RAFAEL MICROELECTRONICS (6568) Q1 2024 earnings summary

Executive summary

• Net sales for Q1 2024 were NT$244,826 thousand, down 19% year-over-year from NT$301,343 thousand in Q1 2023.

• Net income for Q1 2024 was NT$27,464 thousand, up 20% year-over-year from NT$22,820 thousand.

• Gross margin improved to 42% in Q1 2024 from 36% in Q1 2023.

• Operating income increased to NT$23,695 thousand from NT$13,748 thousand year-over-year.

Financial highlights

• Operating expenses decreased 19% year-over-year, mainly due to lower R&D expenses.

• Earnings per share (EPS) for Q1 2024 were NT$0.90 (basic and diluted), up from NT$0.76 (basic) and NT$0.75 (diluted) in Q1 2023.

• Cash and cash equivalents at March 31, 2024 were NT$181,443 thousand, down from NT$519,846 thousand a year earlier.

• Total assets at March 31, 2024 were NT$1,621,653 thousand, compared to NT$1,751,341 thousand at March 31, 2023.

• Cash flow from operating activities was negative NT$63,425 thousand in Q1 2024, compared to negative NT$64,330 thousand in Q1 2023.

Outlook and guidance

• The Board proposed a cash dividend of NT$1.8 per share for 2023 earnings, pending approval.