UMC Reports Third Quarter 2022 Results

Third quarter operating revenues increased by 4.6% sequentially to NT$75.39 billion which was partially lifted due to a better product mix as well as favorable foreign exchange rate. Revenue contribution from 40nm and below technologies represented 42% of wafer revenue. Gross profit grew 6.5% QoQ to NT$35.66 billion, or 47.3% of revenue. Operating expenses grew 1.3% to NT$6.79 billion. Net other operating income declined to NT$1.29 billion. Net non-operating income totaled NT$2.19 billion. Net income attributable to shareholders of the parent amounted to NT$27 billion.

Earnings per ordinary share for the quarter was NT$2.19. Earnings per ADS was US$0.345. The basic weighted average number of outstanding shares in 3Q22 was 12,305,516,644, compared with 12,283,479,334 shares in 2Q22 and 12,206,292,756 shares in 3Q21. The diluted weighted average number of outstanding shares was 12,635,661,561 in 3Q22, compared with 12,553,373,552 shares in 2Q22 and 12,411,100,649 shares in 3Q21. The fully diluted shares counted on September 30, 2022 were approximately 12,679,025,000.

Detailed Financials Section

Operating revenues increased to NT$75.39 billion. COGS increased 3.0% to NT$39.73 billion, which included 3.9% sequential increase in other manufacturing costs. Gross profit grew 6.5% QoQ to NT$35.66 billion. Operating expenses increased 1.3% QoQ to NT$6.79 billion, as Sales & Marketing grew 15.9% to NT$1.06 billion while R&D was up 3.0% QoQ to NT$3.30 billion, representing 4.4% of revenue. Net other operating income was NT$1.29 billion. In 3Q22, operating income grew 7.1% QoQ to NT$30.16 billion.

COGS & Expenses

(Amount: NT$ million)

 

3Q22

 

2Q22

 

QoQ %
change

 

3Q21

 

YoY %
change

Operating Revenues

 

75,392

 

72,055

 

4.6

 

55,907

 

34.9

COGS

 

(39,728)

 

(38,583)

 

3.0

 

(35,363)

 

12.3

Depreciation

 

(9,622)

 

(9,616)

 

0.1

 

(9,900)

 

(2.8)

Other Mfg. Costs

 

(30,106)

 

(28,967)

 

3.9

 

(25,463)

 

18.2

Gross Profit

 

35,664

 

33,472

 

6.5

 

20,544

 

73.6

Gross Margin (%)

 

47.3%

 

46.5%

 

 

 

36.8%

 

 

Operating Expenses

 

(6,794)

 

(6,706)

 

1.3

 

(6,636)

 

2.4

G&A

 

(2,428)

 

(2,579)

 

(5.9)

 

(2,119)

 

14.6

Sales & Marketing

 

(1,061)

 

(915)

 

15.9

 

(1,212)

 

(12.5)

R&D

 

(3,304)

 

(3,209)

 

3.0

 

(3,303)

 

0.0

Expected Credit
Impairment Loss

 

(1)

 

(3)

 

(75.8)

 

(2)

 

(68.6)

Net Other Operating
Income & Expenses

 

1,287

 

1,398

 

(8.0)

 

1,227

 

4.9

Operating Income

 

30,157

 

28,164

 

7.1

 

15,135

 

99.3


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