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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amkor Technology Inc | NASDAQ:AMKR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.24 | -6.92% | 30.11 | 30.17 | 31.00 | 32.08 | 30.04 | 32.00 | 2,153,877 | 22:55:51 |
Fourth Quarter 2019 Highlights:
Full Year 2019 Highlights:
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter and full year ended December 31, 2019.
“Fourth quarter revenue grew 9% sequentially to a new record of $1.18 billion,” said Steve Kelley, Amkor’s president and chief executive officer. “Strong demand for advanced packages in the mobile and consumer markets drove revenue above the high end of expectations.”
“Gross margin and EPS were also well above the high end of guidance due to record revenue,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “We generated over $100 million of free cash flow while continuing to make strategic investments in advanced packaging technologies to support future growth.”
Results
Q4 2019 (1)
Q3 2019
Q4 2018 (2)
2019 (3)
2018
($ in millions, except per share amounts)
Net sales
$1,178
$1,084
$1,081
$4,053
$4,316
Gross margin
18.9%
16.8%
16.9%
16.0%
16.5%
Operating income
$118
$79
$75
$233
$258
Net income attributable to Amkor
$99
$54
$28
$121
$127
Earnings per diluted share
$0.41
$0.23
$0.12
$0.50
$0.53
EBITDA (4)
$244
$209
$219
$756
$837
Annual free cash flow (4)
$104
$120
(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. (2) Q4 2018 net income includes a $17 million discrete income tax charge, or $0.07 per diluted share, driven by finalizing the accounting for U.S. tax reform. (3) Full year 2019 net income includes an $8 million charge, or $0.03 per share, related to the early redemption of $525 million of senior notes due 2022 and a net $11 million discrete income tax charge, or $0.05 per diluted share, related to changes in the valuation of certain deferred tax assets. (4) EBITDA and free cash flow are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data.”
At December 31, 2019, cash and cash equivalents were $895 million, and total debt was $1.45 billion.
Business Outlook
“We expect first quarter 2020 revenue to be up approximately 25% year-on-year and down about 5% sequentially.” said Kelley. “Looking forward, we are well-positioned for growth in 2020. Amkor’s value proposition - centered on technology, quality, high yields and service - is resonating with customers in our target markets.”
First quarter 2020 outlook (unless otherwise noted):
Conference Call Information
Amkor will conduct a conference call on Monday, February 10, 2020, 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 1452598). 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
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 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
Q4 2019
Q3 2019
Q4 2018
2019
2018
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
667
$
589
$
564
$
2,111
$
2,118
Mainstream products (2)
511
495
517
1,942
2,198
Total net sales
$
1,178
$
1,084
$
1,081
$
4,053
$
4,316
Packaging services
84
%
84
%
84
%
83
%
83
%
Test services
16
%
16
%
16
%
17
%
17
%
Net sales from top ten customers
65
%
62
%
61
%
63
%
62
%
End Market Distribution Data:
Communications (handheld devices, smartphones, tablets)
37
%
41
%
45
%
38
%
44
%
Automotive, industrial and other (driver assist, infotainment, performance, safety)
25
%
26
%
25
%
27
%
26
%
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
24
%
18
%
12
%
18
%
12
%
Computing (datacenter, infrastructure, PC/laptops, storage)
14
%
15
%
18
%
17
%
18
%
Total
100
%
100
%
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
42.6
%
40.4
%
38.8
%
40.0
%
38.7
%
Labor
13.9
%
15.8
%
16.0
%
16.0
%
16.1
%
Other manufacturing
24.6
%
27.0
%
28.3
%
28.0
%
28.7
%
Gross margin
18.9
%
16.8
%
16.9
%
16.0
%
16.5
%
(1) Advanced products include flip chip and wafer-level processing and related test services (2) Mainstream products include wirebond packaging and related test services
In the press release above we provide EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, our ability to service debt and our ability to fund capital expenditures. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
Non-GAAP Financial Measures Reconciliation:
Q4 2019
Q3 2019
Q4 2018
2019
2018
(in millions)
EBITDA Data:
Net income
$
100
$
54
$
29
$
123
$
130
Plus: Interest expense
17
17
18
72
79
Plus: Income tax expense (benefit)
1
9
29
37
56
Plus: Depreciation & amortization
126
129
143
524
572
EBITDA
$
244
$
209
$
219
$
756
$
837
In the press release above we refer to free cash flow, which is not defined by U.S. GAAP. We define free cash flow as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of and insurance recovery for property, plant and equipment, if applicable. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital expenditures. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of free cash flow to U.S. GAAP net cash provided by operating activities.
