TSMC Reports First Quarter EPS of NT$2.37
Hsinchu, Taiwan, R.O.C., April
18, 2019
TSMC today announced consolidated revenue of NT$218.70 billion, net income of
NT$61.39 billion, and diluted earnings per share of NT$2.37 (US$0.38 per ADR unit) for the first quarter ended March 31, 2019.
Year-over-year,
first quarter revenue decreased 11.8% while net income and diluted EPS both decreased 31.6%. Compared to fourth quarter 2018, first quarter results represented a 24.5% decrease in revenue and a 38.6% decrease in net income. All figures were prepared
in accordance with TIFRS on a consolidated basis.
In US dollars, first quarter revenue was $7.10 billion, which decreased 16.1% year-over-year and
decreased 24.5% from the previous quarter.
Gross margin for the quarter was 41.3%, operating margin was 29.4%, and net profit margin was 28.1%.
In the first quarter, shipments of
7-nanometer
accounted for 22% of total wafer revenue and
10-nanometer
process technology contributed 4% while
16-nanometer
accounted for 16%. Advanced technologies, defined as
16-nanometer
and
more advanced technologies, accounted for 42% of total wafer revenue.
In the first quarter, our business was impacted by the overall global
economic condition which dampened the end market demand; customer inventory management to digest excess inventory in the semiconductor supply chain; and
high-end
mobile product seasonality. Meanwhile, the net
effect from the photoresist defect material incident also impacted our first quarter revenue by about 3.5 percent, said Lora Ho, SVP and Chief Financial Officer of TSMC. While the economic factor and mobile product seasonality are
still lingering as we move into second quarter, we believe we may have passed the bottom of the cycle of our business as we are seeing demand stabilizing. Based on our current business outlook, management expects the overall performance for second
quarter 2019 to be as follows:
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Revenue is expected to be between US$7.55 billion and US$7.65 billion;
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And, based on the exchange rate assumption of 1 US dollar to 30.85 NT dollars,
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Gross profit margin is expected to be between 43% and 45%;
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Operating profit margin is expected to be between 31% and 33%.
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