Press release
Ichor Holdings, Ltd. Announces Fourth Quarter and Fiscal Year 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 fourth quarter and fiscal year 2022 financial results.\n\nFourth quarter 2022 highlights:\n\n\nRevenues of $302 million, up 5% year-over-year and moderating 15% from a record Q3 2022;\n\n\nGross margin of 16.2% on a GAAP basis and 16.7% on a non‑GAAP basis;\n\n\nEarnings per share of $0.49 on a GAAP basis and $0.72 on a non-GAAP basis; and\n\n\n$39 million of cash flow from operations.\n\n\nFiscal 2022 highlights:\n\n\nRecord revenues of $1.28 billion, up 17% from 2021;\n\n\nGross margin of 16.6% on a GAAP basis and 17.0% on a non‑GAAP basis; and\n\n\nRecord earnings per share of $2.51 on a GAAP basis and $3.62 on a non-GAAP basis.\n\n\n“As we reflect upon a record year for our industry in 2022, we must recognize the strong operational execution of the Ichor team, as we navigated through a highly dynamic and often challenging business environment,” commented Jeff Andreson, chief executive officer. “Given the confluence of unprecedented levels of customer demand as well as significant operational challenges, we are proud to deliver record financial results for the year, with revenue growth of 17% exceeding the overall industry, expanding gross margins, and record earnings.\n\n“As we progressed through the fourth quarter, it became evident that the areas of weakness in wafer fab equipment, particularly those related to memory capital spending as well as the recent export restrictions into China, have resulted in significant reductions in near-term demand from our customers. As a result, we are currently witnessing quarter-over-quarter revenue declines that are modestly higher than what we were expecting a quarter ago. Fortunately, over the last few years we have significantly reduced our exposure to the memory market, and at this time, we do not expect similar levels of sequential declines beyond the first quarter of 2023. We will continue to demonstrate our ability to manage the cost structure of the business through the cycles and deliver solid financial results and cash flow generation. Ichor plays a crucial role in the global semiconductor manufacturing ecosystem, and we look forward to continuin...