Chroma ATE (2360) Q3 2024 earnings summary

Executive summary

• Q3 2024 sales revenue reached TWD 5.632 billion, up 2% sequentially and 16% year-over-year.

• Net income for Q3 was TWD 1.45 billion, 26% of revenue, up 16% YoY.

• EPS for Q3 stood at TWD 3.39, a 16% increase year-over-year.

• Nine-month net sales totaled TWD 15.565 billion, up 14% YoY; net income rose 18% to TWD 3.864 billion.

• Auditor issued a qualified review due to unreviewed financials from certain non-significant subsidiaries, but found no material misstatements.

Financial highlights

• Gross margin for Q3 was 59%, up from 57% a year ago; gross profit TWD 3.3 billion.

• Operating income for Q3 was TWD 1.508 billion, up 22% YoY.

• Free cash flow for the first nine months was TWD 1.903 billion, up 60% YoY.

• EBITDA for the first nine months was TWD 2.951 billion, up 54% YoY.

• Cash and cash equivalents at period end were TWD 3.74 billion.

Outlook and guidance

• Second half sales expected to exceed first half, with Q4 described as a "good" quarter despite seasonality.

• Semiconductor segment is the main growth driver for H2 and Q4.

• Order visibility for metrology equipment extends to 2026.

• System-level testers and metrology both expected to be major contributors in 2025.

• Forward-looking statements highlight expectations for continued revenue growth and profitability, but caution substantial risks and uncertainties.