2021 EPS Grew 331% YoY to NT$4.65; 4Q21 Revenue Reached Record High at NT$2,645 Million with EPS NT$1.93
Hsinchu, Taiwan -- February 22, 2022 -- Faraday Technology Corporation (“Faraday” or the “Company”) (TWSE: 3035), a leading fabless ASIC service and silicon IP provider, today announced its consolidated financial results for the fourth quarter of 2021. Fourth quarter consolidated revenue was NT$2,645 million, up by 19% QoQ and 85% YoY, with gross margin of 51.4%. Net income attributed to stockholders of the parent was NT$479 million, with a basic EPS of NT$1.93. For the fiscal year of 2021, consolidated revenue totaled NT$8,085 million, an increase of 47% YoY. Net income attributed to stockholders of the parent was NT$1,156 million, with a basic EPS of NT$4.65.
Looking back to the fourth quarter, the Company’s revenue driven by mass production increased significantly by 19% QoQ and 85% YoY to record-high at NT$2,645 million. In terms of profitability performance, gross profit, operating income and net income have shown continuous growth for four consecutive quarters, while gross profit and operating income reached historical high in the fourth quarter at 1,358 million and 593 million, respectively. Net income attributed to stockholders of the parent grew 47% QoQ to NT$479 million with an EPS of NT$1.93. Gross margin of the fourth quarter remained at 51.4% while operating margin increased 2.1 percentage points from last quarter to 22.4%, reflecting the Company’s operating leverage and profitability. In terms of sales mix, IP revenue was flat QoQ but up 25% YoY to NT$267 million, NRE grew 20% QoQ and 45% YoY to NT$367 while mass production with the best momentum increased 22% QoQ and 109% YoY to NT$2,011 million. Looking back at 2021, annual revenue, with growing mass production from continued demand of new projects, increased significantly by 47% YoY to NT$8,085 million, the second best in the Company’s history. 2021 to Faraday is a year with significant growth and progress. Design win of ASIC project remained at high level for a couple of years and has been growing in many rapidly-developed areas, including AIoT, automation and networking…etc. Revenue also performed well in all fronts: IP sales increased by 27% YoY to NT$1,062 million, a 14-year high; NRE with strong ASIC orders grew 32% to record-high at NT$1,410 million while mass production with continuous demand for new projects grew 56% to NT$5,613 million, a continuous growth for three consecutive years. In terms of profitability performance, operating income grew more than 840% YoY to record-high at NT$1,402 million with operating margin at 17.3%, and basic EPS up by 331% YoY to NT$4.65.
Looking into 2022, Faraday holds positive view on 2022 outlook and expects first quarter revenue to grow consecutively despite seasonality driven by the incremental sales of mass production on growing demand. Faraday’s growth force is resulted from the structural change. The Company will continue to increase the sustainability of revenue through developing recurring income while strengthen the resilience against cyclical fluctuation, aiming to lay the foundation for the Company’s mid- to long-term growth.
Summary of Operating Results
|(Amount: NT$ million) ||4Q21 ||3Q21 ||QoQ% change |
|Revenues ||2,645 ||2,218 ||19.2 |
|Gross profit ||1,358 ||1,144 ||18.7 |
|Operation expenses ||(765) ||(695) ||10.0 |
|Operating income ||593 ||449 ||32.0 |
|Non-operating items ||22 ||4 ||503.6 |
|Net income attributed to stockholders of the parent ||479 ||327 ||46.5 |
|EPS (NTD) ||1.93 ||1.31 || |
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