Ichor Holdings, Ltd. (NASDAQ:ICHR) Q3 2023 Earnings Conference Call November 6, 2023 4:30 PM ET
Company Participants
Claire McAdams - Investor Relations
Jeff Andreson - Chief Executive Officer
Greg Swyt - Chief Financial Officer
Conference Call Participants
Charles Shi - Needham & Company
Craig Ellis - B. Riley Securities
Krish Sankar - TD Cowen
Brian Chin - Stifel
Operator
Good day, ladies and gentlemen, and welcome to Ichor's Third Quarter 2023 Earnings Conference Call. [Operator Instructions].
I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor.
Claire McAdams
Please go ahead. Thank you, operator. Good afternoon, and thank you for joining today's third quarter 2023 conference Call.
As you read our earnings press release and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal 2022 and those described in subsequent filings with the SEC.
You should consider all forward-looking statements in light of those and other risks and uncertainties.
Additionally, we will be providing certain non-GAAP financial measures during this conference call. Our earnings press release and the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.
On the call with me today are Jeff Andreson, our CEO; and Greg Swyt, our incoming CFO. Jeff will begin with an update on our business, and then Greg will provide additional details about our results. After the prepared remarks, we will open the line for questions.
I'll now turn over the call to Jeff Andreson.
Jeff Andreson
Thank you, Claire, and welcome to our Q3 earnings call.
Our third quarter revenues came in at the upper end of our expectations at a $197 million, up 6% from Q2, due primarily to a rebound in our core gas delivery business. Reflecting that the trough quarter for semiconductor process equipment is behind us. Earnings of $0.07 per share were aligned with our expectations, as we were able to offset some headwinds in gross margin during the quarter with lower Opex and higher net tax benefit, which Greg will discuss in his remarks. After two quarters in a row of revenues at the upper end of our expectations, at this time, our Q4 revenue forecast is fairly similar Q3 levels, and therefore, our revenue outlook for the full year remains consistent with the expectations we've shared throughout the year.