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FormFactor’s stock fell sharply this week, ending the period down 11.6%. By comparison, the S&P 500 rose 0.9% and the Nasdaq Composite gained 1.1% over the same stretch.
Trading began on a bearish note as investors moved out of the stock ahead of earnings, citing valuation concerns. Although the shares showed some post-earnings recovery, FormFactor still finished the week down double digits.
After the market closed on April 29, FormFactor reported first-quarter results that came in ahead of Wall Street expectations. The company posted non-GAAP (adjusted) earnings per share of $0.56 on sales of roughly $226.1 million.
Adjusted EPS beat the average analyst estimate by $0.13, while sales were $0.94 million higher than anticipated. The company also reported that revenue surged nearly 32% year over year, and adjusted EPS improved significantly from the $0.23 per-share profit reported in the prior-year period.
FormFactor’s outlook for the current quarter was described as encouraging. The company guided for adjusted earnings of roughly $0.61 on sales of roughly $240 million.
This was substantially above the average analyst estimate of $0.45 in adjusted earnings per share on revenue of $227.7 million.
FormFactor’s shares initially rallied after the Q1 report and the new guidance, but the gains faded as the week progressed. Even after the pullback, the stock remains up roughly 354% over the last year, leaving investors weighing valuation concerns despite the company’s strong reported results.
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