This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Himax 1Q Profit Drops 87 Pct, Forecasts 2Q Beat

NEW YORK (AP) ¿ Chip maker Himax Technologies Inc. posted a sharp drop in its first-quarter profit Monday as orders declined amid the economic turmoil, but issued a better-than-expected forecast for the current quarter on rebounding demand.

The news sent its U.S.-traded shares higher in after-hours trading, gaining 31 cents, or 12 percent, to $2.90. The stock had closed up 12 cents at $2.59.

The Taiwan-based company said its net income attributable to shareholders fell 87 percent to $4.4 million, or 2 cents per American Depositary share, from $34.1 million, or 18 cents per ADS, in the same period a year earlier.

Excluding items, Himax earned 4 cents per ADS in the latest quarter.

Revenue tumbled 46 percent to $125.7 million from $23.6 million.

Analysts, on average, were expecting a profit of 3 cents per ADS on sales of $139.1 million, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.

"Our customers' orders declined significantly toward the end of 2008," said Jordan Wu, president and chief executive, in a statement. He added that the company did start to see improvement in demand for its products, due mainly to "overall inventory replenishments and the stimulus program implemented by the Chinese government for certain electronic appliances sold in rural areas."
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HIMX $7.63 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs