Amkor predicts 1st-qtr profit in line with analyst views, says markets have rebounded quickly

Amkor says market rebounding, sees 1Q profit

CHANDLER, Ariz. — Amkor Technology Inc. on Wednesday predicted a first-quarter profit that is in line with analyst expectations.

“We began the year with an unprecedented drop in sales as the electronics industry significantly cut inventories in response to the global recession. The markets have rebounded more quickly than most people anticipated at the start of the year, and the current outlook is positive as we enter 2010,” said Ken Joyce, Amkor’s president and CEO.

Amkor expects a profit of 17 cents to 22 cents per share in the most recent quarter. Analysts polled by Thomson Reuters expect a profit of 20 cents per share, on average.

In the first quarter of 2009, Amkor reported a loss of 12 cents per share.

The company also predicted first-quarter revenue will decline 2 percent to 6 percent from the $668 million it reported in the fourth quarter, implying a range of $628 million to $654.6 million. Amkor booked revenue of $388.8 million in the first quarter of 2009.

Amkor shares fell 24 cents, or 3.4 percent, in after-hours trading, after finishing regular trading up 41 cents, or 6.9 percent, at $6.34.

(This version includes company’s CORRECTION of its earlier EPS guidance)