Taiwan Semi misses by $0.02, misses on revs; guides Q2 revs below consensus
- Reports Q1 (Mar) earnings of $3.46 per share, $0.02 worse than the Capital IQ Consensus of $3.48; revenues rose 6.1% year/year to $248.08 bln vs the $250.89 bln Capital IQ Consensus.
- In US dollars, first quarter revenue was $8.46 billion, which decreased 8.2% from the previous quarter but increased 12.7% year-over-year.
- Gross margin for the quarter was 50.3%, operating margin was 39%, and net profit margin was 36.2%.
- In the first quarter, shipments of 10-nanometer accounted for 19% of total wafer revenue; 16/20-nanometer process technology accounted for 22% of total wafer revenue; and advanced technologies, defined as 28-nanometer and more advanced technologies, accounted for 61% of total wafer revenue.
- Co issues downside guidance for Q2, sees Q2 revs of $7.8-7.9 bln vs. $8.79 bln Capital IQ Consensus Estimate.
- Additional outlook metrics
- Gross profit margin is expected to be between 47% and 49%;
- Operating profit margin is expected to be between 35% and 37%.
- The management raised expectations of 2018 capital budget to be between $11.5-$12 billion, compared to prior outlook of capital budget to be between $10.5-$11 billion
- Additional outlook metrics
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