Kulicke And Soffa Industries Says One Of Its Strategic Customers Has Cancelled Project W; Company Expects To Incur Pre-tax Charges, Including Impairments, Of $110M-$130M
Portfolio Pulse from Benzinga Newsdesk
Kulicke and Soffa Industries announced the cancellation of Project W by a strategic customer, leading to a plan to cease operations and wind down activities related to the project. The company anticipates pre-tax charges, including impairments, of $110M-$130M, with specific non-cash impairment charges for inventory write-downs and long-lived assets.
March 11, 2024 | 9:30 pm
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Kulicke and Soffa Industries anticipates significant pre-tax charges of $110M-$130M due to the cancellation of Project W, including specific inventory and asset impairments.
The cancellation of Project W and the subsequent financial implications directly impact KLIC's financial health and investor sentiment. The significant pre-tax charges and impairments are likely to negatively affect the company's stock price in the short term due to increased costs and lost revenue potential.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100