Himax jumps on strong guidance; Lenovo deal confirmed

Himax (HIMX +5.1%) expects Q3 revenue to be up 12.1%-17.1% Y/Y, better than a consensus for 9.1% growth. EPS guidance of $0.102-$0.117 is above a $0.10 consensus. Opex is expected to be up ~20% Y/Y.

TV LCD driver ICs are expected to fuel Q3 growth - Himax expects Y/Y large-panel driver IC growth for the first time since Q4 2012. Driver shipments for 4K TVs are expected to more than double Y/Y, with strong growth expected to continue in later quarters.

In addition, smartphone-related sales are expected to "rebound strongly" from Q3 levels due to higher orders from a Korean customer (likely Samsung) and solid Chinese demand. Tablet driver demand remains weak, while automotive demand is expected to see steady growth.

Non-driver sales are expected to see nearly 20% Q/Q growth, with momentum continuing in 2015. Himax sees image sensor sales more than doubling in 2014, and touch controllers growing strongly again in Q3. An LCoS microdisplay deal with Lenovo (previous) is confirmed.

Q2 gross margin -50 bps Q/Q and -40 bps Y/Y to 24.2%. Small/medium-panel driver sales -3.5% Y/Y to $107M, large-panel sales -21.1% to $50.8M, non-driver products +21.6% to $38.6M.

Q2 results, PR

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