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Himax Technologies, Inc (NASDAQ:HIMX) reported a third-quarter FY23 revenue growth of 11.6% year-on-year to $238.52 million, beating the consensus of $229.38 million. Net revenues increased 1.5% Q/Q.
Earnings per ADS was $0.06, beating the consensus of $0.04.
Q3 gross margin reached 31.4%, improving sequentially due to the strategic termination of certain high-cost foundry capacity agreements in Q2.
Revenue from large display drivers was $43.7 million, a decrease of 3.7% Q/Q but up 5.9% Y/Y.
Small and medium-sized display driver revenue was $161.1 million, an increase of 7.2% Q/Q and up 13.9% Y/Y.
Revenue for non-driver business was $33.7 million, down 14.4% Q/Q but up 9.0% compared to last year.
Operating expenses for the quarter declined 12.5% Y/Y to $63.7 million
Q3 operating income was $11.1 million compared to $3.95 million a year ago, and the margin expanded by 280 bps to 4.65%.
As of September 30, 2023, the company's inventories were $259.6 million, markedly lower than $297.3 million last quarter.
Himax held $155.4 million of cash, cash equivalents, and other financial assets as of September 30, 2023. HIMX generated a positive cash flow of $16.44 million, compared to $2.89 million a year ago.
4Q23 Guidance: HIMX expects net revenues to decline 5.0% to 11.0% sequentially, gross margin to be around 30%, and profit to be 9.0 cents to 13.0 cents per diluted ADS.
Price Action: HIMX shares traded higher by 6.01% at $5.85 on the last check Thursday.
Posted In: HIMX
