Himax Technologies Adjusts Third Quarter 2024 Earnings Guidance

Strong Financial Position

Company Reports High Return on Equity and Net Margin

TUSTIN, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq: HIMX) ("Himax" or the "Company"), a leading supplier of display drivers and other semiconductor solutions, today announced an update to its third quarter 2024 earnings guidance.

Based on preliminary financial results, Himax now expects revenue for the third quarter of 2024 to be in the range of $550 million to $570 million, compared to the previously announced guidance of $580 million to $600 million. The downward revision is primarily due to weaker than expected demand in the smartphone and consumer electronics markets.

Despite the revenue adjustment, Himax continues to maintain a strong financial position, with a return on equity of 566% and a net margin of 530%. The Company expects to achieve profitability in the third quarter of 2024 and to continue to generate strong cash flow from operations.

"While we are disappointed to adjust our revenue guidance, we believe that the long-term fundamentals of our business remain strong," said Jordan Wu, Himax's Chairman and CEO. "We are taking steps to mitigate the impact of the current market weakness, including reducing our operating expenses and focusing on new product development. We are confident that we will emerge from this period as a stronger company."

Himax will release its full financial results for the third quarter of 2024 after the market closes on Thursday, August 15, 2024.