Himax Technologies, Inc. reported net revenues of $222.4 million for the third quarter of 2024, a decrease of 7.2% sequentially, but significantly exceeding its guidance range of a 12% to 17% decrease. Gross margin came in at 30.0%, in-line with guidance, while profit per diluted ADS was 7.4 cents, considerably above the guidance range of 1.5 cents to 4.5 cents.
The automotive business remained the largest revenue contributor, experiencing a mid-single digit decrease but outperforming the company's expectation of a high teens decline, driven by rush orders from Chinese panel customers. Non-driver business revenues reached $36.3 million, with automotive Tcon sales showing an impressive sequential increase of over 30%.
For the fourth quarter of 2024, Himax anticipates revenues to be flat to slightly down sequentially, with gross margin expected to be flat to slightly up. Profit per diluted ADS is projected to be between 9.3 cents and 11.0 cents. The company noted decent progress in initial small-scale production of its first-generation WLO/CPO solution and new technology development for future generation products.
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