What happened
Shares of semiconductor equipment and subsystem provider Ichor Holdings (ICHR -1.90%) jumped on Tuesday after the company released preliminary first-quarter results. Ichor also announced that existing shareholders planned to sell 4.5 million shares in a public offering, but the stock still closed up 10.4%.
So what
Ichor expects to produce first-quarter revenue of $148.7 million, toward the high end of its previous guidance range of $140 million to $150 million. GAAP net income of $13.0 million is expected, along with non-GAAP net income of $14.6 million. That works out to non-GAAP EPS of $0.57, compared to the previous guidance range of $0.52 to $0.58.
Image source: Ichor Holdings.
In addition to providing first-quarter numbers, Ichor provided revenue guidance for the second quarter. The company expects to produce revenue between $152 million and $162 million, up 5.6% compared to the first quarter at the midpoint.
Ichor will report its full first-quarter results after the market closes on May 11.
Now what
With both revenue and non-GAAP EPS coming in at the high end of Ichor's guidance ranges, investors pushed up the stock on Tuesday. Ichor went public in December at $9 per share, and the stock is now more than 130% above that level. While the semiconductor equipment business is cyclical, it's clear that investors like what they see.
