MagnaChip Clocks 2% Revenue Growth In Q2, Beats Consensus
- MagnaChip Semiconductor Corp (NYSE: MX) reported third-quarter FY21 revenue growth of 1.8% year-on-year to $127 million, beating the consensus of $126.93 million.
- Segments: Display Solutions revenue declined 15.9% Y/Y to $58.5 million. Power Solutions revenue rose 26.2% Y/Y to $58.9 million.
- Margin: The gross margin expanded by 1,380 bps to 36.7%.
- Adjusted EPS of $0.42 beat the consensus of $0.22.
- MagnaChip held $276.3 million in cash and equivalents and generated $19.7 million in operating cash flow.
- "As the supply constraint is expected to persist for the foreseeable future, we will keep pressing forward relentlessly to navigate the ongoing challenges by focusing on mix management in the near-term while also securing and expanding sustainable supply capacity for 2022 and beyond, which has already yielded some future capacity commitments," said CEO YJ Kim.
- Guidance: Magnachip is not hosting the quarterly earnings conference call and suspended the practice of providing guidance due to the pending merger with an investment vehicle formed by an affiliate of Wise Road Capital LTD under a March 25 agreement.
- Price action: MX shares traded higher by 5.34% at $18.93 on the last check Monday.
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