Q1 2024 Cohu Inc Earnings Call Transcript
Key Points
- Cohu Inc (COHU) reported first quarter results that were in line or better than guidance, with non-GAAP gross margin at 46% and EPS at $0.01.
- Test cell utilization increased slightly, indicating a potential stabilization in the market.
- A leading U.S. fabless semiconductor manufacturer selected Cohu Inc (COHU)'s SaaS plus system with micro sense for testing their next-generation high-fidelity microphones, highlighting new product adoption and market opportunities.
- Cohu Inc (COHU) completed the qualification of Bionix for final test of display driver ICs at a large customer in Korea, potentially opening doors for further revenue growth in this segment.
- The company maintains a strong balance sheet, with cash and investments totaling $271 million, supporting future investments and shareholder returns through share repurchase programs.
- Cohu Inc (COHU) expects business conditions to remain challenging for another quarter or two, with low test cell utilization continuing to impact the semiconductor industry.
- Sequential declines in computing, industrial, and automotive demand indicate ongoing market weakness.
- The overall revenue of $107.6 million reflects continued market challenges and a reliance on a stable, yet limited, recurring revenue stream.
- Projected Q2 revenue reflects continued weakness across end markets, with expected revenue in the range of $105 million, plus or minus $6 million.
- Operating expenses, although lower than guidance at $50.2 million, remain a concern as the company navigates through market downturns.
Good day, and thank you for standing by, and welcome to Cohu's First Quarter 2024 financial results conference call. At this time, all participants are in a listen only mode after the speakers' presentation, there will be a question and answer session to ask a question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one.
Again.
Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jack Jones, Chief Financial Officer. Please go ahead.
Good afternoon and welcome to our conference call to discuss Cohu's First Quarter 2024 results and second quarter outlook. I'm joined today by our President and CEO, Luis Müller. If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations.
There's also a slide presentation in conjunction with today's
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