| 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, 2024. |
| Fourth Quarter 2024 Highlights: |
- Fourth quarter net sales of $1.63 billion
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- Net income $106 million, earnings per diluted share $0.43
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| Full Year 2024 Highlights: |
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- Gross profit $933 million, operating income $438 million
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- Net income $354 million, earnings per diluted share $1.43
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- Net cash from operations $1.09 billion, free cash flow $359 million
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| “In 2024, weakness in the automotive and industrial and communications end markets contributed to a full-year decline. In contrast, we achieved record revenue in our computing end market with growth in ARM-based PCs and AI devices,” said Giel Rutten, Amkor’s president and chief executive officer. “During the year, we also successfully ramped our new facility in Vietnam, secured CHIPS funding to bolster U.S. manufacturing, and set a new record for Advanced SiP revenue. We remain confident in our long-term strategy and continue to invest in technology for advanced packaging and our broad geographic footprint with a focus on industry megatrends.” |
| Financial Results |
| ($ in millions, except per share data) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
| Net sales |
$1,629 |
$1,862 |
$1,752 |
$6,318 |
$6,503 |
| Gross margin |
15.1% |
14.6% |
15.9% |
14.8% |
14.5% |
| Operating income |
$134 |
$149 |
$159 |
$438 |
$470 |
| Operating income margin |
8.3% |
8.0% |
9.1% |
6.9% |
7.2% |
| Net income attributable to Amkor |
$106 |
$123 |
$118 |
$354 |
$360 |
| Earnings per diluted share |
$0.43 |
$0.49 |
$0.48 |
$1.43 |
$1.46 |
| EBITDA (1) |
$302 |
$309 |
$326 |
$1,091 |
$1,135 |
| Net cash provided by operating activities |
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$1,089 |
$1,270 |
| Annual free cash flow (1) |
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$359 |
$534 |
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| (1) EBITDA and free cash flow are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data.” |
On December 31, 2024, total cash and short-term investments were $1.65 billion, and total debt was $1.16 billion. |
| On November 13, 2024, Amkor’s Board of Directors announced a 5% increase in the quarterly cash dividend on the company’s common stock, from $0.07875 per share to $0.08269 per share. The Board of Directors also approved a special cash dividend of $0.40546 per share, or approximately $100 million, on the company’s common stock. The increased quarterly dividend and special dividend were each paid on December 23, 2024. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors. |
| Business Outlook |
| The following information presents Amkor’s guidance for the first quarter of 2025 (unless otherwise noted): |
- Net sales of $1.225 billion to $1.325 billion
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- Gross margin of 10.0% to 13.0%
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- Net income of $3 million to $43 million, or $0.01 to $0.17 per diluted share
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- Full-year 2025 capital expenditures of approximately $850 million
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| About Amkor Technology, Inc. |
| Amkor Technology, Inc. is the world's largest US-headquartered OSAT (outsourced semiconductor assembly and test) service provider. Since its founding in 1968, Amkor has pioneered the outsourcing of IC packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, automotive and industrial, computing, and consumer industries, including but not limited to smartphones, electric vehicles, data centres, artificial intelligence and wearables. Amkor’s operational base includes production facilities, research and development centres and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States. For more information visit amkor.com. |
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| For the full document click the link below: |
| Amkor Technology, Inc. |
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