FormFactor, Inc. Reports 2024 Third Quarter Results

FORMFACTOR, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

  Three Months Ended  Nine Months Ended
  September 28,
2024
  June 29,
2024
  September 30,
2023
  September 28,
2024
  September 30,
2023
Revenues$207,917  $197,474  $171,575  $574,116  $494,939 
Cost of revenues 123,212   110,574   102,290   339,773   304,293 
Gross profit 84,705   86,900   69,285   234,343   190,646 
Operating expenses:           
Research and development   31,243       31,564       31,014       91,434       87,599  
Selling, general and administrative   35,607       37,874       35,564       106,560       101,561  
Total operating expenses   66,850       69,438       66,578       197,994       189,160  
Gain on sale of business         310             20,581        
Operating income   17,855       17,772       2,707       56,930       1,486  
Interest income, net   3,650       3,415       1,662       10,221       4,420  
Other income (expense), net   (558 )     360       788       322       1,261  
Income before income taxes   20,947       21,547       5,157       67,473       7,167  
Provision for income taxes   2,211       2,155       786       7,564       626  
Net income $ 18,736     $ 19,392     $ 4,371     $ 59,909     $ 6,541  
Net income per share:                  
Basic $ 0.24     $ 0.25     $ 0.06     $ 0.77     $ 0.08  
Diluted $ 0.24     $ 0.25     $ 0.06     $ 0.76     $ 0.08  
Weighted-average number of shares used in per share calculations:                
Basic   77,406       77,235       77,571       77,364       77,265  
Diluted   78,439       78,717       78,412       78,495       77,860  



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