FormFactor, Inc (FORM) swung to a net profit for the quarter ended Apr. 01, 2017. The company has made a net profit of $5.18 million, or $ 0.07 a share in the quarter, against a net loss of $13.80 million, or $0.24 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $17.25 million, or $0.24 a share compared with a net loss of $6.30 million, or $0.11 a share in the last year period. Revenue during the quarter surged 140.30 percent to $128.83 million from $53.61 million in the previous year period. Gross margin for the quarter expanded 1866 basis points over the previous year period to 36.93 percent. Operating margin for the quarter period stood at positive 5.48 percent as compared to a negative 25.32 percent for the previous year period.
Operating income for the quarter was $7.06 million, compared with an operating loss of $13.57 million in the previous year period.
“FormFactor delivered record quarterly revenue in the first quarter driven by robust demand from all our customers,” said Mike Slessor, Chief executive officer of FormFactor, Inc. “We continue to see strong momentum across all our product lines, as our large customers continue their technology node transitions and new design introductions. We are in a stronger position than we were one year ago, and are benefitting from significant scale, diversified market drivers, and a broad portfolio of leading test and measurement products. Our focus remains on execution to drive continued revenue growth and EPS expansion.”
For the second-quarter 2017, FormFactor, Inc projects revenue to be in the range of $130 million to $138 million and its adjusted revenue to be in the range of $130 million to $138 million and diluted earnings per share to be in the range of $0.08 to $0.14 and adjusted diluted earnings per share to be in the range of $0.24 to $0.30.
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