- Himax Technologies Inc HIMX reported fourth-quarter FY21 revenue growth of 63.9% year-on-year to $451.9 million. Net revenues grew 7.4% sequentially.
- Revenue from large display drivers nearly doubled Y/Y to $125 million. Monitor revenue came in better than expected, up more than 30% Q/Q, due to accelerated orders for high-end monitors from certain end customers.
- Notebook sales continued strong growth momentum, delivering double-digit sequential growth due to solid shipment of high-end products to notebook vendors.
- As expected, the TV IC revenue was down single-digit Q/Q on the backdrop of a sluggish global TV market.
- Small and medium-sized display drivers' revenue was $276.6 million, up 50% Y/Y.
- The automotive segment delivered sales growth of 20% Q/Q.
- Smartphone sales rose over 30% Y/Y, reaching $91.3 million in revenue. Tablet revenue was up 30% Y/Y reaching $85.8 million.
- Driver IC revenue for automotive was up over 130% Y/Y to $89.1 million. Revenue from its non-driver businesses rose 50% Y/Y to $50.3 million. Tcon sales grew over 70% Y/Y.
- The non-IFRS gross margin expanded by 2,060 bps to 51.8%, and the non-IFRS operating margin expanded by 2,570 bps to 41.1%. Non-IFRS earnings per ADS were $0.849.
- Himax held $336 million in cash and equivalents. It generated $182.2 million in operating cash flow during the quarter.
- "We are upbeat about our year ahead growth prospect, backed by a few product areas, notably the automotive and ultralow power AI image sensing businesses, which we feel confident will stay strong regardless of the macroeconomic concerns," CEO Jordan Wu said.
- Outlook: Himax sees Q1 FY22 revenue to decrease by 5% - 9% Q/Q. It sees non-IFRS EPS of $0.67-$0.73.
- Price Action: HIMX shares traded lower by 10.4% at $10.99 on the last check Thursday.
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