WT Microelectronics (3036 TT) held the Investor Conference today for the fourth quarter of 2016 and announced the financial results and outlook. Consolidated revenue for the fourth quarter of 2016 was NT$45.452bn, up 9.99% QoQ, higher than guided NT$4.15-4.4bn, and reaching quarter record-high. Because of LeTV’s allowance for doubtful accounts NT$500mn in operating expense, operating income was NT$372mn, net income after taxes was NT$198mn, and earnings per share was NT$0.42. If stripping out this one-time impact, proforma operating income was NT$872mn, net income after taxes was NT$615mn, and earnings per share was NT$1.31.
For 2016 key financial results, consolidated revenue for 2016 was NT$144.147bn, up 26.89% YoY, reaching annual record-high. Operating income was NT$2.461bn, operating margin was 1.70%, net income after taxes was NT$1.7bn, and earnings per share was NT$3.61. If stripping out LeTV’s one-time impact, proforma operating income was NT$2.96bn, operating margin was 2.05%, net income after taxes was NT$2.117bn, and earnings per share was NT$4.50.
Revenue in the fourth quarter of 2016 continued to show solid QoQ growth, better than seasonal QoQ decline, led by strong growth in Communication sector, better growth from Computing sector (double-digit QoQ growth) and better-than-expected Consumer sector while Industrial and Automotive sectors showed modest QoQ decline due to customers’ inventory adjustment.