Press release
Ichor Holdings, Ltd. Announces Third 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 third quarter 2021 financial results.\n\nHighlights include:\n\n\nRevenues of $263 million, up 15% year-over-year;\n\n\nGross margin of 16.6% on a GAAP basis and 16.7% on a non-GAAP basis;\n\n\nNet earnings of $0.64 per diluted share on a GAAP basis and $0.81 on a non-GAAP basis; and\n\n\nPost-quarter-end execution of an amended and restated credit agreement, increasing our borrowing capacity and reducing the overall borrowing rate.\n\n\n“Within an extraordinarily challenging operating environment, Ichor delivered year-over-year revenue growth, with continued strong margins and profitability,” commented Jeff Andreson, chief executive officer. “Chiefly as a result of our continued focus on gross margin improvements, year to date in 2021 we have demonstrated the operating leverage in our model by growing net income at well over three times the rate of revenue growth. While our revenue growth expectations for the second half of 2021 have been significantly impacted by COVID-related output constraints, customer demand continues to strengthen, and with our current visibility, we expect robust revenue levels and year-over-year growth to continue in 2022.” Mr. Andreson concluded, “I am immensely proud of our team in accomplishing Ichor’s first billion-dollar revenue year, with an expected 200bp gross margin improvement over 2020, and record earnings. We are also ending 2021 with the strongest balance sheet and capitalization in Company history, having recently completed a refinancing and $100M expansion of our credit facility, which increases our borrowing capacity to $400 million, provides us with a lower interest rate, and increases our flexibility to pursue our strategic growth initiatives.”\n\n\n\n \n\n\n\n \n\n\n\nQ3 2021\n\n\n\n \n\n\n\n \n\n\n\nQ2 2021\n\n\n\n \n\n\n\n \n\n\n\nQ3 2020\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n(dollars in thousands, except per share amounts)\n\n\n\n \n\n\n\n\n\nU.S. GAAP Financial Results:\n\n\n\n \n\n\n\n\n\nNet sales\n\n\n\n \n\n\n\n$\n\n\n\n262,855\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n282,308\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n227,678\n\n\n\n \n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n \...