Shares of semiconductor equipment maker Ichor Holdings Ltd. (ICHR) surged over 16% on Monday, propelled by the company's better-than-expected financial results for the third quarter of 2024.

Ichor reported adjusted earnings of $0.12 per share for the quarter ended September 30, exceeding analysts' average estimate of $0.11 per share. The company's revenue rose 7.3% year-over-year to $211.14 million, beating Wall Street's expectations of $203.28 million.

The strong quarterly performance marked a significant turnaround for Ichor, whose stock had declined nearly 15% over the previous quarter and 19.3% year-to-date. While the company reported a net loss of $2.78 million or $0.08 per share, its adjusted results reflected a notable improvement compared to the prior year's quarter.