LAGUNA, PHILIPPINES — Integrated Micro-Electronics Inc. today announced third quarter revenue of $294.2 million, boosted by acquisitions and higher demand for automotive electronics.
Net income rose 22% from a year ago to $7.1 million.
Year to date revenues are up 29% to $795.2 million due to positive effects of recent acquisitions and a rising demand in the automotive and industrial segments. Net income has risen 16% to $24.1 million compared to last year.
In a press release, IMI chief executive Arthur Tan said: “IMI today is different from the IMI more than 10 years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving.”
Revenues from Europe and Mexico operations are up 15% to $263.4 million on higher automotive demand, Philippines are up 4% to $197.9 million as new industrial applications have more than offset drops in demand for security and medical devices; China posted $198.2 million in revenues, up 1% as a decline in telecom infrastructure has been offset by growth in automotive and industrial.
The two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.
New project wins for the year have reached $580 million, a 217% increase from the previous year.
“We continue to gain momentum as the synergistic effects of our recent acquisitions kick in," IMI president and chief operating officer Gilles Bernard said in a statement. “As IMI builds its competence around the next generation of technologies in high value markets, we will be more involved in the ever evolving global value chains in the automotive, industrial and aerospace markets.”