FormFactor (FORM) Q3 Earnings Beat Estimates, Revenues Lag
Zacks Investment Research | Oct 31, 2019 11:37PM ET
FormFactor Inc. (NASDAQ:FORM) reported third-quarter adjusted earnings of 22 cents per share, beating the Zacks Consensus Estimate by a penny. The figure increased 4.8% sequentially but decreased 15.4% year over year.
Moreover, revenues increased 4.2% from the year-ago quarter and 1.9% sequentially to $140.6 million. However, the top line missed the Zacks Consensus Estimate of $142 million. The figure was within the company’s guided range of $137-$145 million.
The sequential increase was driven by strong demand in both DRAM and Flash applications, partially offset by a moderate reduction in Foundry & Logic. However, memory spending remained weak in the reported quarter.
Quarter Details
Probe card segment revenues were $116.4 million in the third quarter, up 2.5% from the second quarter.
Within the probe card segment, Foundry & Logic sales (accounting for 49% of its total revenues) decreased 6% on a sequential basis to $68.4 million.
Revenues for DRAM products (28% of revenues) were $39.4 million, up $3.4 million from the second quarter.
Flash revenues were $8.3 million, up on a sequential basis. Almost $5.6 million of the flash revenues were from NAND flash applications.
Systems revenues in the third quarter were $24.2 million, flat sequentially.
FormFactor, Inc. Price, Consensus and EPS Surprise
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