MagnaChip (MX) Misses Q1 EPS by 4c, provides guidance

MagnaChip (NYSE: MX) reported Q1 EPS of ($0.28), $0.04 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $49.1 million versus the consensus estimate of $53.75 million.

GUIDANCE:

MagnaChip sees Q2 2024 revenue of $49-54 million, versus the consensus of $54.6 million.

MSS revenue to be in the range of $9.5 to $11.5 million. This compares with MSS equivalent revenue of $9.0 million in Q1 2024 and $12.4 million in Q2 2023
PAS revenue to be in the range of $38 to $41 million. This compares with PAS equivalent revenue of $36.5 million in Q1 2024 and $39 million in Q2 2023.

Consolidated gross profit margin to be in the range of 17% to 19%.

MSS gross profit margin to be in the range of 30% to 33%. This compares with MSS equivalent gross profit margin of 44.6% in Q1 2024, which included non-recurring engineering revenue, and 36.4% in Q2 2023.
PAS gross profit margin to be in the range of 15% to 17%, primarily as a result of the impact of idle capacity from the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 15.4% in Q1 2024 and 23.1% in Q2 2023.

For the full-year 2024, we reiterate our prior guidance:

MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
Consolidated gross profit margin between 17% to 20%, primarily as a result of the impact of idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

For earnings history and earnings-related data on MagnaChip (MX) click here.

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