Ichor Holdings, Ltd. (NPO) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET

Company Participants

Claire McAdams - Investor Relations & Strategic Initiatives
Jeff Andreson - Chief Executive Officer
Greg Swyt - Chief Financial Officer

Conference Call Participants

Brian Chin - Stifel
Krish Sankar - TD Cowen
Charles Shi - Needham & Co.
Craig Ellis - B. Riley Securities
Christian Schwab - Craig-Hallum
Tom Diffely - D.A. Davidson

Operator

Good day, ladies and gentlemen and welcome to Ichor's Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. As a reminder, this call is being recorded.

I would now like to introduce your host for today's call, Claire McAdams, Investor Relations for Ichor. Please go ahead.

Claire McAdams

Thank you, Maria. Good afternoon and thank you for joining today's second quarter 2024 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 year 2023 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. And 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 Andresen, our CEO and Greg Swyt, our CFO. Jeff will begin with an update on our business, and then Greg will provide additional details about our results and guidance. After the prepared remarks, we will open the line for questions.

I'll now turn over the call to Jeff Andreson. Jeff?

Jeff Andreson

Thank you, Claire and welcome, everyone to our Q2 earnings call. We are pleased to report solid second quarter results with $203 million of sales near the top end of our forecast, continued sequential improvement in gross margin and EPS of $0.05. Ichor's business model typically generates strong earnings leverage as revenues increase. And in Q2, the stronger gross margin performance and modest sequential revenue growth yielded an 85% improvement in operating income compared to the first quarter.