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Jun 26, 2020
Ichor Q2 2020 Earnings Report
Ichor's financial performance increased, marked by revenue growth and improved profitability.
Key Takeaways
Ichor Holdings reported strong second quarter 2020 results, with a 59% year-over-year increase in revenue and significant growth in earnings per share. The company's performance was driven by continued market share gains and strong operational execution, despite constraints from COVID-19.
Revenues reached $222 million, a 59% increase year-over-year, marking the fifth consecutive quarter of revenue growth.
GAAP net earnings were $0.30 per diluted share, while non-GAAP net earnings were $0.54 per diluted share.
The company's year-to-date revenue growth significantly outpaced the overall industry growth rate.
Earnings per share growth for the first half of 2020 more than doubled the revenue growth rate, demonstrating strong operational performance.
Forward Guidance
For the third quarter of 2020, Ichor expects revenue to be in the range of $210 million to $240 million, GAAP diluted EPS to be in the range of $0.27 to $0.48, and non-GAAP diluted EPS to be in the range of $0.50 to $0.70.
Positive Outlook
- Revenue expected to be between $210 million and $240 million.
- GAAP diluted EPS expected to be between $0.27 and $0.48.
- Non-GAAP diluted EPS expected to be between $0.50 and $0.70.
- Guidance excludes known charges related to amortization of intangible assets.
- Guidance excludes known charges related to share-based compensation expense.
Challenges Ahead
- COVID-19 pandemic and related economic repercussions are expected to continue to create significant volatility and uncertainty.
- Social distancing guidelines are resulting, and will continue to result in, reduced factory capacity.
- Increase in direct costs within factories associated with employee PPE.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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