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Amkor beats 3Q estimates

Amkor Technology (Nasdaq: AMKR) topped the consensus analyst forecast in the third quarter.

After market close Tuesday, the provider of semiconductor assembly and testing services reported third quarter earnings of $73 million, or 46 cents per share, excluding amortization. First Call's survey of 10 analysts predicted a profit of 43 cents per share for the quarter ended September 30.

Shares of Amkor traded at 22 in afterhours activity on the Island electronic communications network, following the earnings release. Amkor stock rose 3.4375 to 22.5 in Tuesday's regular trading, prior to the release of quarterly results.

Including amortization, Amkor earned $45 million, or 28 cents per share.

Third quarter revenue increased 29 percent year-over-year and 19 percent sequentially to $602 million. Laminate package products saw particularly strong growth, said John Boruch, company president. Test revenue rose 43 percent year-over-year to $31.4 million.

Unit shipments increased 33 percent year-over-year and 13 percent sequentially.

Amkor doesn't expect the demand for outsourced chip manufacturing services to slow down anytime soon. Revenue has grown historically between 20 and 25 percent annually, and the company expects assembly and test services to generate 35 percent revenue growth in 2001. Amkor sees 20 percent growth for wafer fab revenue.

Gross margin increased to 24.5 percent from 22.7 percent in the second quarter and 19.4 percent a year ago, as Amkor saw its first full quarter with factories acquired from Anam Semiconductor. If goodwill writedowns are excluded, Amkor reported gross margins of 27.6 percent, compared to 20.9 percent in the third quarter of 1999.>