Q4 2024 Kulicke and Soffa Industries Inc Earnings Call Transcript
Key Points
- Kulicke & Soffa Industries Inc (KLIC) reported a significant foundry win with their Copper First Hybrid Bonding Process, expected to reach a 3-micron pitch.
- The company has a strong leadership position in fluxless thermo-compression bonding (FTC), with over 100 systems installed globally and approaching $200 million in cumulative sales.
- Revenue for the fourth quarter was $181.3 million, with a non-GAAP EPS of $0.34, indicating a solid financial performance.
- Kulicke & Soffa Industries Inc (KLIC) announced an increase in their dividend and a new share repurchase program, reflecting a commitment to returning value to shareholders.
- The company anticipates a recovery in key markets, including general semiconductor and automotive, through fiscal 2025, driven by technology transitions and increased demand.
- LED demand remains very soft, impacting the company's performance in this segment.
- The company experienced a sequential reduction in general semiconductor revenue due to shipment schedules and revenue recognition timelines.
- Kulicke & Soffa Industries Inc (KLIC) faced challenges in the automotive and industrial markets during fiscal 2024, which offset improvements in other areas.
- Non-GAAP operating expenses were higher than expected due to foreign exchange and end-of-year accrual adjustments.
- The company is still recovering from the Project W-related charges, with a $105 million impairment in Q2, although a significant portion is expected to be reimbursed.
Greetings, and welcome to Kulicke and Soffa's 2024 fourth quarter results earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Joe Elgindy, Senior Director, Investor Relations. Thank you. You may begin.
Thank you. Welcome, everyone, to Kulicke and Soffa's fiscal fourth 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 the latest earnings release and 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 contain statements
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