Cohu Inc. reported first quarter net income of $6.8 million, or 24 cents per diluted share, on net sales of $81.1 million. In the same quarter of 2016, Cohu (Nasdaq: COHU) reported a net loss of $1.7 million, or 6 cents per diluted share, on net sales of $65.8 million.
The Poway-based business produces equipment for electronics factories. Manufacturers use it to test their finished products.
“We had an excellent quarter with improved financial results and record system shipments from our Malaysia operation,” said CEO Luis Müller in a statement distributed by the company. “… End-market dynamics and customer forecasts are expected to result in another quarter of book-to-bill above one. We continue to capture new device test and inspection applications for our handlers and benefit from increasing semiconductor package integration.”
Müller also reported “robust” demand for products from a recently acquired business. Cohu closed its acquisition of Japan-based Kita Manufacturing Co. Ltd. for $22.4 million in cash and debt in early January.
The first quarter ended on March 25. Cohu forecasted second quarter sales of $86 million.
The board declared a cash dividend of 6 cents per share, payable July 28 to shareholders of record on June 16.