Net Sales 8% Above Guidance; Schedules Earnings Call for Thursday,
July 27, 2017
POWAY, Calif.--(BUSINESS WIRE)--Jul. 11, 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
Operating expenses approximately $1 million higher than previous
non-GAAP guidance of approximately $22 million, due to foreign
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
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.
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170711006501/en/
Source: Cohu, Inc.
Jeffrey D. Jones