Benzinga | Jan 25, 2022 06:02AM EST

United Microelectronics Tops Q4 Consensus; Sees Market Demand To Exceed Supply

* United Microelectronics Corp (NYSE:UMC) reported fourth-quarter FY21 revenue growth of 30.5% year-on-year to $2.14 billion, beating the consensus of $2.08 billion.

* "In the fourth quarter, strong demand continued to drive full loading across our fabs, while overall wafer shipments grew 1.7% QoQ to 2.55 million 8-inch equivalents," Co-President Jason Wang said.

* Margin: The gross margin expanded 1,520 basis points to 39.1%.

* Earnings per ADS of $0.235 beat the consensus of $0.210.

* The company generated $3.3 billion in operating cash flow during the twelve months ended December 31.

* It held $4.8 billion in cash and equivalents.

* Outlook: "Looking ahead into Q1 2022, we anticipate that demand across all nodes in UMC's addressable markets will continue to outpace supply," Wang said.

* Price Action: UMC shares traded lower by 0.55% at $10.85 in the premarket session on the last check Tuesday.