Cohu Inc (COHU) Reports Q3 2023 Earnings: Net Sales of $150.8 Million and GAAP Income of $3. ...
Q3 2023 net sales reported at $150.8 million, with GAAP income of $3.9 million or $0.08 per share
Non-GAAP income for Q3 2023 stands at $16.9 million or $0.35 per share
Total cash and investments at the end of Q3 2023 amount to $387.6 million
Cohu repurchased 133,100 shares of its common stock in the third quarter for an aggregate amount of approximately $4.7 million
On November 2, 2023, Cohu Inc (NASDAQ:COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, released its fiscal 2023 third quarter earnings report. The company reported net sales of $150.8 million and GAAP income of $3.9 million or $0.08 per share for the third quarter. For the first nine months of 2023, net sales were $499.1 million and GAAP income was $30.2 million or $0.63 per share.
Financial Highlights
On a non-GAAP basis, Cohu reported third quarter 2023 income of $16.9 million or $0.35 per share and income of $66.8 million or $1.39 per share for the first nine months of 2023. The company's total cash and investments at the end of the third quarter 2023 were $387.6 million, and the Term Loan B principal amount was $30.2 million. During the third quarter, Cohu repurchased 133,100 shares of its common stock for an aggregate amount of approximately $4.7 million.
Company Performance and Future Outlook
Cohu President and CEO Luis Muller commented on the company's performance, stating,
We acquired EQT on October 2nd, accelerating growth in test interface products and expanding Cohus recurring revenue that continues to deliver resilient profitability through industry cycles. We remain focused on customer design-wins and qualification of new products to deliver organic growth when market conditions improve."
Cohu expects fourth quarter 2023 sales to be in a range of $136 million +/- $6 million.
Income Statement Summary
The income statement for the third quarter of 2023 shows net sales of $150.8 million, down from $206.7 million in Q3 2022. Net income for the quarter was $3.9 million, a decrease from $24.9 million in the same quarter of the previous year. Earnings per share (EPS) for the quarter were $0.08, compared to $0.51 in Q3 2022.
Balance Sheet Summary
The balance sheet for the end of the third quarter of 2023 shows total cash and investments of $387.6 million. The company's Term Loan B principal amount was $30.2 million. During the quarter, Cohu repurchased 133,100 shares of its common stock for an aggregate amount of approximately $4.7 million.
For more detailed financial information, please visit Cohu's investor relations website at https://edge.media-server.com/mmc/p/osj43j5o.
Explore the complete 8-K earnings release (here) from Cohu Inc for further details.
This article first appeared on GuruFocus.
