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TSMC Reports Fourth Quarter EPS of NT$6.41
HSINCHU, Taiwan, R.O.C., Jan. 13, 2022 – TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$438.19 billion, net income of NT$166.23 billion, and diluted earnings per share of NT$6.41 (US$1.15 per ADR unit) for the fourth quarter ended December 31, 2021.
Year-over-year, fourth quarter revenue increased 21.2% while net income and diluted EPS both increased 16.4%. Compared to third quarter 2021, fourth quarter results represented a 5.7% increase in revenue and a 6.4% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.
In US dollars, fourth quarter revenue was $15.74 billion, which increased 24.1% year-over-year and increased 5.8% from the previous quarter.
Gross margin for the quarter was 52.7%, operating margin was 41.7%, and net profit margin was 37.9%.
In the fourth quarter, shipments of 5-nanometer accounted for 23% of total wafer revenue; 7-nanometer accounted for 27%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 50% of total wafer revenue.
“Our fourth quarter business was supported by strong demand for our industry-leading 5-nanometer technology,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into first quarter 2022, we expect our business to be supported by HPC-related demand, continued recovery in the automotive segment, and a milder smartphone seasonality than in recent years.”
Based on the Company’s current business outlook, management expects the overall performance for first quarter 2022 to be as follows:
- Revenue is expected to be between US$16.6 billion and US$17.2 billion;
And, based on the exchange rate assumption of 1 US dollar to 27.6 NT dollars,
- Gross profit margin is expected to be between 53% and 55%;
- Operating profit margin is expected to be between 42% and 44%.
The management further expects the 2022 capital budget to be between US$40 billion and US$44 billion.
TSMC's 2021 fourth Quarter Consolidated results:
(Unit: NT$ million, except for EPS)
4Q21 Amount a | 4Q20 Amount | YoY Inc. (Dec.) % | 3Q20 Amount | QoQ Inc. (Dec.) % | |
Net Sales | 438,189 | 361,533 | 21.2 | 414,671 | 5.7 |
Gross profit | 230,755 | 195,236 | 18.2 | 212,746 | 8.5 |
Income from operations | 182,772 | 157,120 | 16.3 | 171,004 | 6.9 |
Income before tax | 184,819 | 161,107 | 14.7 | 173,852 | 6.3 |
Net income | 166,232 | 142,766 | 16.4 | 156,259 | 6.4 |
EPS (NTS) | 6.41b | 5.51b | 16.4 | 6.03b | 6.4 |
a: 4Q2021 figures have not bee approved by Board of Directors
b: Based on 25,930 million weighted average outstanding shares
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