Integrated Micro-Electronics, Inc. Posts US$290 Million of Revenues for Q12024

Integrated Micro-Electronics, Inc. (IMI), reported group revenues of US$290 million for Q12024, which is 16% less than the previous year. This decline can be partially attributed to the company's decision to divest STI, which was still generating revenue at the time. The decrease in revenue has been lessened by cost-cutting measures, allowing IMI to keep its core operating margin at 2.4%, where it was in 2023. The group's net loss during the first quarter of 2024 was US$3.7 million.

IMI's automotive segment, driven by the European market, is making progress toward recovery; Q1 revenues increased by 6% over the prior year. However, the industrial sector continues to face difficulties since IMI's clients continue to observe a downturn in their end-user markets. As a result, the supply chain's current stock depletion has been postponed, and IMI orders have decreased overall. There are still pockets of component shortages for specific parts, which causes backlogs in operations that will be cleared as the supply of materials steadily increases.

Effective May 1, 2024, Louis Hughes was appointed as Chief Executive Officer for IMI. “It is an honor to take on the responsibility as CEO for a great company like IMI which has ingrained such a rich culture in its employees across the globe. The deeply rooted partnerships it has forged with key customers and suppliers in the industry are a testament to the successful history the company has built over the past four decades. We have all witnessed the challenges that IMI has had to overcome these past several years, and I recognize the work that must be done to bring the company back to better profitability. Together with our new Chief Financial Officer Robert Heese, I am excited to work with the brilliant roster of talent in IMI and unitedly enact the changes necessary to bring better financial results and maximize shareholder value,” stated Hughes.
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One of the leading names worldwide in manufacturing solutions and technology is Integrated Micro-Electronics, Inc. (IMI), a manufacturing division of AC Industrial Technology Holdings, Inc., a fully-owned subsidiary of Ayala Corporation. IMI is ranked in the top ten automotive EMS companies by New Venture Research and among the top 25 EMS service providers globally by Manufacturing Market Insider based on 2022 sales.

IMI is a leading manufacturer of high-quality, dependable electronics for markets with lengthy product life cycles, including industrial electronics, automotive electronics, and, more recently, the aerospace sector.
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IMI supplies engineering, manufacturing, support, and fulfillment capabilities to a variety of sectors worldwide from its 21 manufacturing facilities spread across nine countries.