Q2 2024 Kulicke and Soffa Industries Inc Earnings Call Transcript
Key Points
- Kulicke & Soffa Industries Inc (KLIC) is expanding its market position and driving new customer qualifications in key areas such as Thermocompression, VFO, and Advanced Dispense.
- The company has received a significant purchase order for 1,000 RAPID Pro systems, indicating strong demand and customer confidence.
- Revenue from Ball Bonder has increased by over 50% since the second fiscal quarter of 2023, showing robust growth in this segment.
- Kulicke & Soffa Industries Inc (KLIC) is actively engaging in new technology areas, expecting to expand its memory market access and customer base in the coming years.
- The company anticipates a gradual market recovery through fiscal 2024 with greater technology and capacity opportunities expected in fiscal 2025.
- Project W was canceled by the end customer, leading to an impairment charge that affected both GAAP and non-GAAP earnings.
- The automotive and industrial markets continue to face near-term headwinds, impacting overall performance.
- Memory revenue has sequentially reduced from a previous strong quarter, largely due to customer mix change.
- There are ongoing industry challenges combined with macro factors that could potentially impact future projects and customer decisions.
- The cancellation of Project W has led to restructuring and resource reallocation, which are necessary but could disrupt operations temporarily.
Greetings, and welcome to the Kulicke and Soffa 2024 Second Quarter Results and Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Joseph Elgindy, Senior Director of Investor Relations. Thank you, sir. You may begin.
Thank you. Welcome, everyone, to Kulicke and Soffa Fiscal Second Quarter 2024 Conference Call. Fusen Chen, President and Chief Executive Officer; and Lester Wong, Chief Financial Officer, are also joining on today's call.
Non-GAAP financial measures referenced today should be considered in addition to, not as a substitute for or in isolation from our GAAP financial information. GAAP to non-GAAP reconciliation tables are included within our latest earnings release and our earnings presentation. Both are available at investor.kns.com, along with prepared remarks for today's call.
In addition to historical statements, today's remarks will
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