Kulicke and Soffa Industries (KLIC) reported fourth-quarter fiscal 2024 non-GAAP earnings of 34 cents per share, which missed the Zacks Consensus Estimate by 5.56%. The bottom line dropped 33.3% year over year.KLIC’s earnings lagged the Zacks Consensus Estimate in two of the trailing four quarters, beating in the remaining two, the average negative earnings surprise being 117.34%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues declined 10.4% year over year to $181.3 million b ...

Financial Performance - The company's net revenue for fiscal 2024 was $706.2 million, a decrease of 4.9% from $742.5 million in fiscal 2023[268]. - Gross profit for fiscal 2024 was $268.8 million, down 25.1% from $358.7 million in the previous year[156]. - Operating expenses increased to $361.3 million in fiscal 2024, compared to $319.2 million in fiscal 2023, reflecting a rise of 13.2%[156]. - The company reported a net loss of $69.0 million for fiscal 2024, compared to a net income of $57.1 million in fiscal 2023[156]. - Basic net loss per share for fiscal 2024 was $(1.24), a significant decline from earnings of $1.01 per share in fiscal 2023[156]. - Total current assets decreased to $995.0 million as of September 28, 2024, from $1,189.1 million as of September 30, 2023, representing a decline of 16.3%[155]. - The consolidated net inventory balance was $177.7 million, down from $217.3 million in the previous year, indicating a reduction of 18.2%[155]. - The company’s total shareholders' equity was $944.0 million, down from $1,174.6 million in the previous year, reflecting a decline of 19.5%[155]. - The company recognized impairment charges of $44.5 million in fiscal 2024, compared to $21.5 million in fiscal 2023, indicating a significant increase in impairment[156]. - Total comprehensive income for fiscal year 2024 was a loss of $60,666 thousand, while it was $68,286 thousand in fiscal 2023[162]. Cash and Investments - As of September 28, 2024, the company's total cash, cash equivalents, and short-term investments were $577.1 million, a decrease of $182.3 million from the prior fiscal year end[19]. - Cash and cash equivalents at the end of fiscal year 2024 were $227,147 thousand, down from $529,402 thousand at the end of fiscal year 2023[162]. - The company repurchased common stock amounting to $150,791 thousand in fiscal year 2024, compared to $69,210 thousand in fiscal year 2023[162]. - Cash dividends declared were $0.20 per share in fiscal year 2024, totaling $44,246 thousand, compared to $0.19 per share in fiscal year 2023, totaling $43,004 thousand[162]. Operational Highlights - The company continues to invest in product development to enhance existing products and deliver next-generation solutions, focusing on semiconductor interconnect and device assembly needs[20]. - The RAPID Pro, part of the smart bonder series, introduces advanced functionalities including real-time process monitoring and predictive maintenance capabilities[20]. - The company is expanding its technology partnerships with key customers and institutions to enhance its product offerings and market reach[21]. - The launch of LUMINEX supports high-speed die placement and mass die transfer for applications in integrated circuits and advanced displays[21]. - The company maintains a strong focus on operational excellence and efficient management throughout business cycles to mitigate volatility and improve profitability[19]. - The company has developed advanced packaging solutions for 2.5D and 3D integrated circuits, expected to enhance performance and power efficiency[21]. Market and Industry Conditions - The semiconductor industry is characterized by volatility, with periodic downturns adversely affecting business performance[47]. - The company relies on sole source suppliers for key technology parts, exposing it to significant risks related to supply chain disruptions[48]. - The company faces continuous price pressure, resulting in a decline in average selling prices, particularly in the Chinese market[52]. - The semiconductor industry is characterized by high competition, with significant factors including price, innovation, and customer support[54]. - The company must continuously develop and manufacture new products to maintain competitiveness, which requires significant capital expenditures[53]. - The ongoing U.S.-China trade tensions may impact the company's ability to sell products and could reduce competitiveness due to tariffs and trade restrictions[58]. Employee and Organizational Structure - As of September 28, 2024, the company had 2,681 full-time employees and 65 temporary workers worldwide[37]. - The company maintains an open-door policy for employees to voice concerns and suggestions, ensuring a supportive work environment[45]. - The company emphasizes long-term customer relationships and utilizes a direct sales force and distribution channels to support its customers globally[25]. Environmental, Social, and Governance (ESG) Initiatives - The company established an ESG council to oversee its ESG efforts, providing quarterly updates to executive leadership[36]. - In fiscal 2023, the company performed independent assurance of its Scope 1 and Scope 2 greenhouse gas emissions data for eight global operational sites[36]. - The company incorporated its Diversity & Inclusion program into its ESG structure in fiscal 2022, aiming to enrich employee experiences[38]. - The company has implemented a learning and development series titled "Inclusive Leader Mindset Change Training" for people managers[38]. - The company is committed to enhancing its ESG initiatives, which may result in increased costs and compliance obligations[67]. Risks and Compliance - The company is subject to risks from changes in trade regulations, currency fluctuations, and political instability, particularly in the Asia/Pacific region[57]. - Catastrophic events, such as natural disasters and pandemics, can adversely affect operations and financial results[58]. - The company is subject to various environmental and safety laws, which may result in significant compliance costs and operational restrictions[66]. - The company faces risks related to attracting and retaining qualified personnel, which is critical for its operational success[62]. - The company is currently investigating a potential unlawful reverse engineering incident involving ex-employees in China who may have shared proprietary information with a competitor[68]. Acquisitions and Goodwill - Kulicke and Soffa completed the acquisition of Advanced Jet Automation Co., Ltd. for a total purchase price of $38.1 million, which includes $4.0 million held in escrow[198]. - The acquisition is expected to enhance the company's portfolio in semiconductor and advanced display markets, particularly in mini and micro-LED technologies[198]. - Goodwill from the acquisition amounted to $27.975 million, reflecting expected future cash flows and synergies[200]. - The company recorded a goodwill impairment charge of $9.8 million for the Lithography reporting unit due to lower projected cash flows[205]. - The company performed its annual impairment test in the fourth quarter of fiscal 2024 and found no impairment on recorded goodwill[205]. Tax and Regulatory Matters - The effective tax rate for fiscal 2024 was (18.3)%, compared to 20.8% in fiscal 2023[261]. - The company recorded a tax benefit of $6.5 million related to the U.S. TCJA one-time transition tax in fiscal 2024[262]. - As of September 28, 2024, the company has foreign net operating loss carryforwards of $153.9 million and state net operating loss carryforwards of $40.2 million[263]. - The company has approximately $19.7 million of unrecognized tax benefit that could impact the effective tax rate if recognized[265]. Cybersecurity and Data Protection - The company has experienced unauthorized access attempts to its network, resulting in the acquisition of some data, including source code and business partner information, but does not expect a material impact on its operations[70]. - The company has a cybersecurity risk management program informed by industry standards, including the NIST Cybersecurity Framework[82]. - The company has not identified any cybersecurity incidents that have materially affected its operations, but it continues to face various cybersecurity threats[83].

