Cohu (NASDAQ: COHU) reported Q1 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $138.9 million versus the consensus estimate of $130.63 million.

“We recorded strong bookings in the first quarter, mostly driven by mobility customers accelerating the adoption of 5G test solutions for RF Front-End devices. Shipments were constrained in March by COVID-19 pandemic driven government restrictions in countries where our products are manufactured. Despite Cohu operations remaining largely open, we continue to expect some supply chain uncertainty and operating constraints within our factories in the second quarter,” said Cohu President and CEO Luis Müller. “While we enter the second quarter with approximately $172 million in cash and a strong backlog, the continuing impact of the COVID-19 pandemic on short-term semiconductor test and inspection demand remains uncertain. As a result, we are proactively managing cash flow and our Board of Directors has authorized suspending our quarterly cash dividend. The dividend suspension will result in approximately $10 million of annualized cash savings, which we expect to utilize for deleveraging and strengthening our balance sheet.”

GUIDANCE:

Cohu sees Q2 2020 revenue of $130-155 million, versus the consensus of $138.8 million.

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