KLA exits FPD business, revises March Q guidance downward on $110M-$140M charges

KLA CORP

Exiting flat panel display business by Dec 31, 2024 after major customer canceled project; FPD was 1.4% of 2023 revenue.
Expects $60M-$70M non-cash inventory write-off and $50M-$70M goodwill/intangibles impairment for March quarter.
Revises March Q GAAP gross margin to 55.6%-57.6% (from 58.4%-60.4%) and GAAP diluted EPS to $3.46-$4.66 (from $4.33-$5.53).
Non-GAAP gross margin revised to 57.7%-59.7% (from 60.5%-62.5%) and non-GAAP diluted EPS to $4.23-$5.43 (from $4.66-$5.86).
Revenue guidance for March Q reaffirmed at $2.3B ± $125M; longer-term profitability margins expected to improve immaterially.

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