WT Microelectronics (3036 TT), a Taiwan based IC distributor, today held its earnings conference for the first quarter of 2014 and announced financial results and future outlook. Consolidated revenue for the first quarter of 2014 was NT$23.007 billion, which exceeded the higher range of the original guidance of NT$22.8 billion and represented a decrease of 1.89% compared with the fourth quarter of 2013 and an increase of 14.95% over the first quarter of 2013. Gross profit margin for the quarter was 5.91%, operating profit was NT$492 million, operating profit margin was 2.14%, net income before taxes was NT$406 million, net income after taxes was NT$338 million, the ratio for net income after taxes was 1.47%, and earnings per share was NT$1.00.
Consolidated revenue for the first quarter of 2014 was NT$23.007 billion exceeding the higher range of original guidance of NT$ 22.8 billion. Gross profit margin was better than expected, improved from 5.72% for the fourth quarter of 2013 to 5.91% for the first quarter of 2014. Operating expenses slightly decreased sequentially. Inventory turnover day was in line with guidance, improved from 53 days for the fourth quarter of 2013 to 51 days for the first quarter of 2014.
Looking forward, the company now expected consolidated revenue for the second quarter of 2014 to be between NT$24.0 billion and NT$25.5 billion; gross profit margin to be between 5.7% and 5.9%; operating expenses to be slightly up sequentially; inventory turnover day to be flat compared with the first quarter of 2014.