Amkor Technology Inc (AMKR) Reports Q3 2023 Earnings: Net Sales at $1.82 Billion
Net sales for Q3 2023 reached $1.82 billion
Operating income stood at $167 million, with net income at $133 million
Earnings per diluted share were reported at $0.54
EBITDA for the quarter was $333 million
Amkor Technology Inc (NASDAQ:AMKR), a leading provider of semiconductor packaging and test services, announced its financial results for the third quarter ended September 30, 2023, on October 30, 2023. The company reported net sales of $1.82 billion, up 25% sequentially, driven by growth within the Communications end market. The operating income was $167 million, and the net income was $133 million. Earnings per diluted share were reported at $0.54, and EBITDA for the quarter was $333 million.
Financial Highlights
Amkor's Q3 2023 net sales of $1.82 billion were up from $1.458 billion in Q2 2023 and down from $2.084 billion in Q3 2022. The gross margin for the quarter was 15.5%, up from 12.8% in Q2 2023 but down from 20.2% in Q3 2022. The operating income margin was 9.1%, up from 5.2% in Q2 2023 but down from 15.3% in Q3 2022.
Amkor's President and CEO, Giel Rutten, commented on the results,
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."
Balance Sheet and Cash Flow
As of September 30, 2023, Amkor's total cash and short-term investments stood at $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.
Business Outlook
For the fourth quarter of 2023, Amkor expects net sales of $1.625 billion to $1.725 billion, gross margin of 14.0% to 16.0%, and net income of $80 million to $120 million, or $0.32 to $0.49 per diluted share.
About Amkor Technology Inc
Amkor Technology, Inc. is the world's largest US headquartered OSAT (outsourced semiconductor assembly and test) service provider. Since its founding in 1968, Amkor has pioneered the outsourcing of IC packaging and test services and is a strategic manufacturing partner for the world's leading semiconductor companies, foundries, and electronics OEMs.
Explore the complete 8-K earnings release (here) from Amkor Technology Inc for further details.
This article first appeared on GuruFocus.
