Nice to see it final have some upward momentum. I was thinking it would get back to the $18 level when I did my frist entry years ago for my first batch but traders got interested again.
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Cohu Inc (COHU) Q3 2024 Earnings Call Highlights: Navigating Market Challenges with Strategic Wins
GuruFocus News
Fri, November 1, 2024 at 12:19 AM PDT 4 min read
In This Article:
COHU
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- Revenue: $95.3 million for Q3, in line with guidance.
- Recurring Revenue: Represented 67% of total revenue in Q3.
- Gross Margin: 47.1% for Q3, higher than guidance.
- Operating Expenses: $45.2 million for Q3, lower than guidance by approximately $1.6 million.
- Non-GAAP Operating Income: Approximately breakeven for Q3.
- Adjusted EBITDA: 2.3% for Q3.
- Non-GAAP EPS: $0.08 loss for Q3.
- Cash and Investments: Increased by $7 million during Q3 to $269 million.
- Cash Flow from Operations: $17 million for Q3.
- Share Repurchase: $8 million used to repurchase 315,000 shares.
- Capital Expenditures: $2 million related to factories in the Philippines and Germany.
- Q4 Revenue Guidance: $95 million plus or minus $7 million.
- Q4 Gross Margin Forecast: Approximately 44%.
- Q4 Operating Expenses: Projected to increase by about $1 million to approximately $46 million.
- Q4 Non-GAAP Tax Provision: Expected to be approximately $3.1 million.
- Basic Share Count for Q4: Expected to be approximately 46.5 million shares.
Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points- Cohu Inc ( NASDAQ:COHU) reported a sequential increase in systems revenue in the automotive and mobile segments, with mobile showing a 13% year-over-year growth.
- The company secured a significant test cell design win with a top five automotive semiconductor manufacturer, enhancing its position in the power management device testing market.
- Cohu Inc ( NASDAQ:COHU) made progress in entering the memory and silicon carbide power semiconductor markets, with a notable customer order for its neon inspection metrology platform.
- The company is expanding its recurring revenue through its AI inspection software, which has shown promising customer engagement and interest.
- Cohu Inc ( NASDAQ:COHU) maintains a strong balance sheet with $269 million in cash and investments, supporting its growth strategy and share repurchase program.
Negative Points- Cohu Inc ( NASDAQ:COHU) experienced declines in the computing, consumer, and industrial segments, offsetting gains in other areas.
- The company's Q3 gross margin, while strong, benefited from one-time factors such as the utilization of previously reserved inventory.
- Operating expenses were lower than guidance due to delays in new hires and higher vacation utilization, indicating potential challenges in workforce management.
- The Q3 tax provision reflected tax expenses on foreign profits without a benefit from the US loss, due to a valuation allowance against deferred tax assets.
- Cohu Inc ( NASDAQ:COHU) anticipates a flat revenue outlook for Q4, indicating ongoing challenges in navigating the cyclical trough of the semiconductor market.
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