Press release
Ichor Holdings, Ltd. Announces First Quarter 2023 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 2023 financial results.\n\n\nFirst quarter 2023 highlights:\n\n\n\nRevenues of $226 million, at the mid-point of our guidance range communicated in February;\n\n\n\nGross margin of 14.7% on a GAAP basis and 15.5% on a non‑GAAP basis; and\n\n\n\nEarnings per share of $0.00 on a GAAP basis and $0.38 on a non-GAAP basis.\n\n\n\n“We are pleased to report that first quarter results were aligned with our expectations going into the quarter,” commented Jeff Andreson, chief executive officer. “With revenues of $226 million right around the midpoint of guidance, gross margin was at the lower end of the range due to the less favorable mix of revenues during the quarter. However, we closely managed operating expenses toward the lower end of forecast, and our operating margin was consistent with our expectations at this revenue level. Non-GAAP EPS was higher than forecast due to the change in geographic mix of profits expected through the year, which resulted in a net tax benefit.\n\n\n“As our June quarter outlook indicates, the near-term demand environment has become increasingly challenging. To date in 2023, the industry has witnessed additional weakness, primarily from the memory market, as well as a softening outlook for leading-edge logic. As a result, our revenue decline for the second quarter is greater than what we were expecting a quarter ago. Fortunately, with our current visibility, we expect our revenues to be sequentially higher as we progress through the second half.” Mr. Andreson concluded, “During this time, we will continue to focus on driving share gains for our proprietary products and make investments in new offerings that support our customers’ long-term technology roadmaps, until the demand environment improves – which it inevitably will.”\n\n\n\n\n \n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ4 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2022\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\nU.S. GAAP Financial Results:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet sales\n\n\n\n\...