Amkor Technology, Inc. (NASDAQ:AMKR) Q1 2024 Results Conference Call April 29, 2024 5:00 PM ET

Company Participants

Jennifer Jue - Head of IR
Giel Rutten - CEO
Megan Faust - CFO

Conference Call Participants

Toshiya Hari - Goldman Sachs
Ben Reitzes - Melius Research
Craig Ellis - B. Riley Securities
Charles Shi - Needham & Company
Randy Abrams - UBS
Tom Diffely - D. A. Davidson
Joseph Moore - Morgan Stanley
Steve Barger - KeyBanc Capital Markets

Operator

Good day, ladies and gentlemen, and welcome to the Amkor Technology First Quarter 2024 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 2024 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 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-K.

Now I would like to turn the call over to Giel.

Giel Rutten

Thank you, Jennifer. Good afternoon, everyone and thank you for joining the call today. Amkor delivered first quarter results in line with expectations, with revenue of $1.37 billion and EPS of $0.24. Overall, a 7% year-on-year revenue year-on-year revenue decline with the most significant decline from the automotive and industrial markets.

After multi-quarter industry cycle, we believe the first quarter marks the low point for revenue and utilization for Amkor. Although macroeconomic and geopolitical uncertainties continue to impact market sentiment, we observe positive signs of market recovery in multiple areas across our portfolio. During the quarter, we continued to focus on our strategic pillars to elevate our leadership position. With our strong technology leadership in advanced packaging, a unique diversified global footprint and partnership with lead customers in the secular growth markets, we are well-positioned to accelerate as the industry exits the cycle.