Amkor Technology Reports Financial Results for the Third Quarter 2020 and the Initiation of a Quarterly Cash Dividend

Third Quarter Highlights

  • Record third quarter net sales $1.35 billion, up 25% year-on-year and 15% sequentially
  • Operating income $127 million, operating income margin 9.4%
  • Net income $92 million, earnings per diluted share $0.38
  • EBITDA $255 million
  • Initiation of a regular quarterly cash dividend of $0.04 per share

TEMPE, Ariz. — (BUSINESS WIRE) — October 26, 2020 — 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, 2020 and the initiation of a regular quarterly cash dividend of $0.04 per share.

“Stronger than expected demand in the communications and automotive and industrial end markets drove revenue above the high end of our guidance,” said Giel Rutten, Amkor’s president and chief executive officer. “The Board’s decision to initiate a dividend is a significant milestone for Amkor. Over the past several years, Amkor has capitalized on growth opportunities in advanced packaging technologies that target 5G, advanced automotive systems, IoT and high-performance computing, and the introduction of a regular cash dividend reflects our consistent operating performance, strong free cash flow generation and confidence in our long-term financial outlook.”

Results

 

Q3 2020

 

Q2 2020

 

Q3 2019

 

 

($ in millions, except per share data)

Net sales

 

$1,354

 

$1,173

 

$1,084

Gross margin

 

17.8%

 

16.4%

 

16.8%

Operating income

 

$127

 

$87

 

$79

Operating income margin

 

9.4%

 

7.4%

 

7.3%

Net income attributable to Amkor

 

$92

 

$55

 

$54

Earnings per diluted share

 

$0.38

 

$0.23

 

$0.23

EBITDA*

 

$255

 

$209

 

$209

“All-time record quarterly revenue drove operating income margin to 9.4% and EPS to $0.38 for the quarter. We also paid down $230 million of debt this quarter, bringing our net debt to $0.4 billion, the lowest in our public company history,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “The initiation of a dividend expands Amkor’s capital allocation strategy for delivering value to stockholders. Our consistent free cash flow and strong balance sheet give us the financial flexibility to continue to make investments in future growth opportunities and return capital to stockholders.”

At September 30, 2020, total cash and short-term investments was $0.9 billion, and total debt was $1.3 billion.

The initial quarterly cash dividend of $0.04 per share is payable on January 7, 2021 to stockholders of record at the close of business on December 18, 2020. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.

*EBITDA and net debt are non-GAAP financial measures. The reconciliation to the comparable GAAP financial measure is included below under “Selected Operating Data.”

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