Amkor Technology Q2 Profit Falls

(RTTNews) - Amkor Technology, Inc. (AMKR) reported net income for the second quarter of $10 million or $0.04 per share, compared to $50 million or $0.21 per share for the year-ago quarter.

The latest quarter results include a $0.04 per share charge for the early extinguishment of debt related to the redemption of all $345 million aggregate principal amount of Amkor's outstanding 7.375% Senior Notes due 2018. The year-ago quarter results included a net gain of $0.08 per share related to the sale of Amkor's Japanese subsidiary to J-Devices, its joint venture in Japan.

Net sales for the second quarter fell to $737 million from $767 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.11 per share on revenue of $746.75 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts net sales of $700 million to $750 million and net loss of $0.03 per share to net income of $0.06 per share. Analysts currently expect the company to earn $0.17 per share on revenue of $795.87 million for the third quarter.