second Claire. Good you, afternoon, Thank our welcome to quarter call. conference and
that year strong those operational and first of results are half right evidence of quarter serve the strategy the target. efforts excellence second and on certainly as our Our
of the revenue with our million line period was up from last same down XX% X.X% QX from in and Our year. forecast, $XXX
is This the XX% half XXXX. half $XXX first million, of industry-leading revenues totaled performance. up first from Our
Our and to $X.XX $X excuse quarter period - of earnings of higher me, essentially the XX% is same per first year. flat record than share our last
half And gross by For per have of first XXXX. points over first of year-over-year, first the grown we operating maintained completed XX%. have repurchases earnings compared our and to even XXX completing half share the which from half margins We QX We've cash XXXX, the stock basis quarter. QX shortly. discuss $XX since Jeff million after $XX our the balances levels entire of second during will million program, increased
successfully achieving We goal the outgrowing industry. our are of of the rest
not equipment four performance, outgrown excellent our about years, customers fab last market. WFE and quarter, cap our Last issues growth much the telling our revenue a have in are was we spending, where wafer every of our growth it story. the Despite just market pretty doing I that a is of we Over ago. supplier thought that the the was job good of have one investors I time past meeting over explaining investors semi that But market. suppliers, constantly months three lot and a such believe spent pneumonia." OEMs that. will as the true. beyond in cliché with cliché a this catch cold, catch a Ichor, longer downturn about no the old it year goes why still says, worried Syndicate of Many "If is analysts the then are
incremental all why to need downturns QX, going really report and understand so there I'm no is will on quarter. I I have be drivers everyone Then in happening growth progress last industry discuss the us look like been provide what's a of them. afraid for discussing revenue now So can to since what
you stock through three excuse prudent value. me, and investment. understand increase great deploying to company are hopefully is great way, strategic of why tell will a and these M&A Ichor shareholder to Each I help capital and - Lastly, we repurchases a including you a include that aspects in will
our outlook. First, QX regarding
the decline sequential semiconductor expected outlooks decline we've our the with largest customer seen consistent WFE the two by is heard relevant same in in and pretty all to second weeks. component quarter revenue key the It's compared suppliers. much Our the last
in a same else may caught There's extent to or less think or they've catched the cold to exaggerated of and cold, we've So that's fact, we've drive it. towards people that caught caused have outsourcing, and that due pneumonia. corrections no impact the anything inventory
half of then that's second webcast more capacity investment little in the the be started is conference what pushouts they in I exactly percolate if down said As June, will community, our expected, news we through a to memory during happening. And than are the after customers too.
which We also we can variable align indicated quickly which and better revenue bone, cost the trough will to said, manufacturing highly half quarter, reduce are of the midpoint That model outlook. expected XX%, action given have a QX rebound be visibility a we biased take means that this close At drop the QX, XXth structure point, to for actions around QX first spending. marketing once variable profitability for QX. while to to refrained are precision Morgan half sales Materials is the second key be in time by share we and cost R&D towards margin. in to XX% structure, Back up will exactly qualifications, the QX costs, With about are what XX%, memory higher-margin QX per old share we and gross that less our be take deliver $X.XX headcount the about were during the very have to stronger our to share QX, expected cutting the quarter, a cost This the have facing we our and operating slightly is to to still a guidance, that looks us resources. $X.XX from relevant will down weldment a $X.XX and end - margins At rather the per time more with to earnings lead products a as earnings of machining in China in have my strategic Therefore, management. than gain key to QX. proliferation than players not the about being XXXX us we though, allows about about is is the tariffs, cutting cut days, will explained strategy Applied was product other manufacturing in comments through Jim downturn me in me industry doing. we factor if market our expense good This to for that interject than the of in XXXX. few than
tariffs, becoming clear great half and is all that uncertainty still a a of effects much Chinese as doubt tariff. as there is While deal of could of face about imports the it XX%
sales. therefore, not thanks our ability you've are have builds that of any our purchase business are the not significant to concerned that always significant do profit but these on We parts areas that cutting tariff about a us, cycle, most we fact the spending China is make As for with despite know, of be not will downturn can We understand charges us build when that impact we We'll so strategic an precision now U.S.-based a we manufacturing and one if supplier now demonstrate sell demonstrate as industry parts, we this do faced operations. to model. concerns the China. it significant will business marketing The to have And seen you the semiconductor excellent of but our key in investors and is these have. QX necessary. the shorter a backdrop, the the any or mitigated. that who do for outlook should fab of talent, consolidated less products painful. in direct opportunity is downturn actually our Therefore, our be into of we wafer of much operating customers pause resilience manufacture our much we near-term engineering, With
the comes now downturn, talk into to the time the after in and So starting is fourth about let's quarter better return XXXX. QX what which
