Himax Technologies, Inc. (HIMX) stock prices were down by 6.97% as of the market closing on May 5th 2021, bringing the price per share up to USD$12.28. Subsequent pre-market fluctuations saw the stock swing upwards by 10.34%, bringing it to USD$13.51.
Net Revenues Exceed Expectations
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HIMX’s reports of net revenues amounting to USD$309 million for Q1 2021 indicated a 12.1% sequential increase and an increase of 64.7 as compared to Q1 2020. As a result of strong demand across all major business segments, the company’s reports exceeded the previously announced guidance pegging net revenues for the quarter at 5-10%.
Large Display Revenues Trending Up
Revenue from large displays was up 8.8% compared to the previous quarter and up 13.9% year-over-year, reported at USD$69.9 million. Largely as a result of the onset of the global pandemic enforcing global work-from-home orders and a transition to distance education, notebook revenue increased by more than 70% compared to the prior quarter.
Financial Growth Across Segments
Small and medium sized display drivers generated revenues of USD$204.1 million, indicating continued growth into the first quarter of 2021 and exceeded expectations. Sales from smartphones also continued to grow into the first quarter of 2021, reporting revenues of UD$80.2 million, representing a monumental 256.4% year-over-year increase.
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Strength of Tablet Segment
Q1 2021 also saw the company report tablet revenues that set a record for HIMX at USD$73 million. Primarily attributable to the continuation of the aforementioned strong demand for home working and online learning, Q1 sales for tablet drivers were up more than 150% year-over-year. Tablet TDDI revenue has been increasing every quarter since its production in Q1 2020, largely thanks to the increased penetration in the Android market where HIMX enjoys a monopoly as supplier to major end customers.
Solid Liquidity Position
HIMX reported cash, cash equivalents, and other financial assets to be USD$245.8 million as of March 31st 2021. The first quarter of 2020 saw the company reporting USD126.6 million, while the previous quarter reported USD$201.4 million. Q1 2021 saw an influx of USD$60.3 million of operating cash. The company reported having USD$57 million in long-term unsecured debt as of the end of Q1 2021.
Future Outlook for HIMX
The company has continued to provide excellent financial reports over the last several quarters, indicating an effective leveraging of their resources. Current and prospective investors are hopeful that the company will continue to facilitate significant and sustained increases in shareholder value.
