Business Highlights
- Third quarter of 2024 sales increased 1% Q/Q and increased 23% Y/Y
- SSD controller sales: 3Q of 2024 were flat Q/Q and increased 20% to 25% Y/Y
- eMMC+UFS controller sales: 3Q of 2024 increased 0% to 5% Q/Q and increased 40% to 45% Y/Y
- SSD solutions sales: 3Q of 2024 increased 5% to 10% Q/Q and increased 5% to 10% Y/Y
Financial Highlights
| 3Q 2024 GAAP | 3Q 2024 Non-GAAP | |
| • Net sales | $212.4 million (+1% Q/Q, +23% Y/Y) | $212.4 million (+1% Q/Q, +23% Y/Y) |
| • Gross margin | 46.7% | 46.8% |
| • Operating margin | 11.5% | 16.1% |
| • Earnings per diluted ADS | $0.62 | $0.92 |
TAIPEI, Taiwan and MILPITAS, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended September 30, 2024. For the third quarter of 2024, net sales (GAAP) increased sequentially to $212.4 million from $210.7 million in the second quarter of 2024. Net income (GAAP) decreased to $20.8 million, or $0.62 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $30.8 million, or $0.91 per diluted ADS (GAAP), in the second quarter of 2024.
For the third quarter of 2024, net income (non-GAAP) decreased to $31.0 million, or $0.92 per diluted ADS (non-GAAP), from net income (non-GAAP) of $32.5 million, or $0.96 per diluted ADS (non-GAAP), in the second quarter of 2024.
All financial numbers are in U.S. dollars unless otherwise noted.
Third Quarter of 2024 Review
“We continued to execute well in the third quarter of 2024, delivering revenue above the mid-point of our guided range and further expanding our gross margins,” said Wallace Kou, President and CEO of Silicon Motion. “Our eMMC and UFS controller revenue grew modestly, and our SSD controller revenue remained strong given continued growth in the OEM channel. We continue to outperform the market through new wins we secured this quarter with both NAND makers and module makers that we expect will ramp-up in 2025. We expect this trend to continue as we expand our product portfolio and deliver world-class controllers to the market.”
Key Financial Results
| (in millions, except percentages and per ADS amounts)
| GAAP | Non-GAAP | ||||||||||||||||
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3Q 2024
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2Q 2024
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3Q 2023
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3Q 2024
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2Q 2024
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3Q 2023
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| Revenue | $212.4 | $210.7 | $172.3 | $212.4 | $210.7 | $172.3 | ||||||||||||
| Gross profit | $99.3 | $96.8 | $73.1 | $99.3 | $96.8 | $73.3 | ||||||||||||
| Percent of revenue | 46.7 % | 45.9 % | 42.4 % | 46.8 % | 46.0 % | 42.5 % | ||||||||||||
| Operating expenses | $74.8 | $66.0 | $58.1 | $65.1 | $62.1 | $49.5 | ||||||||||||
| Operating income | $24.5 | $30.7 | $15.0 | $34.2 | $34.7 | $23.8 | ||||||||||||
| Percent of revenue | 11.5 % | 14.6 % | 8.7 % | 16.1 % | 16.5 % | 13.8 % | ||||||||||||
| Earnings per diluted ADS | $0.62 | $0.91 | $0.32 | $0.92 | $0.96 | $0.63 | ||||||||||||
