Press release
Ichor Holdings, Ltd. Announces First Quarter 2021 Financial Results
FREMONT, Calif.--(BUSINESS WIRE)-- Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery
About this update from Ichor Holdings
[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nIchor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment, today announced first quarter 2021 financial results.\n\nHighlights for the first quarter of 2021:\n\n\nRevenues of $265 million, up 20% year-over-year and our eighth consecutive quarter of revenue growth;\n\n\nGross margin of 14.9% on a GAAP basis and 16.1% on a non-GAAP basis;\n\n\nNet earnings of $0.51 per diluted share on a GAAP basis and $0.76 on a non-GAAP basis; and\n\n\nCash flow from operations of $26 million and free cash flow of $20 million.\n\n\n“We are very pleased to report today a record quarter for Ichor, with revenues at the high end of our expectations and increasing 8% over a very strong fourth quarter,” commented Jeff Andreson, chief executive officer of Ichor. “Industry conditions for wafer fab equipment have continued to strengthen for four straight quarters now, and, in turn, we have demonstrated strong execution in a challenging operating environment in order to ramp our business in response to customer demand. In Q1, we again exhibited the operating leverage in our business model, with quarter-on-quarter increases in both gross margin and operating margin, while also delivering another quarter of strong free cash flow generation.” Mr. Andreson concluded, “Our current visibility through the end of 2021 indicates a stronger Q2 compared to Q1, a stronger second half compared to the first half, and continued incremental improvements to our profitability. With industry growth currently expected to continue through both this year and next year, we believe Ichor is extremely well-positioned to continue to deliver strong revenue growth and operational leverage.”\n\n\n\n \n\n\n\n \n\n\n\nQ1 2021\n\n\n\n \n\n\n\n \n\n\n\nQ4 2020\n\n\n\n \n\n\n\n \n\n\n\nQ1 2020\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n(dollars in thousands, except per share amounts)\n\n\n\n \n\n\n\n\n\nU.S. GAAP Financial Results:\n\n\n\n \n\n\n\n\n\nNet sales\n\n\n\n \n\n\n\n$\n\n\n\n264,566\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n244,966\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n220,028\n\n\n\n \n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n \n\n\n\n14.9\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n14.0\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n13.1\n\n\n\n%\n\n\n\n\n\nOperating margin\...