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Kulicke & Soffa Reports Third Quarter 2024 Results
Industry Adoption of Advanced Solutions Expands SINGAPORE, Aug. 7, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa,"
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"Industry Adoption of Advanced Solutions Expands\nSINGAPORE, Aug. 7, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa,\" \"K&S,\" \"our,\" or the \"Company\"), today announced financial results of its third fiscal quarter ended June 29, 2024. The Company reported third quarter net revenue of $181.7 million, net income of $12.3 million, representing EPS of $0.22 per fully diluted share, and non-GAAP net income of $19.3 million, representing non-GAAP EPS of $0.35 per fully diluted share.\n\nQuarterly Results - U.S. GAAP\n \nFiscal Q3 2024\n \nChange vs.\nFiscal Q3 2023\nChange vs.\nFiscal Q2 2024\nNet Revenue\n$181.7 million\ndown 4.9%\nup 5.6%\nGross Margin\n46.6 %\ndown 60 bps\nup 3700 bps\nIncome from Operations\n$8.3 million\nup 284.4%\nup 107.9%\nOperating Margin\n4.6 %\nup 700 bps\nup 6570 bps\nNet Income\n$12.3 million\nup 194.7%\nup 111.9%\nNet Margin\n6.8 %\nup 460 bps\nup 6650 bps\nEPS – Diluted\n$0.22\nup 214.3%\nup 112%\n \nQuarterly Results - Non-GAAP\n \nFiscal Q3 2024\n \nChange vs.\nFiscal Q3 2023\nChange vs.\nFiscal Q2 2024\nIncome from Operations\n$15.9 million\ndown 34.6%\nup 131.7%\nOperating Margin\n8.7 %\ndown 400 bps\nup 3790 bps\nNet Income\n$19.3 million\ndown 39.4%\ndown 136.3%\nNet Margin\n10.6 %\ndown 610 bps\nup 4150 bps\nEPS – Diluted\n$0.35\ndown 36.4%\ndown 136.8%\nA reconciliation between the GAAP and non-GAAP adjusted results is provided in the financial tables included at the end of this press release. See also the \"Use of non-GAAP Financial Results\" section of this press release.\nFusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, \"While the recovery remains gradual, improving utilization rates combined with continued near-term industry growth provide optimism for coordinated capacity and technology expansion across multiple end-markets. Additionally, we continue to drive industry adoption of our leading Fluxless Thermo-Compression (FTC), Vertical-Fan-Out (VFO), and High-Power-Interconnect (HPI) solutions through industry collaborations, customer development programs and recent market wins.\"\nK&S recently announced several milestones, which highlighted growing industry momentum for its Thermo-Compression (TCB) program, including multiple new commercial business wins, a path to TCB-enabled hybrid-bonding as well as membership i...