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Amkor Technology, Inc. announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Net sales $1.46 billion
- Gross profit $212 million, operating income $82 million
- Net income $67 million, earnings per diluted share $0.27
- EBITDA $247 million
“Amkor delivered second quarter results in line with expectations. Revenue of $1.46 billion was up 7% sequentially, driven by Advanced packaging supporting premium tier smartphones and AI solutions utilizing 2.5D technology,” said Giel Rutten, Amkor’s president and chief executive officer. “Strength in the Communications and Computing end markets was partially offset by soft demand and ongoing inventory corrections in the Automotive & Industrial and Consumer end markets.”
At June 30, 2024, total cash and short-term investments was $1.5 billion, and total debt was $1.1 billion.
The company paid a quarterly dividend of $0.07875 per share on June 24, 2024. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
Business Outlook
The following information presents Amkor’s guidance for the third quarter 2024 (unless otherwise noted):
- Net sales of $1.785 billion to $1.885 billion
- Gross margin of 14.0% to 16.0%
- Net income of $105 million to $140 million, or $0.42 to $0.56 per diluted share
- Full year 2024 capital expenditures of approximately $750 million
Original – Amkor Technology
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Infineon Technologies AG has signed a Memorandum of Understanding with Amkor Technology, Inc. with a joint commitment to stimulate decarbonization and sustainability strategies across the supply chain.
Expanding their partnership towards sustainability is the next step in the sustainability journey of both companies. Infineon and Amkor intend to fully leverage their classical Outsourced Semiconductor Assembly and Test (OSAT) business relationship in order to effectively tackle emissions along their supply chain. In April, both companies announced to operate a dedicated packaging and test center at Amkor’s manufacturing site in Porto, Portugal.
As part of the cooperation for climate protection, Infineon and Amkor will actively engage with common suppliers to help them develop and implement effective decarbonization strategies. This will involve workshops, meetings, and the sharing of best practices and learnings related to decarbonization. The aim is to identify areas for improvement and support suppliers in setting science-based emissions reduction targets in line with the Science Based Targets initiative. Both companies are committed to providing ongoing guidance, fostering exchange, and tracking progress to drive continuous improvement across the common supply chain.
“Infineon has made excellent progress towards its aim to become CO 2-neutral for scope 1 and 2 by 2030, as the company more than halved its emissions while doubling the revenue since 2019. Supply-chain-related Scope-3-emissions represent the highest share of total emissions at Infineon and are the hardest ones to minimize,” said Angelique van der Burg, Chief Procurement Officer at Infineon. “That makes it even more important to include them in our efforts. But no one can do it alone. We need to actively collaborate and drive innovation with our suppliers if we want to effectively reduce CO 2 emissions. This is of ample importance not only for Infineon and Amkor, but also for society at large. Therefore, we are happy to join forces with Amkor on this.”
“Amkor is excited to deepen its partnership with Infineon through this strategic collaboration. Addressing Scope 3 is the most challenging part of the decarbonization journey, and we anticipate mutual benefits from this collective work in undertaking the challenge,” said Giel Rutten, President and Chief Executive Officer of Amkor. “This initiative is pivotal in achieving Amkor’s goal to reach net-zero emissions by 2050 by strengthening supply chain engagement through joint efforts. We look forward to collaborating with suppliers and invite them to join our endeavor to set ambitious science-based targets. Together, we are committed to driving positive environmental impact across our value chain.”
To support Infineon’s science-based target commitment and enhance the collaboration with suppliers, Infineon introduced a supplier engagement program in 2023. Since then, the company has been working with more than a hundred suppliers to set and implement science-based targets. The partnership between Amkor and Infineon provides an impetus for the strategy of both companies to make science-based targets the standard for ambitious climate strategies in the semiconductor industry.
Original – Infineon Technologies
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Infineon Technologies AG is strengthening its outsourced backend manufacturing footprint in Europe and announced a multi-year partnership with Amkor Technology, Inc., a leading provider of semiconductor packaging and test services. Both companies have agreed on operating a dedicated packaging and test center at Amkor’s manufacturing site in Porto. Operations are expected to commence in the first half of 2025.
With this long-term agreement, Infineon and Amkor further strengthen their partnership, extending the classical Outsourced Semiconductor Assembly and Test (OSAT) business model. Amkor will expand its facilities in Porto and run the production line, providing dedicated clean room space, and Infineon will provide an onsite team with engineering and development support.
The cooperation further strengthens the European semiconductor supply chain and contributes to making it more resilient – especially for automotive customers. It complements Infineon’s already diversified manufacturing footprint, balancing inhouse and outsourced production capabilities.
”We are pleased to further deepen our partnership with Amkor and will contribute with our engineering and development expertise,” said Alexander Gorski, Executive Vice President and responsible for Infineon’s global Backend Operations.
”Infineon and Amkor are jointly increasing geographical resilience and supply security for our customers. Together, we are strengthening Europe’s importance as a location for semiconductor manufacturing. For 20 years, Infineon has been successfully operating a large service center in Porto, now with more than 600 employees. With the joint manufacturing center, we are becoming even more deeply rooted in Portugal’s excellent semiconductor ecosystem. We are looking forward to further increasing our footprint in Portugal.”
“Amkor is proud to expand our partnership with Infineon,” said Giel Rutten, Amkor’s president and chief executive officer. “We continue to invest in our Porto manufacturing site, expanding capacity as well as broadening our Advanced packaging and test technology portfolio. This collaboration represents another milestone for both companies in enhancing supply chain resiliency for advanced products supporting Automotive & Industrial end markets.”
Original – Infineon Technologies
