- Net sales of $771 million, decreased 16% from prior year and 5% sequentially
- Adjusted net sales decreased 5% from prior year and 4% sequentially (excluding the impact of divestitures)
- GAAP diluted EPS of $0.30
- Non-GAAP diluted EPS of $0.68
BILLERICA, Mass.–(BUSINESS WIRE)–Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s first quarter ended March 30, 2024.
Bertrand Loy, Entegris (NASDAQ:)’ president and chief executive officer, said: We are pleased with our positive start to the year. Sales of $771 million were at the high end of our guidance. Adjusted EBITDA and non-GAAP EPS were above our guidance, even while we increased critical R&D investments. During the quarter, we sold the Pipeline and Industrial Materials (PIM) business, completing all our planned divestitures of non-core assets. Using the PIM sale proceeds and cash on hand, we paid down over $400 million of debt during the quarter.
Mr. Loy added: “For 2024, our view of the semiconductor industry has not changed. We believe that the market is healthier, with normalizing inventories of semiconductors and a more stable demand environment. We continue to expect a gradual market recovery throughout the year. In addition, we expect Entegris will continue to outgrow the market and show leverage in our model.
We remain very optimistic about the long-term growth prospects for the semiconductor industry and Entegris, he said. The industry is entering a period of unprecedented technology change and device complexity. Our core competencies in materials science and materials purity, coupled with our unique ability to co-optimize solutions that shorten time to yield, have become increasingly critical for our customers. All of this means the market is moving toward Entegris, translating into rapidly expanding content per wafer and strong outperformance for us for years to come.
remove ads
.
Quarterly Financial Results Summary
(in thousands, except percentages and per share data)
|
GAAP Results |
Mar 30, 2024 |
Apr 1, 2023 |
Dec 31, 2023 |
|
Net sales |
$771,025 |
$922,396 |
$812,291 |
|
Gross margin – as a % of net sales |
45.6% |
43.5% |
42.4% |
|
Operating margin – as a % of net sales |
15.3% |
1.5% |
12.4% |
|
Net income (loss) |
$45,266 |
($88,166) |
$37,977 |
|
Diluted earnings (loss) per common share |
$0.30 |
($0.59) |
$0.25 |
|
|
|
|
|
|
Non-GAAP Results |
Mar 30, 2024 |
Apr 1, 2023 |
Dec 31, 2023 |
|
Adjusted gross margin – as a % of net sales |
45.6% |
44.3% |
42.4% |
|
Adjusted operating… |
Click Here to Read the Full Original Article at All News…
