Silicom Reports Q3'23 Results: $30.1M Revenues with $0.30 Non-GAAP EPS

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[{"type":"text","content":"KFAR SAVA, Israel, Oct. 26, 2023 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the third quarter and first nine months ended September 30, 2023.\n\nFinancial Results\nThird Quarter: Silicom's revenues for the third quarter of 2023 totalled $30.1 million compared with $39.2 million for the third quarter of 2022.\nOn a GAAP basis, net income for the quarter totalled $1.2 million, or $0.18 per share (basic and diluted), compared with $6.0 million, or $0.88 per diluted share ($0.89 per basic share), for the third quarter of 2022.\nOn a non-GAAP basis (as described and reconciled below), net income for the quarter totalled $2.1 million, or $0.30 per share (basic and diluted), compared with $6.9 million, or $1.01 per diluted share ($1.02 per basic share), for the third quarter of 2022.\nFirst Nine Months: Silicom's revenues for the first nine months of 2023 totalled $105.4 million, unchanged compared with $105.4 million for the first nine months of 2022.\nOn a GAAP basis, net income for the period totalled $8.6 million, or $1.26 per diluted share ($1.27 million per basic share), compared with $12.7 million, or $1.87 per diluted share ($1.90 per basic share) for the first nine months of 2022.\nOn a non-GAAP basis (as described and reconciled below), net income for the period totalled $10.7 million, or $1.57 per diluted share ($1.58 per basic share), compared with $14.6 million, or $2.15 per diluted share ($2.18 per basic share) for the first nine months of 2022.\nGuidance \nGiven our customers' continued draw-down of the high component inventories they built during Covid and persistent macro-economic headwinds, we project that Q4 revenues will range between $20 and $21 million, and that 2024 as a whole will be challenging. However, we expect to return to double digit growth in 2025.\nComments of Management \nLiron Eizenman, Silicom's President and CEO, commented, \"While our third quarter revenues were in line with our projections, they were lower than they have been for the past two years, reflecting our customers' continued draw-down of the large inventories they had stockpiled during the Covid era, compounded by ongoing macro-economic headwinds. Given the persistent volatility and low visibility of this market...

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