TSMC Reports First Quarter EPS of NT$2.37

Hsinchu, Taiwan, R.O.C., April 18, 2019 -- TSMC today announced consolidated revenue of NT$218.70 billion, net income of NT$61.39 billion, and diluted earnings per share of NT$2.37 (US$0.38 per ADR unit) for the first quarter ended March 31, 2019.

Year-over-year, first quarter revenue decreased 11.8% while net income and diluted EPS both decreased 31.6%. Compared to fourth quarter 2018, first quarter results represented a 24.5% decrease in revenue and a 38.6% decrease in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, first quarter revenue was $7.10 billion, which decreased 16.1% year-over-year and decreased 24.5% from the previous quarter.

Gross margin for the quarter was 41.3%, operating margin was 29.4%, and net profit margin was 28.1%.

In the first quarter, shipments of 7-nanometer accounted for 22% of total wafer revenue and 10-nanometer process technology contributed 4% while 16-nanometer accounted for 16%. Advanced technologies, defined as 16-nanometer and more advanced technologies, accounted for 42% of total wafer revenue.

TSMC's 2019 fourth Quarter Consolidated results:
(Unit: NT$ million, except for EPS)

	1Q19 Amount a	1Q18 Amount	YoY Inc. (Dec.) %	4Q18 Amount	QoQ Inc. (Dec.) %
Net Sales	218,704	248,079	(11.8)	289,771	(24.5)
Gross profit	90,358	124,858	(27.6)	138,119	(34.6)
Income from operations	64,266	96,827	(33.6)	107,124	(40.0)
Income before tax	68,182	99,944	(31.8)	111,082	(38.6)
Net income	61,394	89,785	(31.6)	99,984	(38.6)
EPS (NTS)	2.37b	3.46b	(31.6)	3.86b	(38.6)

a: 1Q2019 figures have not bee approved by Board of Directors
b: Based on 25,930 million weighted average outstanding shares