Cohu Shares Drop 8% After Weak Q3 Results

(RTTNews) - Shares of Cohu Inc. (COHU) slipped 8% in extended trading session on Monday after the company's third quarter profit and revenues fell short of Wall Street estimates.

California-based Cohu's third-quarter profit dropped to $4.8 million or $0.16 per share from $8.8 million or $0.30 per share last year. Adjusted earnings for the quarter were $9.0 million or $0.30 per share for the quarter.

Third-quarter net sales were $86.2 million, down from $93.7 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.38 per share and revenues of $92.03 million.

Looking forward, Cohu expects fourth quarter sales, which include Xcerra, to be between $168 million and $183 million. Analysts currently expect revenues of $200 million.

Cohu's Board of Directors approved a quarterly cash dividend of $0.06 per share payable on January 2, 2019 to shareholders of record on November 16, 2018.

COHU closed Monday's trading at $21.47, down $0.53 or 2.41%, on the Nasdaq. The stock further dropped $1.72 or 8.01% in the after-hours trade.