MagnaChip (MX) Tops Q1 EPS by 2c, Beats on Revenues; Offers 2Q Revenue Outlook Above Consensus
MagnaChip (NYSE: MX) reported Q1 EPS of $0.08, $0.02 better than the analyst estimate of $0.06. Revenue for the quarter came in at $165.8 million versus the consensus estimate of $161 million.
Q1 2018 Summary
- Revenue of $165.8 million exceeded the high-end of $158-164 million guidance range; revenue increased 2.5% YoY
- OLED display driver revenue of $34.3 million increased 112% YoY and 141% from Q4 2017; achieved 10 new design wins for OLED display drivers
- Gross profit margin of 26.9% in line with 26-28% guidance range; gross profit margin increased by 1.2 percentage points YoY and gross profit dollars increased 7.2% YoY
- Operating income of $7.4 million increased 15.9% YoY
- Adjusted EBITDA of $15.5 million increased 18.4% YoY
Second Quarter 2018 Business OutlookFor the second quarter of 2018, MagnaChip anticipates:
- Revenue to be in the range of $182 million to $188 million, up sequentially 11.6% at the mid-point of the projected range. The guidance for the second quarter compares with revenue of $165.8 million in the first quarter of 2018 and $166.7 million in the second quarter of 2017.
- Despite headwinds, gross profit margin to be in the range of 26% to 28%. This compares to 26.9% in the first quarter of 2018, and 28.0% in the second quarter of 2017.
MagnaChip sees Q2 2018 revenue of $182-188 million, versus the consensus of $176 million.
For earnings history and earnings-related data on MagnaChip (MX) click here.