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- Himax Technologies HIMX reported first-quarter FY21 revenue growth of 67.4% year-on-year to $309 million, beating the consensus of $299.17 million.
- Revenue rose 12.1% quarter-on-quarter due to strong segment demand, beating company guidance of 5-10%.
- Q1 gross margin expanded 900 basis points to 40.2%, above company guidance of 37% - 38%.
- Revenue from large display drivers rose 13.9% Y/Y to $69.9 million, Small and medium-sized display drivers rose 133.3% Y/Y to $204.1 million, Smartphone sales increased 256.4% Y/Y to $80.2 million, Tablet rose over 150% Y/Y to $73 million, Driver IC revenue for automotive rose 44.3% Y/Y to $43.7 million. In comparison, Non-driver businesses declined 2% Y/Y to $35 million.
- Net profit was $67.1 million. The adjusted EPS of $0.384 exceeded the company guidance between $0.301 and $0.341 and analyst consensus of $0.35.
- Himax held $245.8 million in cash and equivalents and generated $60.3 million in operating cash flow.
- Guidance: Himax sees Q2 net revenue Q/Q growth of 15% - 20%, Gross margin of 45.5% - 47.5%, and adjusted EPS of $0.542 - $0.602, above the analyst consensus of $0.3.
- CEO Jordan Wu acknowledged a severe supply-demand imbalance despite foundries running at more than 100% capacity, a noticeable increase in demand for semiconductor for advanced processes from the rapid growth of 5G and high-performance computing, and the trend towards an ever more connected digital world being a driver for mature nodes, particularly, demands from display driver IC, power management IC, CMOS image sensor, automotive industry, and various AIoT devices.
- Wu admitted that they had managed to secure more capacity for this year than last year and taking measures to work with strategic foundry partners to enlarge the longer-term capacity pool.
- Price action: HIMX shares traded higher by 10.8% at $13.60 in the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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