Benzinga | Jul 29, 2021 09:07AM EDT

Cohu Beats On Q2 Earnings, Issues Weak Q3 Guidance

* Cohu Inc (NASDAQ:COHU) reported second-quarter FY21 revenue growth of 70% year-on-year to $244.8 million, beating the analyst consensus of $242.6 million.

* The non-GAAP gross margin expanded 20 bps to 42.7%.

* Non-GAAP EPS of $0.89 beat the consensus of $0.79.

* The adjusted EBITDA margin expanded by 1,130 bps to 22.6%.

* Cohu held $434.1 million in cash and equivalents.

* It completed the sale of its Printed Circuit Board Test (PCB Test) business on Jun. 24, which led to a gain of $75.8 million.

* Cohu gained from robust 5G mobility, automotive, and improving consumer and industrial semiconductor demand, CEO Luis M?ller stated.

* Outlook: Cohu sees Q3 sales of $220 million- $235 million, below the consensus of $236.29 million.

* Price action: COHU shares are trading lower by 1.15% at $36.83 in premarket on the last check Thursday.