Semiconductor testing company FormFactor (NASDAQ:FORM) will be announcing earnings results tomorrow after market close. Here's what to expect.
Last quarter FormFactor reported revenues of $166 million, down 19% year on year, beating analyst revenue expectations by 6.89%. It was a decent quarter for the company, with a beat on the bottom line but slow revenue growth.
Is FormFactor buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting FormFactor's revenue to decline 17.5% year on year to $162.6 million, a deceleration on the 5.65% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.13 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 1.87%.
Looking at FormFactor's peers in the semiconductor manufacturing segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Teradyne's revenues decreased 18.2% year on year, beating analyst estimates by 2.4% and Lam Research reported revenue decline of 4.7% year on year, exceeding estimates by 0.58%. Teradyne traded up 8.46% on the results, Lam Research was down 1.38%. Read our full analysis of Teradyne's results here and Lam Research's results here.
The technology sell-off has been putting pressure on stocks since November 2021 and while some of the semiconductor manufacturing stocks have fared somewhat better, they have not been spared, with share price declining 9.04% over the last month. FormFactor is down 12.5% during the same time, and is heading into the earnings with analyst price target of $35.1, compared to share price of $27.34.
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The author has no position in any of the stocks mentioned.