Amkor Technology, Inc. (NASDAQ:AMKR) Q1 2022 Earnings Conference Call May 2, 2022 5:00 PM ET

Corporate Participants

Jennifer Jue - Head-Investor Relations

Giel Rutten - Chief Executive Officer

Megan Faust - Chief Financial Officer

Conference Call Participants

Randy Abrams – Credit Suisse

Krish Sankar - Cowen and Company

Tom Diffely - D.A. Davidson

Operator

Good day, ladies and gentlemen, and welcome to the Amkor First Quarter 2022 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. At this time, all participants are in a listen-only mode. After the speakers’ remarks, we will conduct a question-and-answer session. As a reminder, this conference is being recorded.

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

Jennifer Jue

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's first quarter 2022 earnings conference call. Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer.

Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the U.S. GAAP equivalent on our website. We will make forward-looking statements about our expectations for Amkor's future performance based on the environment as we currently see it.

Of course, actual results could differ. Please refer to our press release and other SEC filings for information on risk factors, uncertainties and exceptions that could cause actual results to differ materially from these expectations.

Please note that the financial results discussed today are preliminary, and final data will be included in our Form 10-Q.

And now I would like to turn the call over to Giel.

Giel Rutten

Thanks, Jennifer. Good afternoon, everyone. And thank you for joining the call today. Amkor delivered solid results in the first quarter with both revenue and profitability at the high-end of guidance. Revenue of $1.6 billion and EPS of $0.69, our first quarter records, reflecting year-on-year increases of 20% and 40% respectively. Continued strong demand for our advanced packaging solutions, particularly in the communication and market through better than expected results.

Now, let me review the current dynamics in our end markets. Our communications business grew 22% year-on-year, driven by demand for advanced SiP and flip chip technology for the latest 5G processors and peripheral devices in new smartphone models. Some weakness in the China market was offset by strength in the high-end smartphones, as well as the spring launch of new models. With Amkor’s leadership position across multiple semiconductor devices in 5G phones, we expect the ongoing proliferation of 5G to remain an important growth driver.