- Himax Technologies, Inc HIMX reported revenue for the first quarter of FY23 declined 40.8% year-on-year to $244.2 million, beating consensus of $226.1 million. net proceeds Down 6.9% q/q.
- Revenue from drivers for large displays increased 21.8% sequentially to $53 million.
- Notebook sales were also better than forecast due to the demand from the chip replenishment. Himax recorded solid sequential growth in TV IC sales due to increasing customer orders in preparation for the upcoming shopping festivals in China.
- Small and medium-sized display driver revenue was $154.7 million, down 12.8% sequentially, reflecting increasing shipments of smartphones and tablets, particularly TDDI products, to leading global Marken after the New Year holiday is due.
- As forecast, sales of motor vehicle drivers fell by the mid-teens in the first quarter compared to the previous quarter. In automotive TDDI, sales unexpectedly fell as panel makers scaled back their IC purchases while experiencing sudden shortfalls in orders from their EV customers.
- Non-rider revenue was $36.5 million, down 11.8% sequentially.
- The Tcon business posted a single-digit increase sequentially, supported by a decent shipment of automotive Tcon and a better-than-expected shipment of large format display Tcon.
- For Automotive Tcon, supported by a strong order pipeline, Himax expects business momentum to accelerate with fast-growing design orders.
- Non-IFRS gross margin contracted 1,890 basis points qoq to 28.1%, reflecting price erosion as excess inventories were depleted.
- Non-IFRS operating margin decreased 2,640 basis points to 9.9% sequentially. Non-IFRS earnings per ADS of $0.115 beat the Consensus of $0.07.
- Himax had $223.8 million in cash and cash equivalents and generated $66.4 million in operating cash flow.
- Dividend: Himax has declared a cash dividend of 24.0 cents per year Common stock for fiscal year 22 (vs. 62.5 cents per common share, for the fiscal year 21).
- outlook: Himax expects Q2 revenue to decline 9% sequentially (vs consensus $237.99 million). Non-IFRS earnings per ADS are expected to be between $0.01 and $0.036 (vs…)
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