Amkor Technology, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance amid challenging market conditions. For Q3 2024, net sales reached $1,861.6 million, a 2.2% increase from $1,821.8 million in Q3 2023. This growth was driven by a 30% increase in the consumer market and a 23% rise in the computing market, attributed to strong demand for IoT wearables and AI devices. However, net sales for the nine months ended September 30, 2024, decreased by 1.3% to $4,688.6 million from $4,751.3 million in the same period last year, primarily due to a 17% decline in the automotive and industrial market linked to elevated customer inventories.
Gross profit for Q3 2024 was $272.5 million, down from $282.8 million in Q3 2023, reflecting a decrease in gross margin from 15.5% to 14.6%. The decline was attributed to a higher mix of products with increased material content and overhead costs from the new Vietnam facility. In contrast, gross profit for the nine months increased to $686.5 million from $664.0 million, benefiting from favorable foreign currency exchange rates and an extension of the estimated useful life of test equipment.
Operating income for Q3 2024 was $149.4 million, down from $166.6 million in Q3 2023, while net income attributable to Amkor decreased to $122.6 million from $132.6 million. For the nine months, net income attributable to Amkor rose to $248.4 million from $242.3 million, with earnings per share increasing from $0.99 to $1.01.
Amkor's cash and cash equivalents as of September 30, 2024, totaled $959.1 million, down from $1,119.8 million at the end of 2023. Total assets increased to $7,029.1 million from $6,771.1 million, while total liabilities rose to $1,106.1 million from $1,209.8 million. The company reported a significant increase in long-term finance lease liabilities, which rose to $116.1 million from $47.8 million.
Strategically, Amkor has begun deliveries from its new Vietnam facility and is progressing with plans for an advanced packaging and test facility in Arizona. The company is also navigating a cyclical correction in the semiconductor industry, which is affecting demand and pricing. In February 2024, Amkor granted long-term incentive awards under its 2021 Equity Plan, aimed at retaining key talent amid competitive pressures in the semiconductor market.
About AMKOR TECHNOLOGY, INC.
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