AMKR - Amkor tops Q1 profit estimate and improves margins

Amkor Technology (AMKR) reports record first quarter net sales of $1.33B, up 15% on the year, and GAAP EPS of $0.49, which is three cents ahead of consensus estimates.Note: Amkor only has one analyst providing its "consensus," and the analyst doesn't provide revenue figures.Gross margin improved from 16.4% in last year's quarter to 20%. Operating margin improved from 7.3% to 10.9%. The improvements were driven by high utilization rates across the company's factories during the quarter.Cash and equivalents totaled $800M at the end of the quarter with total debt of $1.1B.“Continued strength in Advanced packaging and year-on-year growth of 13% in our Mainstream business led to better than seasonal results in Communications and to sequential growth in Automotive & Industrial, Consumer, and Computing end markets,” says Amkor CEO Giel Rutten.For the second quarter, Amkor forecasts net sales of $1.29-1.39B (no consensus comparison), gross margin of 17-20%, and $0.32-0.52 EPS (consensus: $0.43).Full-year capex is expected to

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Amkor tops Q1 profit estimate and improves margins