Earnings To Watch: Himax (HIMX) Reports Q3 Results Tomorrow
Semiconductor maker Himax Technologies (NASDAQ:HIMX) will be announcing earnings results tomorrow before market hours. Here's what investors should know.
Last quarter Himax reported revenues of $235 million, down 24.8% year on year, missing analyst expectations by 2.7%. It was a weak quarter for the company, with a miss of analysts' revenue estimates and a decline in its operating margin.
Is Himax buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Himax's revenue to grow 7.5% year on year to $229.6 million, improving on the 49.2% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.05 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates four times over the last two years.
Looking at Himax's peers in the analog semiconductors segment, some of them have already reported Q3 earnings results, giving us a hint what we can expect. Skyworks Solutions's revenues decreased 13.4% year on year, beating analyst estimates by 0.3% and Magnachip reported revenue decline of 14% year on year, missing analyst estimates by 1%. Skyworks Solutions traded down 7.0% on the results, Magnachip was flat on the results.
Read our full analysis of Skyworks Solutions's results here and Magnachip's results here.
Triggered by the Federal Reserve's hawkish stance on interest rates, shares of technology companies have been facing sell-off in 2022 and while some of the analog semiconductors stocks have fared somewhat better, they have not been spared, with share price declining 6% over the last month. Himax is down 4.9% during the same time, and is heading into the earnings with analyst price target of $7.9, compared to share price of $5.59.
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The author has no position in any of the stocks mentioned.
