On November 6, 2023, Ichor Holdings Ltd (ICHR, Financial) released its third quarter 2023 financial results. The company, a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, reported revenues of $197 million. This figure is at the upper end of the guidance range communicated in August and represents a 6% increase compared to Q2 2023.
Financial Highlights
For the third quarter of 2023, ICHR reported a GAAP gross margin of 12.2% and a non-GAAP gross margin of 13.1%. The company's GAAP earnings per share stood at $(0.36), while non-GAAP earnings per share were reported at $0.07.
Jeff Andreson, chief executive officer, commented on the results, stating,
As expected, in Q3 Ichor's revenues returned to sequential growth, and rebounded near the upper end of our guidance range with a 6% increase compared to Q2."
Balance Sheet and Cash Flow Results
As of the end of Q3 2023, ICHR's cash and cash equivalents totaled $75.9 million, marking a decrease of $8.7 million from the prior quarter and a decrease of $10.5 million from the prior year ended December 30, 2022. The decrease during the third quarter was primarily due to net payments on credit facilities of $11.9 million and capital expenditures of $2.4 million, partially offset by net cash provided by operating activities of $4.0 million.
Outlook for Q4 2023
For the fourth quarter of 2023, ICHR expects revenue to be in the range of $190.0 million to $205.0 million. The company anticipates GAAP diluted EPS to be in the range of $(0.30) to $(0.20) and non-GAAP diluted EPS to be in the range of $(0.03) to $0.17.
For more detailed financial information, please refer to the full earnings report on the ICHR Investor Relations website.
Explore the complete 8-K earnings release (here) from Ichor Holdings Ltd for further details.
