Axcelis Announces Financial Results for Third Quarter 2024
Axcelis Technologies (NASDAQ: ACLS) reported Q3 2024 financial results with revenue of $256.6 million, slightly up from $256.5 million in Q2. Operating profit decreased to $46.9 million from $52.8 million, while net income fell to $48.6 million ($1.49 per diluted share) from $50.9 million ($1.55 per share). Gross margin declined to 42.9% from 43.8%. The company expects Q4 2024 revenues of approximately $245 million with EPS of $1.25. Additionally, Axcelis corrected historical backlog figures, with Q2 2024 backlog revised to $879 million from previously reported $994 million. Q3 2024 backlog stands at $758 million.
Axcelis Technologies (NASDAQ: ACLS) ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi pari a $256,6 milioni, leggermente in aumento rispetto ai $256,5 milioni del secondo trimestre. L'utile operativo è diminuito a $46,9 milioni dai $52,8 milioni precedenti, mentre il reddito netto è sceso a $48,6 milioni ($1,49 per azione diluita) rispetto ai $50,9 milioni ($1,55 per azione). Il margine lordo è diminuito al 42,9% rispetto al 43,8%. L'azienda prevede ricavi per il quarto trimestre del 2024 di circa $245 milioni con EPS di $1,25. Inoltre, Axcelis ha corretto i dati storici sul backlog, con il backlog del secondo trimestre del 2024 rivisto a $879 milioni rispetto ai precedentemente riportati $994 milioni. Il backlog del terzo trimestre del 2024 si attesta a $758 milioni.
Axcelis Technologies (NASDAQ: ACLS) informó sobre los resultados financieros del tercer trimestre de 2024, con ingresos de $256,6 millones, ligeramente por encima de los $256,5 millones del segundo trimestre. El beneficio operativo disminuyó a $46,9 millones desde $52,8 millones, mientras que el ingreso neto cayó a $48,6 millones ($1,49 por acción diluida) desde $50,9 millones ($1,55 por acción). El margen bruto cayó al 42,9% desde el 43,8%. La compañía espera ingresos para el cuarto trimestre de 2024 de aproximadamente $245 millones con EPS de $1,25. Además, Axcelis corrigió las cifras históricas de backlog, con el backlog del segundo trimestre de 2024 revisado a $879 millones desde los $994 millones previamente informados. El backlog del tercer trimestre de 2024 se sitúa en $758 millones.
Axcelis Technologies (NASDAQ: ACLS)는 2024년 3분기 재무 결과를 발표했으며, 매출은 $256.6 백만으로 2분기의 $256.5 백만에서 소폭 증가했습니다. 운영 이익은 $46.9 백만으로 $52.8 백만에서 감소했으며, 순이익은 $48.6 백만 ($1.49 희석 주당)으로 $50.9 백만 ($1.55 주당)에서 감소했습니다. 총 이익률은 43.8%에서 42.9%로 하락했습니다. 회사는 2024년 4분기 수익을 약 $245 백만으로 예상하며, 주당순이익(EPS)은 $1.25입니다. 또한, Axcelis는 역사적인 백로그 수치를 수정했으며, 2024년 2분기 백로그는 이전에 보고된 $994 백만에서 $879 백만으로 수정되었습니다. 2024년 3분기 백로그는 $758 백만입니다.
Axcelis Technologies (NASDAQ: ACLS) a publié ses résultats financiers pour le troisième trimestre 2024, avec des revenus de $256,6 millions, légèrement supérieurs aux $256,5 millions du deuxième trimestre. Le bénéfice d'exploitation a diminué à $46,9 millions contre $52,8 millions, tandis que le revenu net est tombé à $48,6 millions ($1,49 par action diluée) contre $50,9 millions ($1,55 par action). La marge brute a reculé à 42,9% contre 43,8%. La société prévoit des revenus d'environ $245 millions pour le quatrième trimestre 2024 avec un BPA de $1,25. De plus, Axcelis a corrigé les chiffres historiques du carnet de commandes, le carnet de commandes du deuxième trimestre 2024 révisé à $879 millions contre précédemment signalés $994 millions. Le carnet de commandes du troisième trimestre 2024 s'élève à $758 millions.
