ASE Technology Holding Co., Ltd. Reports Its Unaudited Consolidated Financial Results for the First Quarter of 2024

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TAIPEI, April 25, 2024 /PRNewswire/ -- ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX) ("We", "ASEH", or the "Company"), the leading provider of semiconductor assembly and testing services ("ATM") and the provider of electronic manufacturing services ("EMS"), today reported its unaudited net revenues[1] of NT$132,803 million for 1Q24, up by 1.5% year-over-year and down by 17.3% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT$5,682 million, down from NT$5,817 million in 1Q23 and down from NT$9,392 million in 4Q23.  Basic earnings per share for the quarter were NT$1.32 (or US$0.084 per ADS), compared to NT$1.36 for 1Q23 and NT$2.18 for 4Q23.  Diluted earnings per share for the quarter were NT$1.28 (or US$0.082 per ADS), compared to NT$1.30 for 1Q23 and NT$2.13 for 4Q23.

RESULTS OF OPERATIONS

1Q24 Results Highlights – Consolidated

  • Net revenues from packaging operations, testing operations, EMS operations, and others represented approximately 45%, 9%, 45%, and 1% of the total net revenues for the quarter, respectively.

  • Cost of revenues was NT$111,935 million for the quarter, down from NT$134,820 million in 4Q23.

    • Raw material cost totaled NT$66,845 million for the quarter, representing 50% of the total net revenues.

    • Labor cost totaled NT$15,378 million for the quarter, representing 12% of the total net revenues.

    • Depreciation, amortization and rental expenses totaled NT$13,211 million for the quarter.

  • Gross margin decreased by 0.3 percentage points to 15.7% in 1Q24 from 16.0% in 4Q23.

  • Operating margin was 5.7% in 1Q24, compared to 7.4% in 4Q23.

  • In terms of non-operating items:

    • Net interest expense was NT$1,107 million.

    • Net foreign exchange loss was NT$3,219 million, primarily attributable to the appreciation of the U.S. dollar against the New Taiwan dollar.

    • Net gain on valuation of financial assets and liabilities was NT$4,098 million.

    • Net gain on equity-method investments was NT$57 million.

    • Other net non-operating income was NT$506 million, primarily attributable to miscellaneous income.

        Total non-operating income for the quarter was NT$335 million.

  • Income before tax was NT$7,860 million in 1Q24, compared to NT$12,367 million in 4Q23. We recorded income tax expenses of NT$1,904 million for the quarter, compared to NT$2,461 million in 4Q23.

  • Net income attributable to shareholders of the parent was NT$5,682 million in 1Q24, compared to NT$5,817 million in 1Q23 and NT$9,392 million in 4Q23.

  • Our total number of shares outstanding at the end of the quarter was 4,392,550,237, including treasury stock owned by our subsidiaries in 1Q24. Our 1Q24 basic earnings per share of NT$1.32 (or US$0.084 per ADS) were based on 4,312,488,924 weighted average numbers of shares outstanding in 1Q24.  Our 1Q24 diluted earnings per share of NT$1.28 (or US$0.082 per ADS) were based on 4,368,340,298 weighted average number of shares outstanding in 1Q24.