Sales for the first quarter rose 7.4% year-over-year. The company has surprised on estimates three out of the last four quarters on average of 27.44%. Amkor's forward P/E is 8.73, well under the industry average of 28.9.
Consensus Estimates Rise
After the earnings report, brokerage analysts hiked estimates for the quarter and the year in response to the company's forecast. For the second quarter, consensus estimates rose two cents in the last week to 30 cents from 28 cents per share. For the full year, estimates rose five cents to $1.27 from $1.22 per share.
Amkor's 2008 P/E is 8.73. Its price-to-book is 2.76. The company has an excellent one year return on equity (ROE) of 33.60%.
Amkor Beats Wall Street Estimates for the First Quarter
On Apr 30, the company reported first-quarter earnings that beat Wall Street estimates by 38.46%, or 10 cents a share. Net income increased 108% to $72 million, or 36 cents per share, from the first-quarter 2007.
The first quarter is seasonally the company's slow quarter. Net sales decreased 6.3% sequentially to $699 million but were up 7.4% compared to the first-quarter 2007.
"We exceeded our sales and profitability targets for the first quarter due to select customer demand in certain wireless communications and networking applications, which partially offset the overall seasonal slowing that we had expected," said James Kim, Amkor’s chairman and chief executive officer.
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