MagnaChip Reports Results for Third Quarter 2020

- Completed sale of the Foundry Services Group business and Fab 4 on September 1, 2020

SEOUL, South Korea, Oct. 29, 2020 — (PRNewswire) — MagnaChip Semiconductor Corporation (NYSE: MX) ("MagnaChip" or the "Company") today announced financial results for the third quarter of 2020.

"Q3 represented a pivotal chapter of MagnaChip as we successfully closed the sale of the Foundry business and Fab 4 that ultimately resulted in MagnaChip becoming a pure-play Products company with a very healthy balance sheet. Across the company, we are making well-planned moves to realign our resources, sharpen our R&D focus on key priority areas, and improve our operational efficiency," said YJ Kim, MagnaChip's chief executive officer. "During the third quarter, we also delivered solid performance with a 5% sequential revenue growth and a healthy bottom line despite the market disruptions caused by pandemic and geopolitical tension."

"More importantly, the upswing in demand which began in July has continued into the fourth quarter thus far.  We are encouraged by the robust growth opportunities ahead of us, which creates a stronger foundation for profitable growth. We continue to push the envelope on enhancing our competitive position through continuous technology advancement, addressable market expansion and strategic customer engagements."

Q3 2020 Financial Highlights












 

In thousands of US dollars, except share data



GAAP



Q3 2020

Q2 2020

Q/Q change

Q3 2019

Y/Y change

Revenues










Standard Products Business










Display Solutions

69,583

69,176


up

0.6%

90,550

down

23.2%


Power Solutions

46,679

39,779


up

17.3%

48,723

down

4.2%


Transitional Fab 3 foundry services(1)

8,551

9,873


down

13.4%

9,894

     down

13.6%

Gross Profit Margin

22.9%

27.0%


down

4.1% pts

23.6%

down

   0/7% pts

Operating Income

3,223

8,622


down

62.6%

14,336

up

77.5%

Income (loss) from continuing operations

8,461

11,774


down

28.1%

(14,244)

up

159.4%

Diluted earnings (loss) per common share—( Continuing operations)

0.21

0.28


down

25.0%

(0.41)

up

151.2%

Net Income (Loss) (2)

272,962

29,171


up

835.7%

(1,607)

up

17,085.8%

Basic Earnings (Loss) per Common Share

7.74

0.84


up

821.4%

(0.05)

up

15,580.0%

Diluted Earnings (Loss) per Common Share

5.89

0.65


up

806.2%

(0.05)

up

11,880.0%













In thousands of US dollars, except share data



Non-GAAP (3)



Q3 2020

Q2 2020

Q/Q change

Q3 2019

Y/Y change

Adjusted Operating Income

8,823

10,125


down

12.9%

14,766

down

40.2%

Adjusted EBITDA

11,731

12,711


down

7.7%

17,404

down

32.6%

Adjusted Net Income

5,147

4,753


up

8.3%

8,204

down

37.3%

Adjusted Earnings per Common Share—Diluted

0.14

0.13


up

7.7%

0.21

down

33.3%


1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Aldec


Featured Video
Editorial
More Editorial  
Latest Blog Posts
Modesto (Mo) CasasGlobal Business in EDA
by Modesto (Mo) Casas
Focus a Global Reseller Channel on Your Product
Anupam BakshiAgnisys Automation Review
by Anupam Bakshi
Functional Safety and Security in Embedded Systems
Bob Smith, Executive DirectorBridging the Frontier
by Bob Smith, Executive Director
Phil Kaufman Award Goes on Hiatus for 2020
Colin WallsEmbedded Software
by Colin Walls
Why develop embedded software bottom up?
Jobs
ASIC Design Engineer, for Apple Inc at Cupertino, California
ASIC Design Integration Engineer for Apple Inc at Cupertino, California
Technical Marketing Mmanager for EDA Careers at Fremont, California
Senior Application Engineer Formal Verification for EDA Careers at California or Austin, California
Product Line Manager for EDA Careers at Multiple, North Carolina
ASIC Engineer for Amazon at seattle, Washington
Upcoming Events
RISC-V Summit 2020. at United States - Dec 7 - 10, 2020
SEMICON Japan 2020 Goes Virtual at Japan - Dec 11 - 18, 2020
virtual DATE 2021 at France - Feb 1 - 5, 2021
IPC APEX EXPO 2021 at San Diego Convention Center san diego - Mar 6 - 11, 2021
DownStream: Solutions for Post Processing PCB Designs
Verific: SystemVerilog & VHDL Parsers
TrueCircuits:



© 2020 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise