UMC is certainly doing well after their quarterly report despite missing the estimate on actual earnings revenues were higher than expected. I found this link on their website where you can listen in: zucast.com
And this information on E*Trade:
United Micro misses by NT$0.09, reports revs in-line
6:01 AM ET 1/17/23 | Briefing.com
Reports Q4 (Dec) earnings of NT$1.54 per share, NT$0.09 worse than the S&P Capital IQ Consensus of NT$1.63; revenues rose 14.8% year/year to NT$67.84 bln vs the NT$67.71 bln S&P Capital IQ Consensus.
The Complete Report on BusinessWire:
UMC Reports Fourth Quarter 2022 Results
4:05 AM ET 1/16/23 | BusinessWire
Fourth Quarter 2022 Overview(1) :
-- Revenue: NT$67.84 billion (US$2.21 billion)
-- Gross margin: 42.9%; Operating margin: 34.8% -- Revenue from 22/28nm: 28% -- Capacity utilization rate: 90% -- Net income attributable to shareholders of the parent: NT$19.1 billion (US$621 million) -- Earnings per share: NT$1.54; earnings per ADS: US$0.251 TAIPEI, Taiwan--(BUSINESS WIRE)--January 16, 2023--
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the fourth quarter of 2022.
Fourth quarter consolidated revenue was NT$67.84 billion, decreasing 10.0% QoQ from NT$75.39 billion in 3Q22. Compared to a year ago, 4Q22 revenue grew 14.8% YoY from NT$59.10 billion in 4Q21. Consolidated gross margin for 4Q22 was 42.9%. Net income attributable to the shareholders of the parent was NT$19.1 billion, with earnings per ordinary share of NT$1.54.
Jason Wang, co-president of UMC, said, "In the fourth quarter, due to a significant slowdown across most of our end markets and inventory correction in the semiconductor industry, our wafer shipments fell 14.8% QoQ while overall fab utilization rate dropped to 90%. Average selling price increased slightly during the quarter as a result of our ongoing product mix optimization efforts, moderating the decline in revenue."
"For the full year 2022, UMC's revenue hit a record high of NT$278.7 billion while operating income exceeded NT$100 billion. Gross margin reached 45%, driven by a more favorable foreign exchange rate, expanding 22/28nm portfolio, and newly added capacity. We had taken advantage of the industry upturn over the past two years to enhance our differentiation in specialty technology offering, improve profitability, and deepen relationships with key customers. Revenue from 22/28nm technologies increased more than 56% YoY, driven by our industry-leading 28nm process for OLED display drivers and image signal processors. Our automotive segment also delivered impressive growth in 2022, increasing 82% YoY to account for approximately 9% of total sales. We expect this segment will continue to be a key growth catalyst in 2023 and beyond, driven by the long-term trend of vehicle electrification and automation. UMC is well positioned to serve the market with our comprehensive portfolio of auto-grade process technologies and facilities certified according to rigorous quality standards, while we continue to build strong partnerships with world-class automotive leaders."
Co-president Wang commented, "Given the soft global economic outlook for 2023, we expect the current challenging environment to persist through the first quarter as customers' days of inventory are still higher than normal while order visibility remains low. To manage this period of weakness, the Company is implementing strict cost control measures and deferring certain capital expenditures where possible. In the longer term, we remain positive that UMC's differentiated specialty technology leadership, geographically diversified capacity offering, and quality and operational excellence will enable the Company to capture demand fueled by continuous digital transformation across industries and be the foundry of choice for leading customers."
Co-president Wang added, "In 2022, we took solid steps in executing our net zero by 2050 roadmap. As part of our efforts to reduce emissions across the entire value chain, UMC recently introduced a program to empower our suppliers with resources to measure and manage their emissions output. To round out the important progress we made towards our ESG goals this year, we were honored to receive recognition from domestic and international institutions. In the 2022 Dow Jones Sustainability Indices (DJSI), UMC was ranked first in terms of overall sustainability performance among semiconductor foundry peers in the 2022 DJSI, while we were the only semiconductor firm globally to achieve double-A scoring for climate change and water security in CDP's annual evaluation of corporate environmental action. Sustainability and a company's long-term success are inextricably linked, and UMC will continue to strive to meet expectations of all of our stakeholders while acting as responsible social and environment stewards."
Summary of Operating Results
Operating Results ------------------------------------------------------------------------------ QoQ % YoY % (Amount: NT$ million) 4Q22 3Q22 change 4Q21 change --------------------------------- ------- ------- ------- ------- ------- Operating Revenues 67,836 75,392 (10.0) 59,100 14.8 Gross Profit 29,124 35,664 (18.3) 23,103 26.1 Operating Expenses (6,798) (6,794) 0.1 (6,821) (0.3) Net Other Operating Income and Expenses 1,311 1,287 1.9 1,334 (1.7) Operating Income 23,637 30,157 (21.6) 17,616 34.2 Net Non-Operating Income and Expenses 889 2,189 (59.4) 558 59.4 Net Income Attributable to Shareholders of the Parent 19,068 26,996 (29.4) 15,949 19.6 EPS (NT$ per share) 1.54 2.19 1.30 (US$ per ADS) 0.251 0.357 0.212 --------------------------------- ------- ------- ------- ------- -------
Fourth quarter operating revenues declined by 10.0% sequentially to NT$67.84 billion resulting from the inventory correction within the semi industry which lowered wafer shipments. Revenue contribution from 40nm and below technologies represented 45% of wafer revenue. Gross profit decreased 18.3% QoQ to NT$29.12 billion, or 42.9% of revenue. Operating expenses remained flat at NT$6.80 billion. Net other operating income increased to NT$1.31 billion. Net non-operating income totaled NT$0.89 billion. Net income attributable to shareholders of the parent amounted to NT$19.07 billion.
Earnings per ordinary share for the quarter was NT$1.54. Earnings per ADS was US$0.251. The basic weighted average number of shares outstanding in 4Q22 was 12,348,880,384, compared with 12,305,516,644 shares in 3Q22 and 12,254,114,875 shares in 4Q21. The diluted weighted average number of shares outstanding was 12,684,106,050 in 4Q22, compared with 12,635,661,561 shares in 3Q22 and 12,489,949,678 shares in 4Q21. The fully diluted shares counted on December 31, 2022 were approximately 12,684,106,000.
(1) Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending December 31, 2022, the three-month period ending September 30, 2022, and the equivalent three-month period that ended December 31, 2021. For all 4Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2022 exchange rate of NT$ 30.70 per U.S. Dollar.
Detailed Financials Section
Operating revenues decreased to NT$67.84 billion. COGS declined 2.6% to NT$38.71 billion, which included 7.5% sequential decrease in depreciation. Gross profit fell 18.3% QoQ to NT$29.12 billion. Operating expenses remained flat at NT$6.80 billion, as Sales & Marketing reduced 10.2% to NT$0.95 billion while R&D was up 3.1% QoQ to NT$3.41 billion, representing 5.0% of revenue. Net other operating income was NT$1.31 billion. In 4Q22, operating income declined 21.6% QoQ to NT$23.64 billion.
COGS & Expenses ------------------------------------------------------------------------------ QoQ % YoY % (Amount: NT$ million) 4Q22 3Q22 change 4Q21 change ------------------------------ -------- -------- ------- -------- ------- Operating Revenues 67,836 75,392 (10.0) 59,100 14.8 COGS (38,712) (39,728) (2.6) (35,997) 7.5 Depreciation (8,898) (9,622) (7.5) (10,122) (12.1) Other Mfg. Costs (29,814) (30,106) (1.0) (25,875) 15.2 Gross Profit 29,124 35,664 (18.3) 23,103 26.1 Gross Margin (%) 42.9% 47.3% 39.1% Operating Expenses (6,798) (6,794) 0.1 (6,821) (0.3) G&A (2,438) (2,428) 0.4 (2,164) 12.7 Sales & Marketing (953) (1,061) (10.2) (1,240) (23.1) R&D (3,407) (3,304) 3.1 (3,414) (0.2) Expected Credit Impairment Loss (0) (1) (48.5) (3) (88.3) Net Other Operating Income & Expenses 1,311 1,287 1.9 1,334 (1.7) Operating Income 23,637 30,157 (21.6) 17,616 34.2 ------------------------------ -------- -------- ------- -------- -------
(MORE TO FOLLOW) Dow Jones Newswires
January 16, 2023 04:05 ET (09:05 GMT)
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