Corrected: Amkor Technology Q3 sales slightly miss estimates on weak Communications
CORRECTED-Amkor Technology Q3 sales slightly miss estimates on weak Communications Corrects EPS basis to diluted from adjusted in second Overview bullet
Overview
US semiconductor packaging provider's Q3 net sales slightly missed analyst expectations
EPS for Q3 rose to $0.76 from $0.51 last year
Company saw record revenue in Computing and Automotive & Industrial, offset by weak Communications
Outlook
Amkor forecasts Q4 net sales of $1.9 bln to $2.0 bln
Company expects Q4 gross margin of 18.0% to 19.0%
Amkor projects Q4 net income of $160 mln to $185 mln, or $0.65 to $0.75 per share
Result Drivers
RECORD COMPUTING AND AUTOMOTIVE REVENUE - Co said Q3 revenue reached record levels in Computing and Automotive & Industrial end markets
WEAK COMMUNICATIONS DEMAND - Co said Communications segment was weak as expected in Q3
MARGIN EXPANSION - Co attributed margin expansion to improved customer commitments and execution on key programs
Company press release: ID:nBw5KRJ1Ma
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales | Slight Miss* | $1.99 bln | $2.01 bln (9 Analysts) |
Q3 EPS |
| $0.76 |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"
Wall Street's median 12-month price target for Amkor Technology, Inc. is $70.00, about 78.1% above its October 23 closing price of $39.30
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 40 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)