Unimicron Technology (3037) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated sales were NT$31,712M, up 13.8% sequentially and 19% year-over-year; nine-month revenue was NT$85,992M, up 10% year-over-year.

• Q3 2024 net income was NT$997M–NT$1,090M, down 37% sequentially and 62% year-over-year; nine-month net income was NT$5,026M, down 45% year-over-year.

• Gross margin improved to 15.6%–16% in Q3 2024 from Q2, but declined from 20%–20.2% a year ago.

• The company completed the Subtron Technology integration, with a further merger planned for January 2025.

Financial highlights

• Q3 2024 operating income was NT$1,962M, up 119% sequentially; nine-month operating profit was NT$7,529M, down from NT$12,917M year-over-year.

• EBITDA for Q3 2024 was NT$6,053M (19% of sales), down from NT$6,577M (24%) in Q2 2024.

• Basic EPS for Q3 2024 was NT$0.66; nine-month EPS was NT$3.30, down from NT$5.97 year-over-year.

• Cash at end of Q3 2024 was NT$40,036M, down from NT$50,986M at end of Q2 and NT$51,233M a year earlier.

• Total assets increased to NT$228,209M from NT$215,549M at September 30, 2023.

Outlook and guidance

• Forward-looking statements highlight risks and uncertainties that may cause actual results to differ materially from projections.

• Board approved a THB 3,500M capital increase for the Thailand subsidiary to support expansion.

• Ongoing investments in capacity and technology to support long-term growth.