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ChipMos slips following Q4 report; Q1 guidance healthy

  • Though ChipMos (IMOS -2%) missed Q4 EPS estimates by $0.09 (the company blames higher tax expenses and non-controlling interests), it's guiding for Q1 revenue to be "flat to up in the low single digits" from a Q4 level of $163.9M. That's favorable to a $161.4M consensus.
  • Q4 revenue (-5% Q/Q) was in-line with guidance for a 4%-8% drop. Likewise, gross margin (18.9%, up from 13.7% a year ago and down from 22.2% in Q3) came within a guidance range of 16%-20%.
  • Q1 GM is expected to be in a range of 17%-21%, and opex is expected to total 6%-8% of revenue. ChipMos' full-year capex is expected to be less than $80M. Tax rates are expected to remain high in Q1 before normalizing in Q2.
  • The company says it remains "very positive" about its LCD driver/assembly ops, and expect process improvements to lower its materials costs.
  • Q4 results, PR
Comments (1)
  • Jaret Wilson
    , contributor
    Comments (793) | Send Message
     
    It's not correct that they missed EPS. They neglected to give a non-GAAP number as they should have. They were taxed on the sale of stock, and included that one-time tax in their EPS calculation which most companies would never do. Check out the PR and conference call for more details. Craig Hallum raised the target to $33.
    11 Mar, 02:19 PM Reply Like
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