Amkor Technology Reports Financial Results for the Second Quarter 2018

"Net sales growth drove sequentially higher profits and EBITDA," said Megan Faust, Amkor’s CFO. "In addition, we are in the process of refinancing the remaining $200 million 6.625% Senior Notes due 2021 with proceeds from a recently completed foreign bank loan. This refinancing is expected to generate net annualized interest savings of approximately $11 million."

Business Outlook

"We expect third quarter 2018 net sales to be about $1.14 billion, up 7% sequentially, primarily due to seasonal strength in the communications market," said Kelley.

Third quarter 2018 outlook (unless otherwise noted):

  • Net sales of $1.10 billion to $1.18 billion
  • Gross margin of 15% to 17%
  • Net income of $28 million to $55 million, or $0.12 to $0.23 per diluted share
  • Full year capital expenditures of approximately $600 million

Conference Call Information

Amkor will conduct a conference call on Monday, July 30, 2018, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. This call is being webcast and can be accessed at Amkor's website: www.amkor.com. You may also access the call by dialing 1-877-645-6380 or 1-404-991-3911. A replay of the call will be made available at Amkor's website or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID 5995127). The webcast is also being distributed over NASDAQ OMX's investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMX's password-protected event management site, Street Events ( www.streetevents.com).

About Amkor Technology, Inc.

Amkor Technology, Inc. is one of the world’s largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test, and is now a strategic manufacturing partner for more than 250 of the world’s leading semiconductor companies, foundries and electronics OEMs. Amkor’s operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA. For more information, visit www.amkor.com.

AMKOR TECHNOLOGY, INC.
Selected Operating Data
 
  Q2 2018   Q1 2018   Q2 2017
Net Sales Data:
Net sales (in millions):
Advanced products* $ 496 $ 476 $ 445
Mainstream products**   570     549     563  
Total net sales $ 1,066   $ 1,025   $ 1,008  
 
Packaging services 83 % 81 % 81 %
Test services 17 % 19 % 19 %
 
Net sales from top ten customers 65 % 69 % 67 %
 
End Market Data:
Communications (smartphones, tablets, handheld devices) 42 % 42 % 40 %
Automotive, industrial and other (driver assist, infotainment, safety, performance) 26 % 26 % 27 %
Computing (datacenter, infrastructure, PC/laptop, storage) 19 % 19 % 19 %
Consumer (set-top boxes, televisions, connected home, personal electronics, visual imaging)   13 %   13 %   14 %
Total   100 %   100 %   100 %
 
Gross Margin Data:
Net sales 100.0 % 100.0 % 100.0 %
Cost of sales:
Materials 38.9 % 36.9 % 35.3 %
Labor 16.0 % 17.5 % 16.4 %
Other manufacturing   29.2 %   30.2 %   30.8 %
Gross margin   15.9 %   15.4 %   17.5 %
 
*   Advanced products include flip chip and wafer-level processing and related test services
** Mainstream products include wirebond packaging and related test services

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