Amkor Technology

Amkor Technology gains after lifting full-year capex expectation

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• Amkor Technology (NASDAQ:AMKR) shares are up nearly 3% in pre-market trading after yesterday's earnings report including a boost to the capital expenditure forecast.
• For the second quarter, Amkor reported record net sales of $1.41B, up 20% on the same quarter last year. Earnings per diluted share was $0.51.
• Gross margin improved from 16.4% last year to 19.4%. Operating income margin increased from 7.4% to 11%.
• Adjusted EBITDA totaled $295M, up from the $209M last year.
• “Second quarter revenue grew 6% sequentially to a new all-time record of $1.41 billion. Strong demand for Advanced SiP in the Communications and Consumer end markets drove revenue above the high end of expectations,” says Amkor president and CEO Giel Rutten. “Our Automotive and Industrial business grew 33% year-on-year to a record $300 million, overcoming several supply chain challenges.”
• For the third quarter, Amkor forecasts 26% year-over-year revenue growth to $1.7B at the midpoint, gross margin of 18.5-20.5%, and adjusted EPS of $0.60-0.80.
• The full-year capex guidance increases to $775M, up from the $700M that Amkor forecast in February.

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