Ichor Holdings Ltd (ICHR) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Positive ...

GuruFocus.com11-06

Revenue: $211 million, up 4% from Q2 and 7% higher than the same period last year. Gross Margin: Improved 60 basis points sequentially to 13.6%. Operating Income: $6.4 million. Net Income per Share (...

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inventory turns at 3.1 times.Q4 Revenue Guidance: $220 million to $235 million.GuruFocus has detected 3 Warning Signs with ICHR.For the complete transcript of the earnings call, please refer to the full earnings call transcript.The company achieved a 4% sequential revenue growth and a 40% increase in operating income.Ichor Holdings Ltd  expects the second half of 2024 to be 7% to 10% stronger in terms of revenues compared to the first half.A: Jeffrey Andreson, CEO: Most proprietary content will be internally consumed, mainly passive products. We are comfortable with a 25 basis points improvement in gross margin quarter over quarter, even in a flat environment.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"ICHR":"Ichor Holdings Ltd."},"translate_title":"Ichor Holdings Ltd(ICHR)2024年第三季度收益看涨期权亮点：强劲的收入增长和积极的……","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ICHR":1},"content_text":"Revenue: $211 million, up 4% from Q2 and 7% higher than the same period last year.\nGross Margin: Improved 60 basis points sequentially to 13.6%.\nOperating Income: $6.4 million.\nNet Income per Share (EPS): $0.12.\nCash and Equivalents: Increased $2 million from Q2 to $116 million.\nCash Flow from Operations: $8 million.\nInventory: Increased $8 million to $239 million; inventory turns at 3.1 times.\nQ4 Revenue Guidance: $220 million to $235 million.\nQ4 Gross Margin Guidance: 14.5% to 15.5%.\nQ4 EPS Guidance: $0.21 to $0.33.\n\n\nWarning! GuruFocus has detected 3 Warning Signs with ICHR.\n\nRelease Date: November 04, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nIchor Holdings Ltd (NASDAQ:ICHR) reported strong third-quarter results with $211 million in sales, exceeding the top end of their forecast.\nThe company achieved a 4% sequential revenue growth and a 40% increase in operating income.\nIchor Holdings Ltd (NASDAQ:ICHR) expects the second half of 2024 to be 7% to 10% stronger in terms of revenues compared to the first half.\nThe company is making excellent progress in increasing the proprietary content of its product portfolio, which is positively impacting profitability.\nIchor Holdings Ltd (NASDAQ:ICHR) anticipates continued gross margin expansion and expects to outperform the growth in the semiconductor process equipment market in 2025.\n\n Negative Points \n\nGross margin improvement was slightly below expectations due to a strong mix of integration products.\nHigher foreign exchange losses were experienced in Q3, although offset by lower tax expenses.\nThe company anticipates a decrease in China WFE in 2025, which could impact overall market growth.\nThere is still an overhang in some components, particularly weldments, which are not growing as expected.\nThe transition to new proprietary gas panels is progressing slowly, with full benefits expected in 2026.\n\n Q & A Highlights \nQ: Jeff, regarding the calendar 2025 commentary, I heard more about NAND than DRAM. Could you clarify the expectations for NAND and DRAM spending next year? A: Jeffrey Andreson, CEO: We expect DRAM to remain strong, particularly with high bandwidth memory. NAND investment, which we anticipated in the second half of 2025, is now expected to start earlier. Our visibility for the first half of 2025 is strong, and we foresee consistent demand levels throughout the year.\nQ: How will the proprietary content contribute to gross margin or revenue in 2025? A: Jeffrey Andreson, CEO: Most proprietary content will be internally consumed, mainly passive products. We are comfortable with a 25 basis points improvement in gross margin quarter over quarter, even in a flat environment.\nQ: Are you seeing a real demand pull-through for NAND, or is it more about inventory normalization? A: Jeffrey Andreson, CEO: We are seeing some gas panels going into demand, indicating real demand pull-through. However, the majority of the activity is expected to strengthen in the first half of 2025.\nQ: Will the proprietary content initiatives help with gas panel ASPs and market share? A: Jeffrey Andreson, CEO: While we don't expect large share shifts, early applications of the new gas panel are incremental share gains. These will improve profitability with similar ASPs.\nQ: How does the current recovery compare to past cycles, considering the bifurcation like China versus AI? A: Jeffrey Andreson, CEO: The profile is different from past cycles, such as the 2019 outsourcing gains. We expect to outgrow the industry by about 5% and layer on new share gains annually.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481453642"}