IMI Announces 2022 Q3 Earnings
Laguna, Philippines — Integrated Micro-Electronics, Inc. (IMI) posted consolidated revenues of US$1.04 billion in the first nine months of 2022, a seven percent growth compared to the same period last year. Revenues for the quarter were at US$351 million, with a gross profit of US$28.5 million for an 8.1% margin, an improvement compared to the 7.1% margin in the first half of 2022. Although challenges in supply chain headwinds have only begun to improve, price adjustment and operating efficiency initiatives by the company have shown better operating results, ending the quarter with a group net income of US$806 thousand.
IMI has executed various cost recovery programs that aim to recoup lost profits due to the increased raw material cost from the extended component shortage of the past two years. Despite continuing challenges from the weak Euro and Renminbi, and inflationary pressure in labor and energy markets, core businesses ushered improvements in financial performance, with wholly-owned subsidiaries achieving US$ 3.8 million of net income in Q3. VIA Optronics and STI Limited margins, on the other hand, have improved against the previous quarters at a slower pace as they continue to face challenging competitive landscapes; these non-wholly-owned subsidiaries ended the quarter with a combined net loss of US$ 3 million.
“Revenue growth is being driven by the automotive and industrial segments, improving 13% and 16% respectively in the first nine months of 2022 compared to last year. The company remains focused on the successful ramp-up of recent key wins in the electric vehicle space that are expected to help drive the company’s growth moving forward,” said IMI President Jerome Tan.
