Axcelis Announces Financial Results For First Quarter 2021

Rhea-AI Summary

Axcelis Technologies reported first quarter 2021 revenue of $132.8 million, an increase from $122.2 million in Q4 2020. The operating profit rose to $20.3 million from $14.1 million, with net income at $16.5 million ($0.48/share), up from $14.7 million ($0.43/share). The gross margin declined slightly to 42.5% from 43.4%. The company shipped its first Purion H200™ SiC tool and anticipates 2021 revenue to exceed $550 million. For Q2 2021, revenue is expected between $135 million and $140 million.

Positive

• First quarter revenue increased to $132.8 million from $122.2 million in Q4 2020.
• Net income rose to $16.5 million ($0.48/share), up from $14.7 million ($0.43/share).
• Forecasting 2021 revenue to exceed $550 million, a year ahead of schedule.

Negative

• Gross margin decreased to 42.5% from 43.4% in the previous quarter.
• Second-quarter gross margin expected to decline to approximately 41.5%.

BEVERLY, Mass., May 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2021.

Highlights for the first quarter are as follows:

• The Company reported first quarter revenue of $132.8 million, compared to $122.2 million for the fourth quarter of 2020.
• Operating profit for the quarter was $20.3 million, compared to $14.1 million for the fourth quarter.
• Net income for the quarter was $16.5 million, or $0.48 per diluted share, compared to net income of $14.7 million, or $0.43 per diluted share for the fourth quarter.
• Gross margin for the quarter was 42.5%, compared to 43.4% in the fourth quarter.
• Cash, cash equivalents and restricted cash were $207.5 million on March 31, 2021, compared to $204.2 million on December 31, 2020.
• Shipped the first Purion H200™ SiC tool, enabling Axcelis to provide power device customers with a full suite of Purion products to support all of their ion implant needs.
• Closed the evaluation of a Purion VXE™ and shipped a Purion XEmax™ evaluation to a second customer for use in advanced image sensor development.

President and CEO Mary Puma commented, "Axcelis delivered strong first quarter financial performance, driven by the growing demand for our Purion™ products and strength across a number of markets. Given market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $550 million in revenue for the full year 2021, achieving this goal a full year ahead of schedule."

Business Outlook
For the second quarter ending June 30, 2021, Axcelis expects revenues ranging from $135 to $140 million. Gross margin in the second quarter is expected to be approximately 41.5%. Second quarter operating profit is forecasted to be in the range of $19-21 million with earnings per diluted share in the range of $0.43-0.47.

First Quarter 2021 Conference Call
The Company will host a call to discuss the results for the first quarter on Wednesday, May 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)
		Three months ended
		March 31,
		2021			2020
Revenue:
Product		$	126,609		$	112,133
Services			6,167			6,858
Total revenue			132,776			118,991
Cost of revenue:
Product			70,334			67,172
Services			6,007			6,270
Total cost of revenue			76,341			73,442
Gross profit			56,435			45,549
Operating expenses:
Research and development			15,685			14,606
Sales and marketing			10,387			8,204
General and administrative			10,013			9,036
Total operating expenses			36,085			31,846
Income from operations			20,350			13,703
Other (expense) income:
Interest income			33			482
Interest expense			(1,029)			(1,303)
Other, net			(1,153)			(620)
Total other expense			(2,149)			(1,441)
Income before income taxes			18,201			12,262
Income tax provision			1,721			1,041
Net income		$	16,480		$	11,221
Net income per share:
Basic		$	0.49		$	0.34
Diluted		$	0.48		$	0.33
Shares used in computing net income per share:
Basic weighted average common shares			33,715			32,872
Diluted weighted average common shares			34,643			34,057

 

 

Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited)
		March 31,			December 31,
		2021			2020
ASSETS
Current assets:
Cash and cash equivalents		$	206,766		$	203,479
Accounts receivable, net			75,932			86,865
Inventories, net			174,381			161,076
Prepaid expenses and other current assets			22,513			19,371
Total current assets			479,592			470,791
Property, plant and equipment, net			30,459			29,840
Operating lease assets			4,213			4,542
Finance lease assets, net			20,216			20,544
Long-term restricted cash			753			753
Deferred income taxes			54,936			57,851
Other assets			39,123			40,303
Total assets		$	629,292		$	624,624
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	40,476		$	24,013
Accrued compensation			8,573			24,562
Warranty			4,181			4,280
Income taxes			648			654
Deferred revenue			20,417			21,221
Current portion of finance lease obligation			809			756
Other current liabilities			8,774			8,945
Total current liabilities			83,878			84,431
Long-term finance lease obligation			47,167			47,393
Long-term deferred revenue			1,725			1,837
Other long-term liabilities			8,862			9,361
Total liabilities			141,632			143,022
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 33,679 shares issued and outstanding at March 31, 2021; 33,633 shares issued and outstanding at December 31, 2020			34			34
Additional paid-in capital			567,199			570,102
Accumulated deficit			(81,656)			(91,969)
Accumulated other comprehensive income			2,083			3,435
Total stockholders' equity			487,660			481,602
Total liabilities and stockholders' equity		$	629,292		$	624,624

 

 

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SOURCE Axcelis Technologies, Inc.

FAQ

What are Axcelis Technologies' Q1 2021 earnings results?

In Q1 2021, Axcelis Technologies reported revenue of $132.8 million, net income of $16.5 million ($0.48 per diluted share), and an operating profit of $20.3 million.

What is the revenue outlook for Axcelis Technologies in Q2 2021?

For Q2 2021, Axcelis expects revenues between $135 million and $140 million.

How did Axcelis Technologies perform compared to the previous quarter?

Axcelis saw a revenue increase from $122.2 million in Q4 2020 to $132.8 million in Q1 2021, with net income also up from $14.7 million.

What are the key product developments for Axcelis Technologies in 2021?

Axcelis shipped its first Purion H200™ SiC tool and is expanding its Purion product line to meet growing market demand.

What is the gross margin forecast for Axcelis Technologies in Q2 2021?

The gross margin is expected to be approximately 41.5% for Q2 2021, a decline from 42.5% in Q1 2021.