Q3 2024 Kulicke and Soffa Industries Inc Earnings Call Transcript
Key Points
- Kulicke & Soffa Industries Inc (KLIC) achieved their guidance midpoint and generated slightly more non-GAAP EPS than anticipated due to operational focus.
- The company observed ongoing utilization improvement across several key end markets, including general semiconductor, LED, automotive, and industrial sectors.
- Kulicke & Soffa Industries Inc (KLIC) has seen significant growth in their thermo-compression bonding (TCB) business, growing by 10 times over the past four years.
- The company is part of the US-Joint semiconductor consortium, which aims to establish a US-based R&D facility with advanced packaging capabilities.
- Kulicke & Soffa Industries Inc (KLIC) continues to support an industry-leading dividend program and has increased their share repurchase activity sequentially.
- Despite improvements, the high-volume solutions are still well below the normal demand levels considered sustainable for the broader industry.
- Automotive and industrial sectors faced headwinds earlier in the year, reducing wedge demand.
- The company experienced offsets due to well-known automotive and industrial headwinds, which impacted their overall performance.
- Gross margins were affected by product and customer mix, and the company anticipates an effective tax rate above 20% through the remainder of fiscal year 2024.
- The qualification process for new technologies, such as Fluxless thermo-compression, is lengthy and requires significant patience, impacting the speed of market adoption.
Greetings and welcome to the Kulicke & Soffa 2024 third-quarter results. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Joe Elgindy, the Director of Investor Relations. Thank you, Joe. You may begin.
Thank you. Welcome, everyone, to Kulicke & Soffaâs fiscal third-quarter 2024 conference call. Fusen Chen, President and Chief Executive Officer; and Lester Wong, Chief Financial Officer are also joining on todayâs 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 earnings presentation. Both are available at investor.kns.com, along with prepared remarks for todayâs call.
In addition to historical statements, today's remarks will contain
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