Kulicke and Soffa Q4 Earnings Miss Estimates, Revenues Decrease Y/Y

Financial Performance - Kulicke and Soffa Industries (KLIC) reported fourth-quarter fiscal 2024 non-GAAP earnings of 34 cents per share, missing the Zacks Consensus Estimate by 5.56%, and a year-over-year decline of 33.3% [1] - Revenues decreased by 10.4% year over year to $181.3 million but exceeded the consensus estimate by 0.73% [2] - The gross margin expanded by 100 basis points year over year to $87.7 million, representing 48.3% of net revenues [6] Segment Performance - Revenues from the General Semiconductor segment grew 11% sequentially to $84 million [3] - The Automotive and Industrial segment saw a year-over-year increase of 42.3% to $37 million [3] - LED revenues were weak, achieving only $2 million due to market challenges, while the Memory segment grew significantly to $19 million from $2 million year over year [4] Operating Details - Operating expenses rose 11.3% year over year to $85 million, driven by a 14.1% increase in selling, general and administrative expenses [6] - Non-GAAP operating income declined 51.7% year over year to $12.7 million, with the operating margin contracting by 600 basis points to 7% [6] Balance Sheet & Cash Flow - As of September 28, 2023, cash, cash equivalents, and short-term investments totaled $577.1 million [7] - Cash flow from operating activities was $31.6 million, up from $26.9 million in the previous quarter, with adjusted free cash flow at $29.2 million [7] Guidance - For the first quarter of fiscal 2025, net revenues are expected to be $165 million (+/- $10 million), with non-GAAP earnings anticipated at 28 cents per share (+/-10%) [8]