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Cohu Announces Strong Preliminary Second Quarter 2017 Results

POWAY, Calif.--(BUSINESS WIRE)--Cohu, Inc. (NASDAQ: COHU), a leading supplier of semiconductor equipment, today announced certain preliminary unaudited financial results for its second quarter of 2017:

  • Sales of approximately $93 million, above prior guidance of approximately $86 million, representing a 22% increase as compared to prior year second quarter sales of $76.4 million.
  • Gross margin in-line with previous non-GAAP guidance of approximately 40%.
  • Operating expenses approximately $1 million higher than previous non-GAAP guidance of approximately $22 million, due to foreign currency losses.
  • Looking forward, Cohu projects second half 2017 sales to be approximately the same as first half 2017, with the typical seasonality between the third and fourth quarters.

Luis Müller, President and Chief Executive Officer of Cohu, commented, “Our stronger than expected revenue in the second quarter was driven by continued momentum in the automotive and mobility markets, further highlighted by record orders in the quarter. These results reflect early acceptance of new products with existing customers as well as an increase in recurring revenue due to higher utilization across the installed base and particularly from computing applications. Our business continues to benefit from the growing trends of increased semiconductor content in automotive as well as greater device complexity in mobile handsets and IoT products, all of which drive the need for more advanced test handling equipment with extensive thermal and vision inspection capabilities. We look forward to discussing our complete financial results on our conference call in late July and also showcasing our newest products at our upcoming...