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Mar 31, 2020
MagnaChip Q1 2020 Earnings Report
MagnaChip reported solid execution in the first quarter of 2020, with revenue from continuing operations up 12.3% year over year and OLED revenue reaching a record for Q1.
Key Takeaways
MagnaChip Semiconductor Corporation announced financial results for the first quarter of 2020, highlighted by a 12.3% year-over-year increase in revenue from continuing operations and a record Q1 for OLED revenue. The company also completed an agreement to sell the Foundry business and Fab 4.
Revenue from continuing operations increased by 12.3% year-over-year.
OLED revenue reached a record for Q1, up 43.6% year-over-year.
Combined non-GAAP revenue from continuing and discontinued operations was $197.0 million, the highest level in 12 years for a first quarter.
Cash and cash equivalents reached $157.3 million, the highest level in seven years.
Forward Guidance
MagnaChip anticipates for Q2 2020: Revenue from the standard products business to be flattish to down from the first quarter of 2020. Revenue from the Foundry Services Group to be flattish to up. Non-GAAP combined revenue to be in the range of $191.0 million to $203.0 million, flattish at the mid-point of the projected range when compared with combined revenue of $197.0 million in the first quarter of 2020. Gross profit margin from both the standard products business and the Foundry Services Group to be up. Non-GAAP combined gross profit margin to be in the range of 26.0% to 28.0%, when compared to 25.3% in the first quarter of 2020.
Positive Outlook
- Revenue from the Foundry Services Group to be flattish to up.
- Gross profit margin from both the standard products business and the Foundry Services Group to be up.
- Non-GAAP combined gross profit margin to be in the range of 26.0% to 28.0%, when compared to 25.3% in the first quarter of 2020.
Challenges Ahead
- Revenue from the standard products business to be flattish to down from the first quarter of 2020.
Historical Earnings Impact
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