Cohu Tumbles on Q4 Earnings

Cohu, Inc. (NASDAQ: COHU) fell in Friday trading after the company reported weaker-than-expected Q4 earnings.

The Poway-California-based company reported fiscal 2017 fourth quarter net sales of $84.1 million and GAAP income of $6.9 million or $0.23 per share. Net sales for full year 2017 were $352.7 million and GAAP income was $33.1 million or $1.15 per share. GAAP provision for income taxes for the fourth quarter and full year 2017 includes the Company’s provisional estimate of the impact of U.S. tax reform.

The Company also reported non-GAAP results, with fourth quarter 2017 income of $8.1 million or $0.28 per share and income of $44.4 million or $1.54 per share for full year 2017.

Cohu CEO Luis Müller market share gains in test handlers and accelerating growth in the test contactor market. Orders were at record levels with the full year increasing 41% over 2016. We ended the year with repeat handler orders for an automated factory in Korea and captured two new customers in China for power management device test.”

Cohu expects first quarter 2018 sales to be approximately $89 million. Cohu's Board of Directors approved a quarterly cash dividend of $0.06 per share payable on April 13 to shareholders of record on February 27.

Cohu is a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors and thermal sub-systems used by global semiconductor manufacturers and test subcontractors.

Cohu shares collapsed $3.73, or 16.3%, to $19.18