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Magnachip posts 1Q profit

LUXEMBOURG CITY, Luxembourg (AP) _ Magnachip Semiconductor Corp. (MX) on Wednesday reported first-quarter net income of $43.7 million.

The Luxembourg City, Luxembourg-based company said it had profit of $1.05 per share. Earnings, adjusted for one-time gains and costs, were 1 cent per share.

The chip products maker posted revenue of $161.7 million in the period.

For the current quarter ending in July, Magnachip said it expects revenue in the range of $162 million to $168 million.

Magnachip shares have climbed 33 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.25, a climb of 63 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MX at https://www.zacks.com/ap/MX


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