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Mar 30, 2024
Kulicke and Soffa Q2 2024 Earnings Report
Reported second quarter results with a focus on operational efficiency and increased repurchase activity.
Key Takeaways
Kulicke & Soffa reported second quarter net revenue of $172.1 million, a net loss of $102.7 million, and a non-GAAP net loss of $53.2 million. The company's pre-tax charges related to the cancellation of Project W were $105.5 million, below the expected range.
Net revenue was $172.1 million.
Net loss was $102.7 million, or $(1.83) per share; non-GAAP net loss was $53.2 million, or $(0.95) per fully diluted share.
Gross margin was 9.6%, including a one-time charge of $57.3 million for inventory write-down adjustments and $2.8 million for purchase order cancellation charges related to Project W.
Cash, cash equivalents, and short-term investments were $634.7 million as of March 30, 2024.
Forward Guidance
K&S expects net revenue in the third quarter of fiscal 2024 to be approximately $180 million +/- $10 million, GAAP diluted EPS to be approximately $0.17 +/- 10%, and non-GAAP diluted EPS to be approximately $0.30 +/- 10%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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