Cohu, Inc. (NASDAQ:COHU) Q1 2020 Earnings Conference Call - Final Transcript
May 05, 2020 • 04:30 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Cohu Incorporated First Quarter 2020 Financial Results Conference Call. [Operator Instructions]
I would now like to hand today's conference to Jeff Jones, Chief Financial Officer. Please go ahead, sir.
Jeffrey D. Jones
Good afternoon, and welcome to our conference call to discuss Cohu's first quarter results and second quarter 2020 outlook.
I'm joined today by our president and CEO, Luis Muller. If you need a copy of our earnings release, you may access it from our website, cohu.com, or by contacting Cohu Investor Relations. There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.
Now to the safe harbor. During today's call, we will make forward-looking statements, reflecting management's current expectations concerning Cohu's future business. These statements are based on current information that we have assessed but which, by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release, as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q. Our comments speak only as of today, May 5, 2020, and Cohu assumes no obligation to update these statements for developments occurring after this call.
Finally, during the call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures.
Now, I'd like to turn the call over to Luis Muller, Cohu's President and CEO. Luis?
Luis A. Muller
Hello, everyone, and thanks for joining us.
Today, I'll describe how Cohu is responding to the COVID-19 pandemic, discuss some of our accomplishments in the first quarter, then I'll provide some perspectives on Q2 and what we expect for the rest of the year. Jeff will later discuss financial results and provide guidance for the second quarter.
First and foremost, Cohu is committed to the health and well-being of our partners, including our employees, customers and vendors. And as such, we have implemented a strict set of policies at our global sites to safeguard our partners. The COVID-19 pandemic has had some impact to our supply chain in Southeast Asia and to our operations in Malaysia and the Philippines.
Sales in the first quarter were approximately $139 million and about $6.5 million lower than expected due to the movement control restrictions imposed during the second half of March in these countries where most of our products are manufactured. Despite these challenges, I'm proud of how we have pulled together globally to ensure business continuity during this unprecedented set of events.
Now on to more details on our business results. Q1 marked the second consecutive quarter of record bookings, mostly driven by mobility customers accelerating the adoption of 5G test solutions for RF Front-End devices. First quarter orders for our test -- semi