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- Global supplier of semiconductor equipment and services Cohu, Inc (NASDAQ: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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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