Himax Registers 31.7% Sequential Revenue Decline In Q3

Himax Technologies, Inc HIMX reported a third-quarter FY22 revenue decline of 49.2% year-on-year to $213.6 million. Net revenues declined 31.7% Q/Q.
Revenue from large display drivers declined by 39.8% Q/Q to $41.3 million.
TV, monitor, and notebook IC revenues were down double-digit Q/Q.
Small and medium-sized display drivers' revenue was $141.4 million, down 29.9% Q/Q.
Due to China city lockdowns, automotive IC sales in Q3 decreased by double-digit Q/Q.
Smartphone and tablet driver, IC sales contributions were approximately equal.
Revenue from its non-driver businesses was $30.9 million, down 26.9% Q/Q.
Tcon's business was down double-digit Q/Q, pressured by lower shipments for TV, monitor, and notebook markets. Yet, Tcon shipment for automotive enjoyed decent growth.
The non-IFRS gross margin contracted by 730 bps Q/Q to 36.3% due to price adjustments in support of its non-automotive customers and higher foundry prices.
The non-IFRS operating margin declined by 1,480 bps Q/Q to 14.5%. Non-IFRS earnings per ADS were $0.17.
Himax held $227.9 million in cash and equivalents and used $3.7 million in operating cash flow.
CEO Jordan Wu said, "Despite the soft demand, we remain upbeat about our top-line growth from several revenue streams that we consider our high visibility group, notably automotive, AMOLED, Tcon, and WiseEye™ AI image sensing."
Outlook: Himax sees Q4 revenue to increase 4.0% - 8.0% Q/Q. It expects non-IFRS earnings per ADS of $0.21 - $0.24.
Price Action: HIMX shares traded higher by 6.07% at $6.29 in the premarket on the last check Thursday.

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