Cohu, Inc. (NASDAQ:COHU) Q3 2022 Results Conference Call October 27, 2022 4:25 PM ET

Company Participants

Jeff Jones - Chief Financial Officer

Luis Muller - President & Chief Executive Officer

Conference Call Participants

Atif Malik - Citi

Michael Mani - B. Riley Securities

Robert Mertens - Cowen

Christian Schwab - Craig-Hallum

David Duley - Steelhead Securities

Operator

Good day and thank you for standing by. Welcome to the Cohu Inc. Third Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jeff Jones, Chief Financial Officer. Please go ahead.

Jeff Jones

Good afternoon, and welcome to our conference call to discuss Cohu's third quarter 2022 results and fourth quarter 2022 outlook. I'm joined today by our President and CEO, Luis Muller. If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations.

There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.

Now to the Safe Harbor. During today's call, we will make forward-looking statements reflecting management's current expectations concerning Cohu's future business. These statements are based on current information that we have assessed but which, by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu's filings with the SEC including the most recently filed Form 10-K and Form 10-Q.

Our comments speak only as of today, October 27, 2022, and Cohu assumes no obligation to update these statements for developments occurring after this call. Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures.

Now I'd like to turn the call over to Luis Muller, Cohu's President and CEO. Luis?

Luis Muller

Hi, everyone. Good afternoon, and thanks for joining us. Cohu reported another great quarter with revenue of $206.7 million and non-GAAP EPS at $0.74, exceeding the midpoint of guidance. Non-GAAP gross margin of 47.5% continues to progress towards our three-year target financial model and benefited from strong recurring business and sale of differentiated products in the quarter.