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Cohu Reports Second Quarter 2022 Results
Second quarter revenue $217.2 million, up 9.8% quarter-over-quarterGross margin of 46.5%; non-GAAP gross margin of 46.5%Leading U.S. semiconductor manufacturer selected DiamondxPOWAY, Calif.--(BUSINESS WIRE)--Jul. 28, 2022-- Cohu, Inc. (NASDAQ: COHU), a global leader in back-end semiconductor equipment and services, today reported fiscal 2022 second quarter net sales of $217.2 million and GAAP income of $28.8 million or $0.59 per share. Net sales for the first six months of 2022 were $415.0 million and GAAP income was $50.3 million or $1.02 per share.
Cohu also reported non-GAAP results, with second quarter 2022 income of $39.7 million or $0.81 per share and income of $72.3 million or $1.47 per share for the first six months of 2022.
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| | GAAP Results
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| | (in millions, except per share amounts)
| | Q2 FY
2022
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| Q1 FY
2022
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| Q2 FY
2021
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| 6 Months
2022
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| 6 Months
2021
| | Net sales
| | $
| 217.2
| | $
| 197.8
| | $
| 244.8
| | $
| 415.0
| | $
| 470.3
| | Net income
| | $
| 28.8
| | $
| 21.6
| | $
| 95.1
| | $
| 50.3
| | $
| 122.7
| | Net income per share
| | $
| 0.59
| | $
| 0.44
| | $
| 1.92
| | $
| 1.02
| | $
| 2.58
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| | Non-GAAP Results
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| | (in millions, except per share amounts)
| | Q2 FY
2022
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| Q1 FY
2022
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| Q2 FY
2021
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| 6 Months
2022
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| 6 Months
2021
| | Net income
| | $
| 39.7
| | $
| 32.6
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| 44.2
| | $
| 72.3
| | $
| 84.8
| | Net income per share
| | $
| 0.81
| | $
| 0.66
| | $
| 0.89
| | $
| 1.47
| | $
| 1.79
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Total cash and investments at the end of second quarter 2022 were $368.1 million and our Term Loan B principal amount was $79.3 million. Cohu repurchased 504,102 shares of its common stock in the second quarter for an aggregate amount of $14.0 million.
“We reported another outstanding quarter with gross margin progressing toward our mid-term target financial model and benefiting from growth of our semiconductor test business and increased insourcing of contactor manufacturing. With test cell utilization estimated at approximately 84% and our recurring revenue at 39% of second quarter revenue, Cohu continues to build a well-balanced and resilient business model,” said Cohu President and CEO Luis Müller. “We continue to capture new customers and diversify our tester business with increased penetration of Diamondx across mid-range mixed signal customers.”
Cohu expects third quarter 2022 sales to be between $198 million and $212 million.
No AH trading at this point. Going to webcast!
Bob |