Non-GAAP Financial Measures Reconciliation:
2019
2018
Free Cash Flow Data:
Net cash provided by operating activities
$
564
$
663
Less: Purchases of property, plant and equipment
(472
)
(547
)
Plus: Proceeds from sale of and insurance recovery for property, plant and equipment
12
4
Free cash flow
$
104
$
120
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended December 31,
For the Year Ended December 31,
2019
2018
2019
2018
(In thousands, except per share data)
Net sales
$
1,178,464
$
1,081,271
$
4,052,650
$
4,316,466
Cost of sales
955,480
898,901
3,403,211
3,605,901
Gross profit
222,984
182,370
649,439
710,565
Selling, general and administrative
71,828
69,353
281,933
295,239
Research and development
32,771
37,636
137,638
157,182
Gain on sale of real estate
—
—
(3,302
)
—
Total operating expenses
104,599
106,989
416,269
452,421
Operating income
118,385
75,381
233,170
258,144
Interest expense
16,673
18,038
71,587
78,946
Other (income) expense, net
1,132
(363
)
1,773
(6,617
)
Total other expense, net
17,805
17,675
73,360
72,329
Income before taxes
100,580
57,706
159,810
185,815
Income tax expense
764
28,812
37,182
56,250
Net income
99,816
28,894
122,628
129,565
Net income attributable to noncontrolling interests
(669
)
(599
)
(1,740
)
(2,473
)
Net income attributable to Amkor
$
99,147
$
28,295
$
120,888
$
127,092
Net income attributable to Amkor per common share:
Basic
$
0.41
$
0.12
$
0.50
$
0.53
Diluted
$
0.41
$
0.12
$
0.50
$
0.53
Shares used in computing per common share amounts:
Basic
240,384
239,378
239,725
239,329
Diluted
241,146
239,596
240,122
239,741
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
2019
2018
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
894,948
$
681,569
Restricted cash
610
2,589
Accounts receivable, net of allowances
850,753
724,456
Inventories
220,602
230,589
Other current assets
34,620
32,005
Total current assets
2,001,533
1,671,208
Property, plant and equipment, net
2,404,850
2,650,448
Operating lease right of use assets *
148,549
—
Goodwill
25,976
25,720
Restricted cash
2,974
3,893
Other assets
111,733
144,178
Total assets
$
4,695,615
$
4,495,447
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
144,479
$
114,579
Trade accounts payable
571,054
530,398
Capital expenditures payable
77,044
255,237
Accrued expenses
267,226
258,209
Total current liabilities
1,059,803
1,158,423
Long-term debt
1,305,755
1,217,732
Pension and severance obligations
176,971
184,321
Long-term operating lease liabilities *
91,107
—
Other non-current liabilities
71,740
79,071
Total liabilities
2,705,376
2,639,547
Amkor stockholders’ equity:
Preferred stock
—
—
Common stock
287
285
Additional paid-in capital
1,927,739
1,909,425
Retained earnings
234,077
113,189
Accumulated other comprehensive income
19,115
23,812
Treasury stock
(217,479
)
(216,171
)
Total Amkor stockholders’ equity
1,963,739
1,830,540
Noncontrolling interests in subsidiaries
26,500
25,360
Total equity
1,990,239
1,855,900
Total liabilities and equity
$
4,695,615
$
4,495,447
* Effective January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Upon adoption, we recorded a right-of-use asset and lease liability on our balance sheet. Prior period financial statements were not required to be adjusted for the effects of this new standard.
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Year Ended December 31,
2019
2018
(In thousands)
Cash flows from operating activities:
Net income
$
122,628
$
129,565
Depreciation and amortization
524,177
571,961
Gain on sale of real estate
(3,302
)
—
Deferred income taxes
25,931
(13,110
)
Other operating activities and non-cash items
20,306
15,518
Changes in assets and liabilities
(125,890
)
(40,524
)
Net cash provided by operating activities
563,850
663,410
Cash flows from investing activities:
Payments for property, plant and equipment
(472,433
)
(547,122
)
Proceeds from sale of property, plant and equipment
10,117
2,841
Proceeds from insurance recovery for property, plant and equipment
1,538
1,371
Proceeds from foreign exchange forward contracts
13,550
6,754
Payments for foreign exchange forward contracts
(15,593
)
(5,864
)
Other investing activities
332
4,637
Net cash used in investing activities
(462,489
)
(537,383
)
Cash flows from financing activities:
Proceeds from revolving credit facilities
272,700
—
Payments of revolving credit facilities
(272,700
)
(75,000
)
Proceeds from short-term debt
51,434
23,341
Payments of short-term debt
(52,635
)
(46,631
)
Proceeds from issuance of long-term debt
975,575
596,226
Payments of long-term debt
(862,927
)
(535,738
)
Payments for debt issuance costs
(7,027
)
(3,796
)
Payments of finance lease obligations
(6,574
)
(3,930
)
Proceeds from issuance of stock through share-based compensation plans
11,405
1,050
Other financing activities
(1,001
)
3,855
Net cash provided by (used in) financing activities
108,250
(40,623
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
870
(204
)
Net increase in cash, cash equivalents and restricted cash
210,481
85,200
Cash, cash equivalents and restricted cash, beginning of period
688,051
602,851
Cash, cash equivalents and restricted cash, end of period
$
898,532
$
688,051
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements including all of the statements made under “Business Outlook” above. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2018 and in the company’s subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200210005776/en/
Amkor Technology, Inc.
Vincent Keenan Vice President, Investor Relations 480-786-7594 vincent.keenan@amkor.com
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