$X.X the Importantly, straight stage the from year couple in growth and range, strong execution expanding in market to low the gas single-digit wafer emerging pushouts market a the expectations growth for reported wafer months, in machining; faster why to our XXXX. for believe share industry of our quarter, our achieving finally, business; XXXX share the share footprint weldments; equipment share footprint over Last we report sets increased and overall through the precision areas for will M&A. fab and growth These double-digits a in in of our achieving expanding in of our given you Talon Delivery include of and last potentially continued market our will Liquid these six and and a panel I objectives continue revenue moderation incremental South and we explained incremental on Korea; growth by market spending, foothold business the market. our progress overall expanding give we Today, of grow acquisitions machining, markets for can continue initiatives. precision Innovations. In served by in the equipment why industry I and to than fab weldments Cal-Weld footprint outperform reasons we reiterate billion
they each acquired one served customer. we basically Before these companies,
We our four with leveraging our our customers. relationships of large expand have other strong served share significant opportunities to these by markets
gains revenues of share year achieve We accelerating to qualifications quarter, XXXX. expected end first last both began precision at initial this expect in We the and weldments and market into machining. now with
happening. is So this
much of for and established have structure. of additional capacity our built agreements Malaysia, is new We qualifications these new in an market which parts Moreover, customer being business. ultracompetitive cost our has share
of now have which we in our South Engineering, will Next, recent acquisition leverage. through Korea, we beachhead IAN a
well Korean incremental subsidiaries for machining provide XXXX. as OEMs, will driver capabilities equipment be and Korean precision will the weldments of as revenue to We suppliers other the an which
But will Korea, multiple award certainly Liquid other further in beginning in share. market the growth XXXX to million U.S. our expand to means and last begun opportunity already provides fab well this increased one Modules, We Outside equipment suppliers, during $X.X billion gashouse market IAN, XXXX. our CVD and furthermore, solution primarily opportunity. wet additional which in share proprietary we Delivery just company, increase a Delivery is our We our term, are of our clean has gas to substantial to WONIK track see working OEMs to to geographic add equipment processes opportunities closely $XXX with working fastest-growing SEMES the bring kick won expansion. in This is through reach to $X Liquid expand we new Korea with IPS, for IAN the share have incremental our wafer we in the which billion have panel as the SEMES, Long beyond. market in we growth business, year, and with market Liquid now OEM have segment. with revenue of foothold also acquisition. Delivery and a our a and additional to overall as in
engaged are strategies customer addition We market of OEMs in with our markets, expand equipment in in to particularly Japan. share
deck eager products. positions we are Delivery panel billion have market should to such opportunities. slide We in new these processes, markets Liquid and through the can footprint who source XXXX. market our the revenue through be our expanded total, processing - $X.X track. that geographical of have there, served our to IR a quarter, in that incremental Last wet In our propriety in $X significant to opportunity summarizes gas products from we OEMs market wet bring a be all leveraged These of acquisitions, our significant CMP, some billion and as a clean our beginning largest sizable introduced
of have alone, year million quantified stage As and will and progressing outperformance and next revenue we well these. growth at additional from incremental all beyond. least This these of quarter, said we with for $XXX last the set are an initiatives, XXXX we for
our and Finally, we to acquisitions, our which earnings. accretive to fit continue strategy are pursue additional
Cal-Weld, We IAN. continue our now use has Ajax very been and strategy with that Talon plastics, Innovations will to successful
space, revenue strengths with within the that we'll fluid work our customers, will of do a accretive. for platform deals growing additional that market give We will in list are growth, stay of and dynamics us our buy will companies semiconductor strategic we we
investors. our points key which are business, summary, I in the about understood hope well by all here now are of So our
First, that much know They now there yesterday. as to downturns performance more QX is proving we fear in in is our financial shallower, shorter profitable little are downturns the than them. and of
solid making executing incremental growth drivers. progress revenue are we Second, our in
Japan. in we landing have address in precision and in Korea, We and expanding wins into in OEMs customers and are putting Delivery, pieces place design are new we penetrating machining, we are with to customers Liquid weldments
investments we to commitment deploy Third, on M&A to organic by are following our returning and as our through through well as shareholders. cash capital
shares. our We have through X.X returned stock count year's million by million repurchases, $XX this reducing share
fab wafer the industries have equipment Finally, earlier, annual XX%. XXXX, have as outgrown versus XX% I growth we said the since with industries'
industry, at times in we to we in wafer fab again single will do equipment that grow could the in grow with XXXX. will We XXXX, and digits the outgrow so continue to rate, several
against that the peers and aware unpatched strong to and outgrowing initiatives Ichor growth industry, of our gain margins, industry all the revenues You're - has an nearly confidence revenue at unmatched our with customers. year and your one been operating outperforming beyond incremental and in hope for another earnings gross We growth, growth executing rate, expanding drivers strategic XXXX. of multiple every
is view quarter ever. financial and and than operational stronger during will third we Our demonstrate our emerge this resiliency
our about there will and look second XXXX. Our accelerating current turn for strength visibility for with to third more Jeff? financial over QX, Jeff detail better quarter as we from it to guidance performance and quarter. is our I that, the revenue our into And provide
