Press release
Ichor Holdings, Ltd. Announces First Quarter 2022 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 and components for semiconductor capital equipment, today announced first quarter 2022 financial results.\n\nFirst quarter 2022 highlights:\n\n\nRecord revenues were within our guidance range at $293 million, up 11% year-over-year and up 2% from Q4;\n\n\nGross margin of 15% on a GAAP basis and 16% on a non-GAAP basis, reflecting additional hiring of direct manufacturing labor to support customer demand as well as increased freight and logistics costs; and\n\n\nEarnings per share of $0.28 and $0.70 on a GAAP and non-GAAP basis, respectively.\n\n\n“We are pleased to report record first quarter revenues that were within our guidance range,” commented Jeff Andreson, chief executive officer. “Over the last several quarters, we along with the rest of the industry have been expecting supply chain conditions to improve, yet in 2022 to date, availability of components and materials has become even more challenged. In order to better address the continued very strong levels of customer demand, in the first quarter we increased both our hiring activity for direct labor and our overall manufacturing capacity, which while presenting a near-term headwind to gross margin, are critical investments that will enable us to achieve significant increases in revenue output in the coming quarters and years. We are taking a more cautious view of any supply chain improvements through at least mid-year, but still expect to achieve sequential revenue increases as we progress through 2022.”\n\n\n\n \n\n\n\n \n\n\n\nQ1 2022\n\n\n\n \n\n\n\n \n\n\n\nQ4 2021\n\n\n\n \n\n\n\n \n\n\n\nQ1 2021\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n(dollars in thousands, except per share amounts)\n\n\n\n \n\n\n\n\n\nU.S. GAAP Financial Results:\n\n\n\n \n\n\n\n\n\nNet sales\n\n\n\n \n\n\n\n$\n\n\n\n293,146\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n287,188\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n264,566\n\n\n\n \n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n \n\n\n\n15.0\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n16.4\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n14.9\n\n\n\n%\n\n\n\n\n\nOperating margin\n\n\n\n \n\n\n\n \n\n\n\n3.6\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n5.7\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n6.9\n\n\n\n%\n\n\n\n\n\nNet income\n\n\n\n \n\n\n\n$\n...