Kulicke and Soffa (KLIC) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.56%. A quarter ago, it was expected that this semiconductor equipment maker would post earnings of $0.30 per share when it actually produced earnings of $0.35, delivering a surprise of 16.67%.Over the last fou ...

Core Insights - Kulicke and Soffa Industries, Inc. reported a fourth quarter net revenue of $181.3 million, a decrease of 10.4% compared to the same quarter in the previous year, and a net income of $12.1 million, down 48.1% year-over-year [1][2][5] Financial Performance - **Fourth Quarter Fiscal 2024 Results** - Net revenue: $181.3 million, down 10.4% from $202.3 million in Q4 2023 and down 0.2% from $181.7 million in Q3 2024 [2][5] - Gross margin: 48.3%, up 90 basis points year-over-year and up 170 basis points sequentially [2] - Net income: $12.1 million, down 48.1% from $23.4 million in Q4 2023 [2][5] - EPS (diluted): $0.22, down 46.3% from $0.41 in Q4 2023 [2][5] - **Fiscal Year 2024 Highlights** - Total net revenue: $706.2 million, down from $742.5 million in the previous fiscal year [4] - Gross margin: 38.1% [4] - Net loss: $69.0 million or $(1.24) per diluted share; non-GAAP net income of $1.6 million or $0.03 per diluted share [4] Operational Insights - The company is focusing on advanced packaging and assembly solutions, with expectations for increased demand in the semiconductor and automotive markets through fiscal year 2025 [3] - The transition to emerging chiplet and heterogeneous applications is expected to enhance performance and transistor density, positioning the company for market share gains [3] Cash Flow and Shareholder Actions - Cash from operations for Q4 was $31.6 million, with adjusted free cash flow of $29.2 million [5] - The company repurchased 1.0 million shares of common stock at a cost of $42.7 million during the fourth quarter [5] Outlook - For the first quarter of fiscal 2025, the company expects net revenue to be approximately $165 million, with GAAP diluted EPS projected at approximately $1.45 [6]

SINGAPORE, Nov. 13, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa", "K&S", "we" or the "Company"), has received an order from a leading foundry customer for multiple APTURA™ Fluxless TCB systems to support the broadening global adoption of advanced packaging capacity for leading-edge semiconductor production.Kulicke & Soffa continues to actively expand its customer base with APTURA™ – the most advanced Fluxless Thermo-Compression (FTC) system available, and the fir ...

Fifth Consecutive Annual Dividend Raise; Quarterly Dividend Increased to $0.205 New $300 Million Share Repurchase ProgramSINGAPORE, Nov. 13, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa," "K&S" or the "Company"), announced today that its Board of Directors has declared and authorized a quarterly dividend of $0.205 per share of common stock, representing a $0.005 increase over its most recent dividend. This dividend raise highlights the Company's commitment to a co ...

SINGAPORE, Oct. 30, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) ("Kulicke & Soffa", "K&S" or the "Company"), a global leader in the design and manufacture of semiconductor, LED and electronic assembly equipment, today announced that a conference call is scheduled to discuss the Company's fourth fiscal quarter 2024 financial results and its business outlook, on Thursday, November 14, 2024, at 8:00 am EST. The Company will issue its fourth fiscal quarter 2024 financial results in the ...

