ChipMOS TECHNOLOGIES (8150) Q4 2024 earnings summary

Executive summary

• Full-year 2024 revenue increased 6.3% year-over-year to NT$22,695.9 million, but Q4 revenue declined 11% sequentially to NT$5,399.6 million.

• Net profit for 2024 was NT$1,420 million, down 25% year-over-year; Q4 net profit was NT$232 million, down 51.8% year-over-year.

• Gross margin for 2024 was 13%, down 3.6 percentage points from 2023; Q4 gross margin was 9.5%, down 4.4 points from Q3 2024 and 10.6 points year-over-year.

• Board approved a treasury stock buyback of up to 10 million shares in early 2025 and a dividend of NT$1.2 per share pending AGM approval.

• Completed sale of Unimos Shanghai stake, generating a gain of NT$72,261 thousand.

Financial highlights

• Q4 2024 revenue: NT$5,400 million; net earnings per share: NT$0.32.

• EBITDA for Q4: NT$1,388 million; Q4 operating profit margin: 2.2%.

• Full-year 2024 net earnings per share: NT$1.95, down from NT$2.60 in 2023.

• Cash and cash equivalents at year-end: NT$15,219 million, up from NT$12,354 million at end of 2023.

• Free cash flow for FY24 was negative NT$938 million, mainly due to higher CapEx.

Outlook and guidance

• Q1 2025 expected to show normal seasonal softness due to fewer working days and continued inventory adjustments.

• Some positive impact from short-term rush orders due to tariff changes and China stimulus.

• Conservative CapEx approach for 2025, investing based on customer demand and utilization.

• No significant impact expected from new IFRS standards adopted in 2024 and 2025; IFRS 18 will affect disclosures from 2027.

• No specific Q1 2025 revenue or margin guidance; expect stronger second half of 2025.