Ichor Q2 Revenue Misses, But Guides Q3 Above Street
ICHR has more than doubled off its 52-week low of $13.12.
Summary
Ichor's Q2 revenue rose 24% YoY to $294.8M, missing the $300.2M consensus. GAAP EPS swung to a slight profit of $0.03. Gross margin expanded to 13.9%, a three-year high. The company guided Q3 revenue of $315M-$345M and EPS of $0.25-$0.35, implying sequential growth. The miss is modest, but the stock may react to the top-line shortfall. The $200M ATM equity raise completed in May boosted cash to $256M, strengthening the balance sheet. With 6 of 7 analysts at Buy and a median target of $82, the guidance could cushion the miss.
At the time of this announcement, ICHR was trading at $68.78 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $13.12 to $113.58. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.