MagnaChip reports Q4 adjusted EPS 7c, consensus (19c)

Reports Q4 revenue $63.03M, consensus $61.57M. YJ Kim, Magnachip’s (MX) CEO, said, “Our Q4 revenue of $63M was up 24% year-over-year, and gross profit margin of 25.2% was up 2.5 percentage points as compared to a year ago. For the year, Standard Products business revenue increased 13% year-over-year, in line with our guidance for double-digit growth that we provided at the beginning of 2024.” YJ Kim added, “Our revenue and gross margin results represented a step in the right direction, but our utmost short-term goal is a return to profitability. To achieve this goal, Magnachip announced today its transition to become a pure-play Power company, and we also announced that we are exploring all strategic options for the Display business, which will be classified as discontinued operations when the Company reports Q1 results in May.”