Axcelis Technologies (NASDAQ: ACLS) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von $256,6 Millionen, der leicht über den $256,5 Millionen im zweiten Quartal liegt. Der Betriebsgewinn sank auf $46,9 Millionen von $52,8 Millionen, während der Nettogewinn auf $48,6 Millionen ($1,49 pro verwässerter Aktie) von $50,9 Millionen ($1,55 pro Aktie) fiel. Die Bruttomarge sank auf 42,9% von 43,8%. Das Unternehmen erwartet im vierten Quartal 2024 Einnahmen von etwa $245 Millionen mit einem EPS von $1,25. Darüber hinaus hat Axcelis die historischen Backlog-Zahlen korrigiert, wobei der Backlog für das zweite Quartal 2024 auf $879 Millionen revidiert wurde, nachdem zuvor $994 Millionen berichtet wurden. Der Backlog für das dritte Quartal 2024 beträgt $758 Millionen.
- Revenue remained stable at $256.6M quarter-over-quarter
- Maintained strong gross margin of 42.9%
- Healthy operating margin at 18.3%
- Strong cash generation reported by management
- Operating profit decreased by 11.2% QoQ from $52.8M to $46.9M
- Net income declined from $50.9M to $48.6M QoQ
- Q4 guidance indicates revenue decline to $245M
- Backlog correction revealed lower figures than previously reported
- Management expects slowdown in mature node capacity through H1 2025
Insights
The Q3 results show a mixed performance with concerning trends. Revenue was essentially flat quarter-over-quarter at
The Q4 guidance signals further deterioration, with projected revenue of
Management's commentary about "near term digestion of mature node capacity" through H1 2025 suggests continued headwinds in the immediate future, though long-term growth drivers in silicon carbide and memory markets remain intact.
- Revenue of
$256.6 million - Operating margin of
18.3% - Diluted earnings per share of
$1.49
President and CEO Russell Low commented, "Axcelis executed well in the third quarter with results relatively in-line with our expectations. While we anticipate a near term digestion of mature node capacity through the first half of 2025, customer engagement is strong and our long-term growth opportunity remains squarely intact highlighted by attractive secular growth in silicon carbide, a cyclical recovery in our memory and general mature markets, market share gains in advanced logic and regional penetration of the
Executive Vice President and Chief Financial Officer Jamie Coogan said, "We are pleased with the financial performance delivered by our team thus far in 2024. Our cash generation remains strong, we are engaging with customers across a number of key growth opportunities, and we are investing in our product roadmaps while maintaining discipline in our overall cost structure. All of this, when coupled with our strong balance sheet, put us in position to capture the growth opportunities that lie ahead and drive long-term value creation for shareholders."
Business Outlook
For the fourth quarter ending December 31, 2024, Axcelis expects revenues of approximately
Correction of Historical Backlog
During the preparation of the Company's third quarter financial statements, the Axcelis internal financial team identified an error in the calculation of backlog, beginning in 2019 through the second quarter of 2024. For example, corrected backlog as of June 30, 2024 was
The corrected historical figures for 2019 through the second quarter of 2024 have been posted to the Investor section of the Axcelis website at investor.axcelis.com.