Shares of Kulicke & Soffa Industries Inc (KLIC, Financial) surged 4.15% in mid-day trading on Oct 2. The stock reached an intraday high of $45.72, before settling at $45.69, up from its previous close of $43.87. This places KLIC 19.43% below its 52-week high of $56.71 and 19.61% above its 52-week low of $38.20. Trading volume was 148,558 shares, 26.2% of the average daily volume of 566,981. Wall Street Analysts Forecast Based on the one-year price targets offered by 4 analysts, the average target price for ...

Financial Data and Key Metrics - Revenue for the June quarter was $181.7 million with a gross margin of 46.6% [20] - Non-GAAP EPS exceeded expectations due to operational focus [12] - The company repurchased $44 million of shares in the June quarter, an 18% sequential increase and a 64% increase over the December quarter [21] - For the September quarter, revenue is expected to be approximately $180 million, with gross margins of 47% and non-GAAP operating expenses of $69 million [22] Business Line Data and Key Metrics - Ball Bonding revenue improved by 42% year-to-date, despite headwinds in automotive and industrial markets [13] - Thermo-Compression revenue for the June quarter was approximately $20 million, including recognition of an additional FTC system [15] - High-Power-Interconnect (HPI) solutions are being deployed in volume battery production and power conversion applications [15] - Memory market investments are supporting NAND and LPDDR markets, with high-volume DRAM expected to transition to 3D packaging formats by late 2025 or early 2026 [16] Market Data and Key Metrics - Utilization rates for Ball Bonding in General Semiconductor have improved sequentially, with global rates exceeding 75% last quarter and expected to reach the high 70% range in Q4 [14] - Automotive and Industrial markets are showing demand improvements, particularly in EV-related applications [15] - Memory market customers are investing in new capacity and technology, with several leaders expected to accelerate development and pre-production activities in the coming quarters [16] Company Strategy and Industry Competition - The company is focusing on advanced packaging solutions, including Thermo-Compression Bonding (TCB) and Fluxless TCB, which have grown 10x over the past four years [8][9] - The company is part of the U.S.-Joint semiconductor consortium, aiming to establish a U.S.-based R&D facility with advanced packaging capabilities [5][6] - The company is well-positioned to support chiplet-based architectures and heterogeneous integration, with a focus on AI, HPC, and mobility markets [9][18] Management Commentary on Operating Environment and Future Outlook - Management expects most end markets to have already experienced trough levels of demand over the past 18 months, with gradual improvements in multiple markets [12][19] - Gartner projects a 17% semiconductor revenue industry growth rate through 2025, driven by AI, automotive, and general semiconductor markets [19] - The company anticipates ongoing industry growth into 2025, supported by global front-end investments and improving utilization rates [14][19] Other Important Information - The company has a long-term share repurchase program, with $728.5 million repurchased since August 2017 and $73 million remaining under the current authorization [21] - The company is optimistic about a broader multi-market recovery, with meaningful capacity demand improvements expected for high-volume markets in the near term [22] Q&A Session Summary Question: Near-term recovery and utilization levels [24] - Management expects Q4 to be flat compared to Q3, with utilization rates improving but not yet triggering significant capacity additions [26] Question: Recovery trajectory and seasonality [27] - Management anticipates a gradual recovery, with potential growth in Q1 2025 and a stronger recovery in Q3 and Q4 2025 [28] Question: Advanced packaging and TCB qualifications [33] - The company is engaged in multiple qualification projects with a Taiwan foundry, with early production expected in the first half of 2025 [33] Question: Advanced packaging revenue forecast [34] - The company forecasts $200 million in dedicated advanced packaging revenue for fiscal 2025, including TCB, vertical wire, and system packaging [34] Question: End market shifts and product mix [37] - Management expects the September quarter to be similar to the June quarter in terms of end market and product mix [37] Question: Project W costs and reallocation [39] - Minimal costs were associated with Project W, and resources have been reallocated to in-demand projects [39] Question: Applications driving TCB growth [43] - TCB growth has been driven by OSAT, IDM, and heterogeneous integration markets, with a focus on chip-to-wafer and foundry opportunities [43] Question: Core business recovery potential [44] - Management believes the core business has significant recovery potential, with historical peak revenue levels achievable under appropriate market conditions [44] Question: Gross margin outlook [48] - Gross margins are expected to remain around 47% through the rest of 2024, with potential improvement to 50% in 2025 as new higher-margin products gain traction [48] Question: Customer optimism for 2025 [49] - Customers are optimistic about 2025, with expectations of broader recovery across multiple end markets, including automotive, industrial, and AI [49][50]

Industry Adoption of Advanced Solutions Expands SINGAPORE, Aug. 7, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa," "K&S," "our," or the "Company"), today announced financial results of its third fiscal quarter ended June 29, 2024. The Company reported third quarter net revenue of $181.7 million, net income of $12.3 million, representing EPS of $0.22 per fully diluted share, and non-GAAP net income of $19.3 million, representing non-GAAP EPS of $0.35 per fully dilut ...