MagnaChip (MX) Tops Q4 EPS by 5c, provides guidance

MagnaChip (NYSE: MX) reported Q4 EPS of ($0.21), $0.05 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $50.8 million versus the consensus estimate of $52.47 million.

GUIDANCE:

MagnaChip sees Q1 2024 revenue of $46-51 million, versus the consensus of $53.75 million.

MSS revenue to be in the range of $8 to $10 million. This compares with MSS equivalent revenue of $8.6 million in Q4 2023.
PAS revenue to be in the range of $35 to $38 million. This compares with PAS equivalent revenue of $32.6 million in Q4 2023.

Consolidated gross profit margin to be in the range of 17% to 20%.

MSS gross profit margin to be in the range of 40% to 43%, which includes the positive impact of expected one-time non-recurring engineering revenue. This compares with MSS equivalent gross profit margin of 41.3% in Q4 2023, which also included one-time non-recurring engineering revenue.
PAS gross profit margin to be in the range of 15% to 18% due primarily to the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 18.0% in Q4 2023.

For the full-year 2024:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
Consolidated gross profit margin between 17% to 20% due to idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

For earnings history and earnings-related data on MagnaChip (MX) click here.

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