Q2 earnings are out:
cohu.gcs-web.com
Cohu Reports Second Quarter 2023 Results
Second quarter revenue $168.9 millionGross margin of 47.6%; non-GAAP gross margin of 47.8%Improving thermal handler demand for hyperscalingPOWAY, Calif.--(BUSINESS WIRE)--Aug. 3, 2023-- Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today reported fiscal 2023 second quarter net sales of $168.9 million and GAAP income of $10.6 million or $0.22 per share. Net sales for the first six months of 2023 were $348.3 million and GAAP income was $26.3 million or $0.55 per share.
Cohu also reported non-GAAP results, with second quarter 2023 income of $22.8 million or $0.48 per share and income of $49.8 million or $1.04 per share for the first six months of 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except per share amounts)
| Q2 FY
2023
|
| Q1 FY
2023
|
| Q2 FY
2022
|
| 6 Months
2023
|
| 6 Months
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
|
| $
| 168.9
|
| $
| 179.4
|
| $
| 217.2
|
| $
| 348.3
|
| $
| 415.0
|
|
|
| Net income
|
| $
| 10.6
|
| $
| 15.7
|
| $
| 28.8
|
| $
| 26.3
|
| $
| 50.3
|
|
|
| Net income per share
|
| $
| 0.22
|
| $
| 0.33
|
| $
| 0.59
|
| $
| 0.55
|
| $
| 1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except per share amounts)
| Q2 FY
2023
|
| Q1 FY
2023
|
| Q2 FY
2022
|
| 6 Months
2023
|
| 6 Months
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
|
| $
| 22.8
|
| $
| 26.9
|
| $
| 39.7
|
| $
| 49.8
|
| $
| 72.3
|
|
|
| Net income per share
|
| $
| 0.48
|
| $
| 0.56
|
| $
| 0.81
|
| $
| 1.04
|
| $
| 1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and investments at the end of second quarter 2023 were $372.3 million and our Term Loan B principal amount was $31.1 million. Cohu repurchased 77,203 shares of its common stock in the second quarter for an aggregate amount of approximately $2.7 million.
“Second quarter gross margin and profitability were strong driven by a resilient recurring business model which has achieved a 3-year compound revenue growth rate of 7%,” said Cohu President and CEO Luis Müller. “We are focused on expanding our product portfolio and winning new customer applications, positioning the company to deliver revenue growth when market conditions improve.”
Cohu expects third quarter 2023 sales to be approximately $150 million.
Tough market out there. Test handlers usually are one quarter behind the front end equipment makers. Once the frontend is installed and beginning its test and ramp, the need for handlers is triggered and everybody wants them yesterday.
This emphasizes the need for recurring business and their efforts to grow testing i.e. MEMS tests. When accomplished in scale, profitability continues even during trough periods of new systems. Which it appears are currently being experienced.
No premarket selling initially.
Bob |
