Wed, Sep. 9, 9:13 AM
- Kulicke & Soffa (NASDAQ:KLIC) now expects FQ4 (calendar Q3) revenue of $100M-$110M, well below prior guidance of $135M-$145M and a $140M consensus.
- The chip bonder equipment maker blames high semi inventory levels and low capacity utilization rates. "The Company believes this softer industry environment is largely driven by reduced demand within consumer and communication segments such as PCs, tablets and smartphones. This lower end market demand is anticipated to limit near-term semiconductor unit growth and decrease the industry's immediate need for incremental production equipment."
- Kulicke still expects to recognize a $20M tax benefit in FQ4, and to continue making buybacks. It has "initiated measures to address the current market situation, including execution of near-term operational improvements."
- Shares have fallen to $9.79 premarket. Kulicke's warning follows a string of capex budget cuts from Intel, as well as one from TSMC.
Tue, Aug. 4, 9:46 AM
- In addition to missing FQ3 estimates, Kulicke & Soffa (KLIC -0.6%) is guiding for FQ4 revenue of $135M-$145M, below a $187.9M consensus. However, expectations were low: Various chipmakers and chip packaging/testing firms have provided soft guidance, and Intel recently cut its 2015 capex budget by another $1B.
- CEO Bruno Guilmart: "The lower level of guidance largely stems from higher inventory levels throughout the semiconductor value chain and expectations for muted semiconductor unit growth ... Our exposure to new market opportunities combined with a relentless focus on operational efficiency are anticipated to drive fundamental business improvements and further enhance our ability to perform throughout the cycle."
- Boosting FQ3 EPS: Kulicke, pressured in the past by Lemelson Capital to return capital, repurchased 3.8M shares (5% of outstanding shares) during the quarter. Kulicke still ended FQ3 with $475.9M in cash (equal to 62% of its market cap), and no debt.
- Gross margin fell 10 bps Q/Q and Y/Y to 47.1%. R&D/SG&A spend rose 12% Y/Y to $58.5M.
- FQ3 results, PR
Tue, Aug. 4, 6:56 AM
Mon, Aug. 3, 5:30 PM
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Tue, May 5, 9:10 PM
- Though Kulicke & Soffa (NASDAQ:KLIC) beat FQ2 revenue estimates today (while missing on EPS), the company has guided for FQ3 revenue of $160M-$170M, below a $197.2M consensus. The outlook follows capex budget cuts from Intel and TSMC.
- When asked on the CC (transcript) about the guidance, CEO Bruno Guilmart noted broader industry weakness, and also suggested the smaller pin counts enabled by newer chip packaging technologies could be affecting orders for Kulicke's ball bonders. He argued the packaging needs of chips used in IoT devices will drive future growth.
- Weighing on FQ2 EPS: Gross margin fell 370 bps Q/Q and 330 bps Y/Y to 47.2%. Also: The tax rate was 20.1%, above Kulicke's historical guidance range. CFO Jonathan Chau attributed this to several factors, while adding the company expects its long-term effective tax rate to be around 15%.
- Chau mentioned $10M has been spent on buybacks via Kulicke's $100M buyback program. Meanwhile, Guilmart indicated Dutch chip equipment maker Assembleon (recently acquired) is posting ~$20M/quarter in sales, with a weak euro acting as a headwind.
- Shares fell 13.2% in regular trading to $13.53.
- FQ2 results, PR
Tue, May 5, 6:56 AM
Mon, May 4, 5:30 PM
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Wed, Jan. 28, 11:07 AM
- In addition to beating FQ1 estimates, Kulicke & Soffa (NASDAQ:KLIC) has guided for FQ2 revenue of $125M-$145M, above a $128.4M consensus at the midpoint.
- Ball bonder equipment sales fell 54.9% Q/Q, and wedge bonder sales 9.6%. Quarter-ending backlog was $60.5M vs. $79.1M at the end of FQ4 and $46M a year earlier.
- Gross margin rose 350 bps Q/Q and 240 bps YY to 50.9%, and operating expenses rose 11% Y/Y to $45M.
- Kulicke ended FQ1 with $633.4M in cash/short-term investments. That's equal to 57% of its current market cap. Shares have risen to their highest levels in more than a decade.
- FQ1 results, PR
Wed, Jan. 28, 6:57 AM
Tue, Jan. 27, 5:30 PM| Tue, Jan. 27, 5:30 PM | 1 Comment
Nov. 6, 2014, 6:57 AM
Nov. 5, 2014, 5:30 PM
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Apr. 29, 2014, 11:20 AM
- Though its FQ2 results were ho-hum, Kulicke & Soffa (KLIC +9.8%) is guiding for FQ3 revenue of $165M-$175M, well above a $154.4M consensus.
- Mainstay ball bonder equipment sales rose 80.9% Q/Q, and copper-capable hardware accounted for 69.7% of them. Wedge bonder equipment sales fell 32.7% Q/Q. Gross margin rose 200 bps Q/Q and 450 bps Y/Y to 50.5%.
- The chip equipment maker's shares are making new 52-week highs. They jumped last week after activist investor Lemelson Capital disclosed a position and called for a major buyback.
- Kulicke ended FQ2 with $596.3M in cash/investments (equal to 55% of its current market cap), and no debt.
- FQ2 results, PR
Apr. 29, 2014, 6:57 AM
KLIC vs. ETF Alternatives
Kulicke & Soffa Industries Incdesigns, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits, high and low powered discrete devices, LEDs and power modules.
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