Third Quarter Highlights
- Third quarter net sales $1,144 million, up 7% sequentially
- Net Income $57 million, earnings per diluted share $0.24
- EBITDA $235 million, up 13% sequentially
- Completed debt refinancing, reducing interest expense by $11 million annually
TEMPE, Ariz.–(BUSINESS WIRE)–Oct. 29, 2018– Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2018.
“Third quarter revenue grew 7% sequentially, reflecting strength in mobile communications,” said Steve Kelley, Amkor’s.
| Results | Q3 2018 | Q2 2018 | Q3 2017 | |||
| ($ in millions, except per share data) | ||||||
| Net sales | $1,144 | $1,066 | $1,149 | |||
| Gross margin | 17.5% | 15.9% | 19.5% | |||
| Net income attributable to Amkor | $57 | $33 | $59 | |||
| Earnings per diluted share | $0.24 | $0.14 | $0.25 | |||
| EBITDA1 | $235 | $208 | $251 | |||
1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
“Better than expected gross profit and EPS were driven primarily by improved operating leverage,” said Megan Faust, Amkor’s CFO. “We also completed a debt refinancing which will generate annual interest savings of approximately $11 million.”
Business Outlook
Fourth quarter 2018 outlook (unless otherwise noted):
- Net sales of $1.02 billion to $1.10 billion
- Gross margin of 13% to 15%
- Net income of $5 million to $34 million, or $0.02 to $0.14 per diluted share
- Full-year capital expenditures of approximately $600 million
