TSMC 2004 Third Quarter Report: 20% Increase in Sequential EPS
On a sequential basis, third quarter results represent a 7.5% increase in revenue, a 19.3% increase in net income and a 19.5% increase in fully diluted EPS. Year-over-year comparison shows the increases in revenue, net income, and fully diluted EPS to be 27%, 84%, and 85%, respectively. All figures were prepared in accordance with R.O.C. GAAP on an unconsolidated basis.
The 7.5% increase in third quarter revenue mainly resulted from a 4.0% increase in wafer shipments and a 1.4% increase in wafer average selling price (ASP), further helped by a 1.8% weaker local currency to US dollar exchange rate. Gross margin for the third quarter rose to 46.1%, another significant increase sequentially from the previous quarter’s 43.4%, due to higher levels of wafer output, continuing improvement on 12-inch wafer yield, and a better product mix. Revenues from advanced process technologies (0.13-micron and below) reached 30 percent of total wafer sales. Net margin for the quarter rose to 40.1% from 36.1% in the previous quarter.
“Building upon five consecutive quarters of strong financial performance, TSMC has delivered another set of record-breaking financial results for both the top-line and the bottom-line,” said Lora Ho, VP and Chief Financial Officer of TSMC.
Ms. Ho also noted that there has been some near-term softening in customer demand. The Company’s fourth quarter revenues would decline slightly versus the third quarter of 2004.
TSMC’s 2004 third quarter results: (Unit: NT$million, except for EPS)
3Q’04 | 3Q’03 | YoY | 2Q’04 | QoQ | |
Net sales | 69,735 | 54,877 | 27.1 | 64,869 | 7.5 |
Gross profit | 32,140 | 21,447 | 49.9 | 28,139 | 14.2 |
Income from operations | 26,121 | 16,487 | 58.4 | 22,134 | 18.0 |
Income before tax | 28,129 | 16,708 | 68.4 | 23,121 | 21.7 |
Net income | 27,933 | 15,169 | 84.1 | 23,410 | 19.3 |
EPS(NT$) | 1.20** | 0.65*** | 84.6 | 1.00**** | 19.5 |
* 2004 third quarter figures have not been approved by Board of Directors
** Based on 23,270 million weighted average outstanding shares
*** Based on 23,331 million weighted average outstanding shares
****Based on 23,301 million weighted average outstanding share
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