United Microelectronics Registers 35% Revenue Growth In Q3 Driven By OLED Panels In Smartphones

Benzinga2022-10-26

United Microelectronics Corp (NYSE: UMC) reported third-quarter FY22 revenue growth of 34.9% year-on-year to $2.38 billion, missing the consensus of $2.40 billion.
Revenue from 22 and 28nm grew to 25% of the wafer revenue, while 40nm contributed 17% of sales.
Wafer shipments fell 1% Q/Q to 2,597K, while quarterly capacity increased to 2,539K 8-inch equivalent wafers. The overall utilization rate exceeded 100%.
Capacity will grow in Q4 to 2,543K 8-inch equivalent wafers, driven by the capacity expansion at 8N.
Margin: The gross margin expanded by 1,050 basis points to 47.3%.
Earnings per ADS of $0.345 beat the consensus of $0.30.
The company generated NT$39.7 billion in operating cash flow and held NT$180.7 billion in cash and equivalents.
Jason Wang, co-president of UMC, said, "We believe our industry-leading position in OLED display driver ICs will continue to drive growth for our 22/28nm technologies amid growing adoption of OLED panels in smartphones and other end devices. We also saw sustained momentum in our automotive business during the quarter, and we intend to pursue more collaboration opportunities with existing and potential automotive customers."
Q4 Outlook: UMC expects a 10% quarter-over-quarter decline in wafer shipments and gross profit margin to be in the low - 40% range. UMC sees a 2022 Capex of $3.0 billion.
Price Action: UMC shares closed higher by 0.97% at $6.22 on Tuesday.

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The overall utilization rate exceeded 100%.</li>\n<li>Capacity will grow in Q4 to 2,543K 8-inch equivalent wafers, driven by the capacity expansion at 8N.</li>\n<li><strong>Margin:</strong> The gross margin expanded by 1,050 basis points to 47.3%. </li>\n<li>Earnings per ADS of $0.345 beat the consensus of $0.30.</li>\n<li>The company generated NT$39.7 billion in operating cash flow and held NT$180.7 billion in cash and equivalents.</li>\n<li>Jason Wang, co-president of UMC, said, \"We believe our industry-leading position in OLED display driver ICs will continue to drive growth for our 22/28nm technologies amid growing adoption of OLED panels in smartphones and other end devices. We also saw sustained momentum in our automotive business during the quarter, and we intend to pursue more collaboration opportunities with existing and potential automotive customers.\" </li>\n<li><strong>Q4 Outlook</strong>: UMC expects a 10% quarter-over-quarter decline in wafer shipments and gross profit margin to be in the low - 40% range. 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