Cohu Announces Strong Preliminary Second Quarter 2017 Results
July 11 2017 - 4:30PM
Business Wire
Net Sales 8% Above Guidance; Schedules
Earnings Call for Thursday, July 27, 2017
Cohu, Inc. (NASDAQ: COHU), a leading supplier of semiconductor
equipment, today announced certain preliminary unaudited financial
results for its second quarter of 2017:
- Sales of approximately $93 million,
above prior guidance of approximately $86 million, representing a
22% increase as compared to prior year second quarter sales of
$76.4 million.
- Gross margin in-line with previous
non-GAAP guidance of approximately 40%.
- Operating expenses approximately $1
million higher than previous non-GAAP guidance of approximately $22
million, due to foreign currency losses.
- Looking forward, Cohu projects second
half 2017 sales to be approximately the same as first half 2017,
with the typical seasonality between the third and fourth
quarters.
Luis Müller, President and Chief Executive Officer of Cohu,
commented, “Our stronger than expected revenue in the second
quarter was driven by continued momentum in the automotive and
mobility markets, further highlighted by record orders in the
quarter. These results reflect early acceptance of new products
with existing customers as well as an increase in recurring revenue
due to higher utilization across the installed base and
particularly from computing applications. Our business continues to
benefit from the growing trends of increased semiconductor content
in automotive as well as greater device complexity in mobile
handsets and IoT products, all of which drive the need for more
advanced test handling equipment with extensive thermal and vision
inspection capabilities. We look forward to discussing our complete
financial results on our conference call in late July and also
showcasing our newest products at our upcoming Corporate Access
Day.”
Preliminary results remain subject to the completion of
customary quarter-end financial close and review procedures and are
subject to change. This press release refers to forward-looking
non-GAAP guidance for gross margin and operating expenses. Cohu
non-GAAP financial measures exclude stock compensation expense,
amortization of acquired intangible assets, manufacturing
transition and severance costs, and Kita acquisition and related
inventory step-up costs. A full GAAP to non-GAAP reconciliation
will be provided as part of Cohu’s second quarter 2017 earnings
release.
As previously announced, Cohu will be hosting and presenting at
its Corporate Access Day to be held July 13, 2017, in Santa Clara,
California. Interested investors can access Cohu’s slide
presentation and webcast beginning at 9:00 a.m. (Pacific Time) on
July 13th in the Investor Information section of Cohu’s website at
www.cohu.com.
Second Quarter 2017 Earnings Release and Conference
Call:
Cohu will release its full second quarter 2017 financial results
on Thursday, July 27, 2017 after the market close. Following
the press release, Luis Müller, President and Chief Executive
Officer, and Jeff Jones, Chief Financial Officer, will host a live
audio webcast and conference call at 1:30 p.m. Pacific
Time/4:30 p.m. Eastern Time to discuss Cohu’s second quarter
financial results and third quarter business outlook. Interested
investors should access the webcast at www.cohu.com and
click on “Investor Information” at least five minutes before the
call begins.
The teleconference replay will be available through August
27, 2017 and can be accessed by dialing 1-877-481-4010 and using
passcode 16197. International callers should dial 1-919-882-2331
and enter the same pass code at the prompt. The webcast replay will
be available on the Company’s website through July 27,
2018.
About Cohu:
Cohu is a leading supplier of semiconductor test and inspection
handlers, micro-electro mechanical system (MEMS) test modules, test
contactors and thermal sub-systems used by global semiconductor
manufacturers and test subcontractors.
Forward-Looking Statements:
Certain matters discussed in this release, including statements
regarding preliminary sales, gross margin and operating expenses,
strength of markets and results, expectations of business, orders,
second half 2017 sales and operating results, are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected or
forecasted. Such risks and uncertainties include, but are not
limited to, risks associated with acquisitions; inventory, goodwill
and other asset write-downs; our ability to convert new products
into production on a timely basis and to support product
development and meet customer delivery and acceptance requirements
for new products; our reliance on third-party contract
manufacturers and suppliers; failure to obtain customer acceptance
resulting in the inability recognize revenue and accounts
receivable collection problems; market demand and adoption of our
new products; customer orders may be canceled or delayed; the
concentration of our revenues from a limited number of customers;
intense competition in the semiconductor equipment industry; our
reliance on patents and intellectual property; compliance with U.S.
export regulations; ERP system implementation issues; the seasonal,
volatile and unpredictable nature of capital expenditures by
semiconductor manufacturers; and rapid technological change. These
and other risks and uncertainties are discussed more fully in
Cohu’s filings with the Securities and Exchange Commission,
including the most recently filed Form 10-K and Form 10-Q. The
forward-looking statements included in this release speak only as
of the date hereof, and Cohu does not undertake any obligation to
update these forward-looking statements to reflect subsequent
events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20170711006501/en/
CohuJeffrey D. JonesInvestor Relations(858) 848-8106
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