Third Quarter 2024 Conference Call
The Company will host a call to discuss the results for the third quarter 2024 on Thursday, Nov. 7, 2024, at 8:30 a.m. ET. The call will be available via webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by registering as a Participant here: https://register.vevent.com/register/BI64036dd04ee74de4bea3e1ba939fae67
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
CONTACTS:
Investor Relations Contact:
David Ryzhik
Senior Vice President, Investor Relations and Corporate Strategy
Telephone: (978) 787-2352
Email: David.Ryzhik@axcelis.com
Press/Media Relations Contact:
Maureen Hart
Senior Director, Corporate & Marketing Communications
Telephone: (978) 787-4266
Email: Maureen.Hart@axcelis.com
Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Revenue: | |||||||||||||
Product | $ | 246,826 | $ | 283,367 | $ | 735,626 | $ | 795,047 | |||||
Services | 9,738 | 8,959 | 29,822 | 25,269 | |||||||||
Total revenue | 256,564 | 292,326 | 765,448 | 820,316 | |||||||||
Cost of revenue: | |||||||||||||
Product | 136,379 | 154,798 | 399,049 | 444,311 | |||||||||
Services | 10,215 | 7,844 | 27,968 | 22,600 | |||||||||
Total cost of revenue | 146,594 | 162,642 | 427,017 | 466,911 | |||||||||
Gross profit | 109,970 | 129,684 | 338,431 | 353,405 | |||||||||
Operating expenses: | |||||||||||||
Research and development | 26,395 | 24,093 | 77,843 | 71,996 | |||||||||
Sales and marketing | 16,808 | 16,465 | 51,483 | 46,146 | |||||||||
General and administrative | 19,854 | 17,446 | 52,842 | 48,519 | |||||||||
Total operating expenses | 63,057 | 58,004 | 182,168 | 166,661 | |||||||||
Income from operations | 46,913 | 71,680 | 156,263 | 186,744 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 6,560 | 4,580 | 18,126 | 12,824 | |||||||||
Interest expense | (1,333) | (1,325) | (4,017) | (4,027) | |||||||||
Other, net | 3,225 | (1,260) | 1,257 | (4,348) | |||||||||
Total other income | 8,452 | 1,995 | 15,366 | 4,449 | |||||||||
Income before income taxes | 55,365 | 73,675 | 171,629 | 191,193 | |||||||||
Income tax provision | 6,789 | 7,744 | 20,593 | 15,986 | |||||||||
Net income | $ | 48,576 | $ | 65,931 | $ | 151,036 | $ | 175,207 | |||||
Net income per share: | |||||||||||||
Basic | $ | 1.49 | $ | 2.01 | $ | 4.63 | $ | 5.35 | |||||
Diluted | $ | 1.49 | $ | 1.99 | $ | 4.61 | $ | 5.28 | |||||
Shares used in computing net income per share: | |||||||||||||
Basic weighted average shares of common stock | 32,550 | 32,807 | 32,595 | 32,775 | |||||||||
Diluted weighted average shares of common stock | 32,675 | 33,159 | 32,780 | 33,208 |
Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 120,066 | $ | 167,297 | |||
Short-term investments | 459,341 | 338,851 | |||||
Accounts receivable, net | 183,543 | 217,964 | |||||
Inventories, net | 290,954 | 306,482 | |||||
Prepaid income taxes | 10,748 | — | |||||
Prepaid expenses and other current assets | 57,441 | 49,397 | |||||
Total current assets | 1,122,093 | 1,079,991 | |||||
Property, plant and equipment, net | 54,454 | 53,971 | |||||
Operating lease assets | 30,391 | 30,716 | |||||
Finance lease assets, net | 15,668 | 16,632 | |||||
Long-term restricted cash | 6,653 | 6,654 | |||||
Deferred income taxes | 58,938 | 53,428 | |||||
Other assets | 49,928 | 40,575 | |||||
Total assets | $ | 1,338,125 | $ | 1,281,967 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 54,047 | $ | 54,400 | |||
Accrued compensation | 23,070 | 31,445 | |||||
Warranty | 14,547 | 14,098 | |||||
Income taxes | — | 6,164 | |||||
Deferred revenue | 138,682 | 164,677 | |||||
Current portion of finance lease obligation | 1,399 | 1,511 | |||||
Other current liabilities | 20,519 | 12,834 | |||||
Total current liabilities | 252,264 | 285,129 | |||||
Long-term finance lease obligation | 42,671 | 43,674 | |||||
Long-term deferred revenue | 25,344 | 46,208 | |||||
Other long-term liabilities | 42,252 | 42,074 | |||||
Total liabilities | 362,531 | 417,085 | |||||
Stockholders' equity: | |||||||
Common stock, | 33 | 33 | |||||
Additional paid-in capital | 545,350 | 547,189 | |||||
Retained earnings | 432,429 | 319,506 | |||||
Accumulated other comprehensive loss | (2,218) | (1,846) | |||||
Total stockholders' equity | 975,594 | 864,882 | |||||
Total liabilities and stockholders' equity | $ | 1,338,125 | $ | 1,281,967 | |||
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SOURCE Axcelis Technologies, Inc.
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