Himax Tech CEO Calls Q1 Low Point, Foresees Sales Surge in Automotive Sector
Portfolio Pulse from Anusuya Lahiri
Himax Technologies, Inc (NASDAQ:HIMX) reported a fiscal Q1 revenue decline of 15.0% Y/Y to $207.55 million, surpassing analyst estimates. Earnings per ADS were $0.07, exceeding expectations. The company sees Q1 as the low point, with sales expected to pick up in Q2, especially in the automotive sector, and anticipates growth due to the expanding automotive display market. HIMX expects Q2 net revenues to grow 8.0%-13.0% sequentially with a projected gross margin of 31.5%-33.5%. Shares rose 10% to $5.74.
May 09, 2024 | 3:20 pm
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Himax Technologies reported a better-than-expected Q1 with revenue of $207.55 million and EPS of $0.07. The company anticipates growth in the automotive sector and expects Q2 revenues to increase by 8-13%. Shares surged 10% to $5.74.
Himax's positive Q1 earnings and optimistic outlook for Q2, especially in the automotive display market, have likely contributed to the stock's 10% increase. The company's strategic focus on high-growth areas and its ability to exceed analyst expectations suggest a positive short-term impact on its stock price.
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