Dallas, Texas 03/06/2014 (FINANCIALSTRENDS) – Taiwan based Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) reported its 4Q and full year 2013 operational results on 18th February. On the back of the solid gains and the impressive build-up in its operations, trading house Chardan Capital Markets raised the price target of the stock to $14, and upgraded the stock to a Buy rating. The reasons the analyst at the trading house had citied to warrant this positive outlook for the firm was due to the imminent launch of full fledged sales of Google Glass in which Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) manufactured micro-displays are used. This, the analyst believes is going to increase the revenue inflow into the firm for FY15, and estimates that revenue for the year to range in the $1.25 billion vicinity.
In fact, Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) President, Chief Executive Officer and Director Jordan Wu had expressed similar sentiments when commenting about his outlook for the next fiscal. He had also been quoted to have expressed deep satisfaction at the strong close to 4Q by saying that, “Our 2013 fourth quarter revenues, gross margin, GAAP and non-GAAP earnings per diluted ADS, all met or exceeded our guidance for the quarter. For the fourth quarter, we reported net revenues of $195.2 million, with a gross margin of 25.1%”.
In the fourth quarter, Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) reported an increase of 1.3 percent in its sales orders which went up to $197 million, while for the full year, the revenue went up by 4.5 percent to reach $770 million. It reported that its 4Q13 net income was up 7.2 percent to reach $15.8 million and earnings per share went up by $0.92 for the same time period. Net income for the full year was up 19.1 percent to reach $61.5 million, while earnings per share for the year was up to $0.35.