Global supplier of semiconductor equipment and services Cohu, IncCOHU 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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