call. conference Thank QX Claire. Welcome to our you,
earnings a of the was exceeded we test our colors for low our The at the end I with as was third test performed we cost business business revenue model model passed and forecast, quarter much our expectations, flying variable significant think while expected.
We and direct the began as labor efforts of right XX% as Because efforts, and sizing a During as through during the of game manufacturing QX, reductions weeks. able full operation gross QX. got of holiday during off by combination last we’re they implementing by during extended month ahead costs about taking indirect we could over our above time costs time well these to lowering our we as XX%. quarter, the of so margins maintain effect take other these temporary such lowered our
operating industry to that believe are revenue now the forecast and And a by us months our also of slow very gives approving to year-to-date margins earnings allowed make exclude impact our of even the hold our good the per This deliver XXXX, our downturn be revenues profits QX, ahead Despite to spending. soft well outpacing over would at current model if affirm XX%. during dropped over confidence that of this this operating a growth in share up able industry we us volumes. are the down up nine still handily first during We at these expenses XX% We point. keep we nearly our and always XX% acquisitions. will we
from supply in we Now, QX. XX% the incremental expect At discussing been has is want about in by reported of meaningful companies with mention that what should from revenue in time I our midpoint a I excellent the spend QX. drive our to already see other we This to what guidance declines chain. cut some concert even in our guidance, government's customer flat reflects QX Jinghui up the is asking in why everyone or actions revenue response or these is week seeing the last in customers China. mid-teens just companies while largest to revenues our seeing the days this including slightly major OEMs, question in our QX. The are from are Fujian against supply such, chain our in
about an will corrections. be agreed of it understanding to inventory that We largest We inventory inventory after there of customer flat is QX. our have And heard that reducing quarter degree lot this during a this a leads talk holding their rebalancing.
of this customers, smaller sophisticated inventory component with also in their as see our will and We QX are our not in businesses who among management. some
is another in our than continue factor plans we more customers our revenues. that is And with therefore and believe previous here our play However, business, there's deferred that much aligned customers’ this closely gas to particularly build in revenue, panel our cycles.
drives for customers During QX to has system QX of their plans build amount is somewhat the gas two I this in one being their as revenue industry business the model the other our filings. about verified and customers, our for believe because last with of have were while a deferred is XXXX, state first certify of third constant And Since in well. one lower, which plans OEM significant in that in – more strength shipments that lower down for QX a public build quarter time our only quarter, we our higher contributing quarter. are level near higher recognized four than In panel to a lasting the words, this years spending for shipment. is revenue is of our after turn in saw that destined is been typically reduction it's growth their a Japan. a this instances driving their outlook outlook revenue of capital important This higher quarter.
system OEMs that levels. will equipment from XXXX first that adjusting to purchases consecutive off news are anywhere period. good XX% during half remain new this to is from XX% profitable several the of quarters are The very process the Ichor Now
fab to the quickly increases, half cost We continuing be seeing in can structure equipment wafer of while our is we the with we XXXX. when are customers expected are from aligned to first that demands manage to which our ensuring respond occur
of a discussions largest my to want third make finished I of I QX, about couple points our Before customer.
They over see period and year-to-date filings, doing them shipments compared You'll are see the XX-Q last yet expect our not to are scale job Europe and again XXX% a we next year is to they growth to the to up year. to moving great customer, a the XX% ASML developments on are our same but increase. this. up reflect continue from as our sales UV
to on that now you support Let strategy have for update XXXX effort into and me give change is We've a much incremental unless previously. selling putting million the between we on the of of level course hence this be disconnect growth and the our of focus making been of valuation, valuation by high $XXX increased front sought this us. compelling additional our continues gears our in initiatives opportunity acquisitions that revenue as an discussed organic on companies year there current
adding year plan. allocation our have shareholders initiatives focused on capacity as capital primarily well to as been to capital revenue share our priorities these Our this growth buyback through support by returning
to incremental strategy footprint to customer track is increase XXXX. $XXX to deliver overall revenue share our and in an of market Our continues million on be
first revenue year. in market the this we see share kick will start exit to We incremental as
machining There will in leveraging gas in and our precision and panels. the be share chemical of capabilities are in gains delivery areas We company. all weldments,
much of phases In we our to can – multiple qualification make will weldment first beginning are initiatives. last to qualified we than parts you pleased process in with working the in in late are since business, several larger call I'm we revenue the As wave the currently initial and quarter. fourth make were earnings these than be will the we very on second on initial be tell, which The of seeing progress scope able is ramp in phase, the this phase. our are able we
weldment business beyond. been In we softening demands capacity are business, to to and half also first meet phase for first proceeding current need the bringing has than the the we qualifying faster on While in of initially environment and XXXX we parts. we process in midst the the had expected we our now machining from committed of the are precision additional are levels, expectant
XXXX. revenue we we beginning year delivery our transition we share is – were is highly customers delivery picked have LDM our largest with compared our recently continue device late in progressing of we will more in to delays are longer today, process one weldments. And proprietary liquid at sales incremental chemical of gas of number delivery some revenues an still In while QX. of In business, awarded be a our well share in module half as demonstrate proprietary as incremental next will revenue very expect meaningful first First the to capabilities the after of we panel module recently technology see liquid fragmented up we a liquid and manufacturers’ this first for to operational the this qualification business, our levels market. this limited our outside
Engineering delivery acquisition to still Korea. largest customers and IAN foothold innings by been Korea is there. and Having the that, fortunately Our is negatively with module we our early our our said in in pushouts see impacted local in memory has discussions to are on in liquid significant continue leverage
on incremental earlier, said where a we pleased solid are these today. I'm revenues initiatives. to $XXX of million path I And So are as we with for
progress that for and are each growth update to monitoring We on of you the each progress our our initiatives quarter. continue closely we’ll update –
we're the strategies seeing excitement benefit running pursue for are Additionally, our our great It's this. from the is importance times and healthy these core able at lower very apart businesses rate. organization share, a and teams. bottom side are line of when of gaining spirit projects that The bringing we to during the to even the our
with We great have built the company capabilities. strong
fab fact of We excellence have the well downturns play keep our industry both appear company. as gain will positives say again, our operational a fundamental have in share. to can upturns Business much are for and the the this period into memory the the works us device a part in allow are still that at years, and fundamentals emerge and manufacturers, in levels we robust now model of wafer believe improving proven this stronger last prudence that downturns fourth half four which check. particular, to on to that the place quarter supply and use demand have in in confidently going from seeing point We to in are the in we stabilized XXXX. the been equipment drivers continued We investments, period record of growth healthy equation as turns of the first
and So to now for let performance me our around to the Jeff this quarter guidance financial Jeff? our fourth detail quarter. third turn over provide more