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 |
|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