Amkor Technology Reports Financial Results for the First Quarter 2020

First Quarter Highlights

  • First quarter net sales $1.15 billion, up 29% year-on-year
  • Operating income $84 million, operating margin 7.3%
  • Net income $64 million, earnings per diluted share $0.26
  • EBITDA $210 million

TEMPE, Ariz. — (BUSINESS WIRE) — April 27, 2020 — Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2020.

“First quarter revenue grew almost 30% year-on-year, driven by strength in the communications and consumer markets,” said Steve Kelley, Amkor’s president and chief executive officer. “Our factory team executed remarkably well in a challenging environment.”

Results

 

Q1 2020

 

Q4 2019

 

Q1 2019

 

 

($ in millions, except per share data)

Net sales

 

$1,153

 

$1,178

 

$895

Gross margin

 

16.4%

 

18.9%

 

13.5%

Operating income

 

$84

 

$118

 

$13

Operating margin

 

7.3%

 

10.0%

 

1.5%

Net income attributable to Amkor (1)

 

$64

 

$99

 

($23)

Earnings per diluted share (1)

 

$0.26

 

$0.41

 

($0.10)

EBITDA (2)

 

$210

 

$244

 

$153

 

(1) Q4 2019 net income includes a $4 million discrete income tax benefit, or $0.01 per diluted share, primarily related to changes in the valuation of certain deferred tax assets. Q1 2019 net income includes a $15 million non-cash discrete income tax charge, or $0.06 per diluted share, to reduce the value of certain deferred tax assets.

 

(2) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”

“Strong year over year revenue growth drove profitability well above year-ago levels,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “We will continue to make strategic investments to support growth in our target markets while being cautious with discretionary spending.”

At March 31, 2020, total cash and short-term investments was $1.0 billion, and total debt was $1.5 billion.

Business Outlook

“We continue to be excited about Amkor’s prospects for growth in the medium- and long-term,” said Kelley. “At the same time, we are well-prepared to deal with fluctuations in near-term demand due to recent macroeconomic events.”

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