- Global supplier of semiconductor equipment and services Cohu, Inc COHU reported a third-quarter net sales decline of 8.2% year-on-year to $206.7 million, beating the consensus of $205.3 million.
- Non-GAAP EPS of $0.74 beat the consensus of $0.68.
- The non-GAAP gross margin expanded 520 bps to 47.5%, driven by Cohu’s recurring business and differentiated products.
- The board approved a $70 million increase in the company’s share repurchase program, which it first announced on October 28, 2021.
- “We delivered gross margin expansion and stronger than anticipated profitability in the third quarter driven by Cohu’s recurring business and differentiated products. Recurring was approximately 42% of third-quarter revenue, distributed across test contactors, device application kits, and services,” said Cohu President and CEO Luis Müller.
- Cohu expects Q4 sales of $180 million – $198 million versus the consensus of $189 million.
- Price Action: COHU shares traded higher by 14.6% at $33.83 on the last check Friday.
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