FormFactor Beats Q3 and Guides Q4 Above Consensus, Yet Shares Drop 11% After Hours
FORM has more than doubled off its 52-week low of $41.84.
Summary
FormFactor beat on both lines and guided Q4 above consensus, yet the stock fell 11% in extended trading. Adjusted EPS came in at $1.04 on revenue of $280.5M, up 38.4% year-over-year, versus analyst expectations of $0.86 and $270.5M. Fourth-quarter guidance calls for adjusted EPS of $0.86 to $1.04 and sales of $275M to $295M, with the $285M midpoint above the $278.3M consensus. The selloff lands after an 86% year-to-date run, so the bar was high and the beat alone did not hold the stock. This follows the 8-K filed today confirming record revenue of $280.5M and a 54.7% GAAP gross margin.
At the time of this announcement, FORM was trading at $98.80 on NASDAQ in the Technology sector, with a market capitalization of approximately $8.6B. The 52-week trading range was $41.84 to $160.27. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.