Amkor Technology, Inc. (AMKR) on Tuesday reported a rise in profit for the third quarter benefiting mainly from income tax benefits. The company also provided guidance for the fourth quarter of fiscal 2009.
Amkor Tech's third quarter net income attributable to the company rose to $81 million or $0.31 per share from $29.1 million or $0.15 per share in the prior-year period. Net income for the quarter included income tax benefits of $34 million or $0.12 per share primarily from the release of a tax valuation allowance at the company's subsidiary in Korea.
On average, four analysts polled by Thomson-Reuters expected the company to report earnings of $0.19 per share. Analysts' estimates typically exclude one-time items.
Net sales declined to $616.2 million from $719.7 million in the prior-year quarter. Three Wall Street analysts expected revenues of $603.53 million for the quarter. Gross profit for the quarter was $154.61 million, compared with $129.03 million in the year-ago period.
Total operating expenses were down to $66.83 million from $74.55 million while operating income increased to $87.77 million from $54.48 million last year.
For the nine months, net income declined to $68.0 million or $0.32 per share from $166.4 million or $0.84 per share last year. Net sales were $1.51 billion, down from $2.1 billion in the prior-year. Looking forward, the company expects fourth quarter net income in the range of $0.17 to $0.23 per share. The company expects net sales to be flat, plus or minus 2%, from the third quarter of 2009 and gross margin of 23% to 25% based on current forecasts from the customers.
Analysts expect earnings of $0.16 per share for the fourth quarter on revenues of $592.23 million.
AMKR closed Tuesday's regular trading at $6.74, down $0.09 or 1.32% on a volume of 3.06 million shares while in after hours trading AMKR is down by $0.19 or 2.82% at $6.55 on the Nasdaq.
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