations. Management offered brighter outlook, with an EPS range of $0.20 to $0.29. Analysts on a consensus basis anticipate EPS of $0.24.

EPS may come in at the higher end of the range, which is what triggered the massive move in after-hours trading.

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