TSMC Reports First Quarter EPS of NT$3.46

Hsinchu, Taiwan, R.O.C. -- April 19, 2018 -- TSMC today announced consolidated revenue of NT$248.08 billion, net income of NT$89.79 billion, and diluted earnings per share of NT$3.46 (US$0.59 per ADR unit) for the first quarter ended March 31, 2018.

Year-over-year, first quarter revenue increased 6.1% while net income and diluted EPS both increased 2.5%. Compared to fourth quarter 2017, first quarter results represented a 10.6% decrease in revenue and a 9.6% decrease in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, first quarter revenue was $8.46 billion, which decreased 8.2% from the previous quarter but increased 12.7% year-over-year.

Gross margin for the quarter was 50.3%, operating margin was 39%, and net profit margin was 36.2%.

In the first quarter, shipments of 10-nanometer accounted for 19% of total wafer revenue; 16/20-nanometer process technology accounted for 22% of total wafer revenue; and advanced technologies, defined as 28-nanometer and more advanced technologies, accounted for 61% of total wafer revenue.

“Our first quarter business was impacted by an unfavorable foreign exchange rate as NT dollar has appreciated by 5.9% against US dollar over first quarter of 2017, as well as mobile product seasonality, while the continuing strong demand for cryptocurrency mining moderated the mobile softness,” said Lora Ho, SVP and Chief Financial Officer of TSMC. “Moving into second quarter 2018, continued weak demand from our mobile sector will negatively impact our business despite strength in cryptocurrency mining. Based on our current business outlook, management expects the overall performance for second quarter 2018 to be as follows”:

• Revenue is expected to be between US$7.80 billion and US$7.90 billion;

And, based on the exchange rate assumption of 1 US dollar to 29.20 NT dollars,

• Gross profit margin is expected to be between 47% and 49%;
• Operating profit margin is expected to be between 35% and 37%.

The management further expects 2018 capital budget to be between US$11.5 billion and US$12 billion.

TSMC's 2018 fourth Quarter Consolidated results:
(Unit: NT$ million, except for EPS)

a: 1Q2018 figures have not bee approved by Board of Directors
b: Based on 25,930 million weighted average outstanding shares

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