TSMC Reports First Quarter EPS of NT$5.39

Hsin­chu, Tai­wan, R.O.C., Apr. 15, 2021 – TSMC (TWSE: 2330, NYSE: TSM) today announ­ced con­so­li­da­ted reve­nue of NT$362.41 bil­li­on, net inco­me of NT$139.69 bil­li­on, and diluted ear­nings per share of NT$5.39 (US$0.96 per ADR unit) for the first quar­ter ended March 31, 2021.

Year-over-year, first quar­ter reve­nue increased 16.7% while net inco­me and diluted EPS both increased 19.4%. Com­pared to fourth quar­ter 2020, first quar­ter results repre­sen­ted a 0.2% increase in reve­nue and a 2.2% decrease in net inco­me. All figu­res were pre­pared in accordance with TIFRS on a con­so­li­da­ted basis.

In US dol­lars, first quar­ter reve­nue was $12.92 bil­li­on, which increased 25.4% year-over-year and increased 1.9% from the pre­vious quarter.

Gross mar­gin for the quar­ter was 52.4%, ope­ra­ting mar­gin was 41.5%, and net pro­fit mar­gin was 38.6%.

In the first quar­ter, ship­ments of 5‑nanometer accoun­ted for 14% of total wafer reve­nue; 7‑nanometer accoun­ted for 35%. Advan­ced tech­no­lo­gies, defi­ned as 7‑nanometer and more advan­ced tech­no­lo­gies, accoun­ted for 49% of total wafer revenue.

Our first quar­ter busi­ness was sup­port­ed by HPC-rela­ted demand, balan­ced by a mil­der smart­phone sea­so­na­li­ty than in recent years,” said Wen­dell Huang, VP and Chief Finan­cial Offi­cer of TSMC. “Moving into second quar­ter 2021, we expect our reve­nue to be flat­tish, as HPC-rela­ted demand will con­ti­nue to grow, off­set by smart­phone seasonality.”

Based on the Company’s cur­rent busi­ness out­look, manage­ment expects the over­all per­for­mance for second quar­ter 2021 to be as follows:

  • Reve­nue is expec­ted to be bet­ween US$12.9 bil­li­on and US$13.2 billion;

And, based on the exch­an­ge rate assump­ti­on of 1 US dol­lar to 28.4 NT dollars,

  • Gross pro­fit mar­gin is expec­ted to be bet­ween 49.5% and 51.5%;
  • Ope­ra­ting pro­fit mar­gin is expec­ted to be bet­ween 38.5% and 40.5%.

The manage­ment fur­ther expects the 2021 capi­tal bud­get to be around US$30 billion.