Shares of Amkor (NASDAQ:AMKR) have skyrocketed today, up by 20% as of noon EST, after the company reported fourth-quarter earnings results. The semiconductor packaging specialist beat expectations for both the top and bottom lines.
Revenue in the fourth quarter increased 9% to a record $1.2 billion, which translated into net income of $99 million, or $0.41 per share. Analysts were expecting the tech company to report just $0.23 per share in profit. That brought full-year 2019 revenue to $4.05 billion, with operating cash flow of $564 million and free cash flow of $104 million.
"Fourth quarter revenue grew 9% sequentially to a new record of $1.18 billion," CEO Steve Kelley said in a statement. "Strong demand for advanced packages in the mobile and consumer markets drove revenue above the high end of expectations."
In terms of guidance for the first quarter, Amkor expects revenue to be in the range of $1.08 billion to $1.16 billion, with gross margin of 14.5% to 17.5%. Net income should be $22 million to $59 million, or $0.09 to $0.24 per share. Full-year 2020 capital expenditures are forecast at approximately $550 million.
"We expect first quarter 2020 revenue to be up approximately 25% year-on-year and down about 5% sequentially," Kelley added. "Looking forward, we are well-positioned for growth in 2020. Amkor's value proposition -- centered on technology, quality, high yields and service -- is resonating with customers in our target markets."