Amkor Technology Inc (AMKR), a leading provider of semiconductor packaging and test services, announced its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
- Net sales of $1.86 billion, representing a 27% sequential increase.
- Gross profit of $272 million, with an operating income of $149 million.
- Net income reached $123 million, translating to earnings per diluted share of $0.49.
- EBITDA was reported at $309 million.
Amkor delivered third quarter revenue of $1.86 billion, up 27% sequentially, driven by strong demand for our Advanced SiP technology to support the Communications and Consumer end markets,” stated Giel Rutten, Amkor’s president and chief executive officer. He further emphasized the company’s focus on executing steep production ramps for high-volume products and solidifying strategic partnerships to ensure resilient supply chains.
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Future Business Outlook:
Amkor provided guidance for Q4 2024, projecting:
- Net sales between $1.60 billion and $1.70 billion.
- Gross margin in the range of 13.5% to 15.5%.
- Net income anticipated between $70 million and $110 million, with earnings per diluted share projected at $0.28 to $0.44.
- Full-year 2024 capital expenditures estimated at approximately $750 million.
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Amkor Technologies: Stock Analysis
According to Stock Target Advisor’s analysis, Amkor Technology Inc. is forecasted to reach an average target price of USD 40.40 over the next 12 months, with a “Strong Buy” rating from analysts. The stock’s performance has been marked by a one-year capital gain of 44.47%, demonstrating solid growth in the semiconductor equipment and materials sector.
Amkor Technology, Inc. is a prominent player in semiconductor packaging and test services, servicing industries like communications, automotive, computing, and consumer electronics. Headquartered in Tempe, Arizona, Amkor’s global footprint includes facilities and research centers in key electronics manufacturing regions across Asia, Europe, and the United States.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
