Amkor Technology, a provider of semiconductor packaging and test services, has announced financial results for the second quarter ended June 30, 2018.
“Second quarter results exceeded expectations, with sequential growth in net sales, operating margin and earnings per share,” said Steve Kelley, Amkor’s CEO. “Demand was higher across all of our end markets. Communications was especially strong.”
“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
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.
Source: Company Press Release