Shares of Cohu (NASDAQ: COHU) jumped 6.55% in after-hours trading on Thursday, following the release of the company's second-quarter earnings report that surpassed analyst expectations and provided an optimistic outlook for the third quarter.
The semiconductor equipment manufacturer reported adjusted earnings per share of $0.02 for Q2, beating the analyst consensus estimate of $(0.02) by 211.11%. This represents a significant improvement from the $0.01 loss per share reported in the same period last year. Cohu's quarterly sales came in at $107.68 million, surpassing the analyst consensus estimate of $106.019 million by 1.57% and showing a 2.85% increase from the previous year.
Adding to the positive sentiment, Cohu provided a strong outlook for the third quarter, expecting sales in the range of $125 million, plus or minus $7 million. This guidance suggests continued growth and has likely contributed to investor enthusiasm. The company also reported an increase in test cell utilization by 3 percentage points quarter-over-quarter, reaching 75%, and secured a $28 million design-win order for the mobile and automotive sectors. These factors, combined with the introduction of new products and expansion into new markets, appear to be driving the stock's after-hours surge.