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Sep 30, 2024
MagnaChip Q3 2024 Earnings Report
MagnaChip's Q3 2024 financial performance reflected revenue at the high-end of guidance, driven by Standard Product businesses growth.
Key Takeaways
Magnachip reported Q3 2024 consolidated revenue of $66.5 million, at the high-end of the guidance range. The company's Standard Product business revenue increased by 25.9% sequentially. Consolidated gross profit margin was 23.3%, aligning with guidance. The company ended the quarter with $121.1 million in cash and repurchased approximately 0.5 million shares for $2.5 million.
Q3 consolidated revenue reached $66.5 million, hitting the high-end of the projected range.
Standard product business revenue saw a substantial 25.9% sequential increase.
Consolidated gross profit margin was 23.3%, in line with the expected mid-point.
The company concluded Q3 with $121.1 million in cash reserves.
MagnaChip
MagnaChip
MagnaChip Revenue by Segment
Revenue by Segment
Power Analog Solutions Revenue
CapyFin.com Forward Guidance
For Q4 2024, Magnachip anticipates consolidated revenue to be in the range of $59.0 to $64.0 million, including approximately $2.0 million from Transitional Foundry Services. They expect MSS revenue between $15 to $17 million and PAS revenue between $42 to $45 million. The consolidated gross profit margin is projected to be between 21.5% and 23.5%. For the full year 2024, Magnachip expects double-digit revenue growth for both MSS and PAS businesses.
Positive Outlook
- MSS revenue to be in the range of $15 to $17 million, up 87% year-over-year at the mid-point.
- PAS revenue to be in the range of $42 to $45 million, up 33.3% year-over-year at the mid-point.
- MSS revenue expected to grow double digits year-over-year.
- PAS revenue expected to grow double digits year-over-year.
- Consolidated revenue expected to be flattish.
Challenges Ahead
- Consolidated revenue to be in the range of $59.0 to $64.0 million.
- MSS revenue to be in the range of $15 to $17 million, down 2.7% sequentially at the mid-point.
- PAS revenue to be in the range of $42 to $45 million, down 8.6% sequentially at the mid-point.
- Consolidated gross profit margin to be in the range of 21.5% to 23.5%.
- Transitional Foundry Services revenue will be wound down by the end of 2024.