Business
FormFactor, Inc. Reports 2021 Third Quarter Results
Company Delivers Strong Results, Benefiting from Accelerating Demand and Output as Additional Capacity Comes Online LIVERMORE, Calif., Oct. 27, 2021 (GLOBE
About this update from Formfactor, Inc.
[{"type":"text","content":"Company Delivers Strong Results, Benefiting from Accelerating Demand and Output as Additional Capacity Comes Online\nLIVERMORE, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2021 ended September 25, 2021. Quarterly revenues were $190.0 million, an increase of 1.0% compared to $188.1 million in the second quarter of fiscal 2021, and an increase of 6.7% from $178.0 million in the third quarter of fiscal 2020. Strong demand in all our businesses produced revenue at the high-end of the outlook rangeGross margin improvement of 160 basis points, driven primarily by more-favorable product mix within specific marketsNew Livermore Manufacturing Center on-track to deliver initial customer shipments in the fourth quarter “FormFactor delivered solid results in the third quarter, again recording the second-highest revenue in company history, with gross margins at the high end of our outlook range,” said Mike Slessor, CEO of FormFactor, Inc. “Together with sustained operating expense control, these factors resulted in non-GAAP earnings per share above the high end of our outlook range.” Third Quarter Highlights On a GAAP basis, net income for the third quarter of fiscal 2021 was $20.5 million, or $0.26 per fully-diluted share, compared to net income for the second quarter of fiscal 2021 of $17.9 million, or $0.23 per fully-diluted share, and net income for the third quarter of fiscal 2020 of $22.9 million, or $0.29 per fully-diluted share. Gross margin for the third quarter of 2021 was 42.2%, compared with 40.6% in the second quarter of 2021, and 43.1% in the third quarter of 2020. On a non-GAAP basis, net income for the third quarter of fiscal 2021 was $31.6 million, or $0.40 per fully-diluted share, compared to net income for the second quarter of fiscal 2021 of $28.4 million, or $0.36 per fully-diluted share, and net income for the third quarter of fiscal 2020 of $30.7 million, or $0.39 per fully-diluted share. On a non-GAAP basis, gross margin for the third quarter of 2021 was 46.0%, compared with 44.4% in the second quarter of 2021, and 46.7% in the third quarter of 2020. A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below. Free cash flow for the third quarter of fiscal 2021 was $14.4 million, compared t...