Cohu Inc (COHU) Reports Mixed Q4 and Full Year 2023 Financial Results
Cohu Inc, a leading supplier of semiconductor test and inspection handlers, has released its financial results for the fourth quarter and full year of 2023. This report indicates mixed performance for the company, with a decrease in net sales but strong non-GAAP income. Cohu’s strategic initiatives, including the launch of AI inspection software and a new factory, are aimed at expanding its recurring revenue and positioning the company for future growth.
Key highlights from Cohu’s financial report include:
1. Net Sales: Cohu reported a decrease in net sales for the fourth quarter. Net sales amounted to $137.2 million, down from $191.1 million in the same period last year. Full-year net sales totaled $636.3 million.
2. Net Income: The company experienced a GAAP net loss of $2.0 million, or $0.04 per share, in the fourth quarter, contrasting with a net income of $21.6 million, or $0.45 per share, in the fourth quarter of the previous year. However, on a non-GAAP basis, Cohu reported income of $11.1 million, or $0.23 per share, for the quarter, and $77.9 million, or $1.62 per share, for the full year.
3. Share Repurchase: Cohu repurchased 390,285 shares for approximately $12.8 million during the fourth quarter. This action reflects the company’s commitment to maintaining a strong balance sheet and returning value to shareholders.
Cohu’s product portfolio includes Semiconductor ATE, Semiconductor Handlers, Interface Products, Spares and Kits, Bare Board PCB Test Systems, and services. The company operates primarily in two segments: Semiconductor Test and Inspection Equipment, which is the major revenue contributor, and PCB Test Equipment.
The semiconductor industry faces challenges, including cyclical demand and intense competition, that impact Cohu’s performance. However, the company’s focus on strategic initiatives, such as the launch of AI inspection software and the opening of a new factory, positions it for future growth and expansion of recurring revenue.
Cohu expects sales for the first quarter of 2024 to range between $101 million and $113 million, indicating a cautious outlook for the near term. Investors will have the opportunity to gain further insights into Cohu’s performance and strategy through the upcoming conference call and webcast discussing the fourth-quarter results.
Cohu’s latest financial report provides a comprehensive view of the company’s current financial health and future prospects. With its emphasis on innovation, operational efficiency, and strong balance sheet, Cohu is well-positioned to navigate industry challenges and capitalize on potential market recoveries.
For further details and analysis, interested parties can visit Cohu’s investor relations website and attend the live conference call and webcast.
