Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment, today announced preliminary results for the fourth quarter of 2022 and a preliminary revenue outlook for the first quarter of 2023.

For the fourth quarter of 2022, Ichor expects to report:

• Revenues of $300 to $302 million, which represents year-over-year growth of approximately 5% and a sequential decline of approximately 15%; and
• Strong cash flows from operations, with total cash growing to approximately $82 million at year-end.

(Consensus sees Q4 revenue of $335 million)

Commenting on the announcement, Jeffrey Andreson, chief executive officer, said “As we progressed through the fourth quarter, it became evident that the areas of weakness in wafer fab equipment, particularly those related to memory spending, have resulted in further reductions in near-term demand from our customers. As a result, we are currently witnessing quarter-over-quarter revenue declines that are modestly higher than what we were expecting a couple of months ago. With our current visibility, we expect first quarter 2023 revenues to be in the range of $210 to $240 million. At this time, we do not expect similar levels of sequential declines beyond the first quarter. During this period, we will continue to demonstrate our ability to manage the cost structure of the business through the cycles and deliver solid financial results and cash flow generation. We look forward to providing an update on our Q4 earnings call in early February.”