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TSMC Q4'18 earnings beat estimates, but Q1'19 revenues seen dropping QoQ

Taiwan Semiconductor Manufacturing Co. Ltd. reported net income attributable to shareholders of the parent company for the fourth quarter of 2018 of NT$99.98 billion, up from NT$99.29 billion in the same period a year ago.

EPS for the quarter edged up to NT$3.86 from NT$3.83 in the year-ago period. The S&P Global Market Intelligence consensus normalized EPS estimate was NT$3.82 for the quarter.

Net sales rose 4.4% on an annual basis to NT$289.77 billion from NT$277.57 billion, helped in part by a favorable exchange rate.

TSMC income before taxes edged lower in the fourth quarter of 2018 to NT$111.08 billion from NT$111.68 billion in the year-ago period.

For full year 2018, the company booked NT$351.13 billion in attributable net income, or NT$13.54 per share, up from NT$343.11 billion, or NT$13.23 per share, in the previous year. Net revenue rose to NT$1.031 trillion from NT$977.45 billion.

"Moving into first quarter 2019, we anticipate our business will be dampened by the overall weakening of the macroeconomic outlook, mobile product seasonality, and high levels of inventory in the semiconductor supply chain," TSMC CFO and Senior Vice President Lora Ho said.

TSMC anticipates revenue in the range of US$7.3 billion and US$7.4 billion for the first quarter of 2019. The company booked net revenue of US$9.40 billion in the fourth quarter of 2018, and US$34.20 billion for full year 2018.

The company's shares closed 1.38% higher Jan. 17, before the company released its fourth-quarter 2018 results.

As of Jan. 16, US$1 was equivalent to NT$30.83.