Cohu Shares Pop After Beating Q3 Consensus, Impressive Margins, Share Buyback Approval - Cohu (NASDAQ:COHU)

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  • Global supplier of semiconductor equipment and services Cohu, Inc 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.

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Image and article originally from www.benzinga.com. Read the original article here.