Cohu Inc. Q3 2024: Assets Dip, Sales Decline

TL;DR

Cohu's assets down to $2.09B, sales for 9 months at $1.41B. Watch for Q4.

AI Summary

Cohu Inc. reported its Q3 2024 results for the period ending September 28, 2024. The company's financial statements show total assets of $2.094 billion as of September 28, 2024, compared to $2.253 billion as of December 31, 2023. Net sales for the nine months ended September 30, 2023, were $1.479 billion, while for the same period in 2024, net sales were $1.409 billion.

Why It Matters

This filing provides insight into Cohu Inc.'s financial health and operational performance, which can influence investor decisions and market perception of the semiconductor equipment sector.

Risk Assessment

Risk Level: medium — The decline in assets and net sales suggests potential headwinds for the company, warranting closer examination of future performance.

Key Numbers

• $2.094B — Total Assets (As of September 28, 2024, down from $2.253B at year-end 2023.)
• $1.409B — Net Sales (9 months) (For the period ending September 28, 2024, a decrease from the prior year's $1.479B.)

Key Players & Entities

• COHU INC (company) — Filer
• 20240928 (date) — Period of Report
• $2.094 billion (dollar_amount) — Total assets as of September 28, 2024
• $2.253 billion (dollar_amount) — Total assets as of December 31, 2023
• $1.409 billion (dollar_amount) — Net sales for the nine months ended September 28, 2024
• $1.479 billion (dollar_amount) — Net sales for the nine months ended September 30, 2023

FAQ

Key Financial Figures

• $1.00 — nge on Which Registered Common Stock, $1.00 par value COHU The Nasdaq Stock Mar
• $7,518 — 48,102 (1) Excludes amortization of $7,518 and $6,948 for the three months ended S
• $6,948 — 1) Excludes amortization of $7,518 and $6,948 for the three months ended September 28
• $22,526 — d September 30, 2023, respectively, and $22,526 and $20,941 for the nine months ended S
• $20,941 — 30, 2023, respectively, and $22,526 and $20,941 for the nine months ended September 28,
• $1 — Three Months Ended September 28, 2024 $1 par value capital earnings loss sto

Filing Documents

• cohu20240929_10q.htm (10-Q) — 1717KB
• ex_737798.htm (EX-31.1) — 9KB
• ex_737797.htm (EX-31.2) — 9KB
• ex_737796.htm (EX-32.1) — 3KB
• ex_737795.htm (EX-32.2) — 3KB
• 0001437749-24-032864.txt ( ) — 9251KB
• cohu-20240928.xsd (EX-101.SCH) — 69KB
• cohu-20240928_def.xml (EX-101.DEF) — 502KB
• cohu-20240928_lab.xml (EX-101.LAB) — 452KB
• cohu-20240928_pre.xml (EX-101.PRE) — 533KB
• cohu-20240928_cal.xml (EX-101.CAL) — 69KB
• cohu20240929_10q_htm.xml (XML) — 1828KB

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets September 28, 2024 (unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Operations (unaudited) Three and Nine Months Ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three and Nine Months Ended September 28, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) Three and Nine Months Ended September 28, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 28, 2024 and September 30, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 Table of Contents Item 1. COHU, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) September 28, December 30, 2024 2023 * (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 189,262 $ 245,524 Short-term investments 79,976 90,174 Accounts receivable, net 91,937 124,624 Inventories 144,125 155,793 Prepaid expenses 19,939 17,696 Other current assets 17,215 5,007 Total current assets 542,454 638,818 Property, plant and equipment, net 76,666 69,085 Goodwill 242,867 241,658 Intangible assets, net 122,624 151,770 Other assets 33,668 32,243 Operating lease right of use assets 14,067 16,778 $ 1,032,346 $ 1,150,352 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Short-term borrowings $ 1,407 $ 1,773 Current installments of long-term debt 1,199 4,551 Accounts payable 23,445 33,600 Customer advances 2,104 4,748 Accrued compensation and benefits 24,333 31,897 Deferred profit 4,053 3,586 Accrued warranty 3,285 4,653 Income taxes payable 1,920 4,024 Other accrued liabilities 23,229 14,589 Total current liabilities 84,975 103,421 Long-term debt 7,914 34,303 Deferred income taxes 21,620 23,154 Noncurrent income tax liabilities 4,950 7,065 Accrued retirement benefits 10,732 10,802 Long-term lease liabilities 10,429 13,175 Other accrued liabilities 7,188 8,262 Stockholders' equity Preferred stock, $ 1 par value; 1,000 shares authorized, none issued - - Common stock, $ 1 par value; 90,000 shares authorized, 49,507 shares issued and outstanding in 2024 and 49,429 shares in 2023 49,507 49,429 Paid-in capital 690,424 686,146 Treasury stock, at cost; 2,893 shares in 2024 and 2,253 shares in 2023 ( 87,888 ) ( 69,184 ) Retained earnings 270,098 318,558 Accumulated other comprehensive loss ( 37,603 ) ( 34,779 ) Total st

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View this 10-Q filing on SEC EDGAR