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Axcelis Announces Financial Results for Third Quarter 2024

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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.

Positive
  • 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
Negative
  • 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 $256.6 million, while operating profit declined by $5.9 million to $46.9 million. The 42.9% gross margin contracted by 90 basis points and EPS fell from $1.55 to $1.49.

The Q4 guidance signals further deterioration, with projected revenue of $245 million (-4.5% QoQ) and EPS of $1.25 (-16.1% QoQ). The significant backlog correction, reducing it by $115 million as of Q2, raises concerns about previous financial reporting accuracy and future growth visibility.

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

BEVERLY, Mass., Nov. 6, 2024 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2024. The Company reported third quarter revenue of $256.6 million, compared to $256.5 million for the second quarter of 2024. Gross margin for the quarter was 42.9%, compared to 43.8% in the second quarter. Operating profit for the quarter was $46.9 million, compared to $52.8 million for the second quarter. Net income for the quarter was $48.6 million, or $1.49 per diluted share, compared to $50.9 million, or $1.55 per diluted share in the second quarter.

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 Japan market."

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 $245 million, and earnings per diluted share of approximately $1.25.

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 $879 million, compared to previously reported backlog of $994 million. Backlog as of September 30, 2024 was $758 million.   

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 Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 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.

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, $0.001 par value, 75,000 shares authorized; 32,504 shares issued and outstanding
at September 30, 2024; 32,685 shares issued and outstanding at December 31, 2023



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










 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-third-quarter-2024-302297733.html

SOURCE Axcelis Technologies, Inc.

FAQ

What was Axcelis (ACLS) revenue in Q3 2024?

Axcelis reported revenue of $256.6 million in Q3 2024, slightly higher than Q2 2024's $256.5 million.

What is Axcelis (ACLS) Q4 2024 guidance?

Axcelis expects Q4 2024 revenues of approximately $245 million and earnings per diluted share of approximately $1.25.

What was the backlog correction for Axcelis (ACLS) in Q2 2024?

Axcelis corrected its Q2 2024 backlog to $879 million, down from previously reported $994 million, after identifying calculation errors dating back to 2019.

What was Axcelis (ACLS) earnings per share in Q3 2024?

Axcelis reported earnings of $1.49 per diluted share in Q3 2024, compared to $1.55 per diluted share in Q2 2024.

Axcelis Technologies Inc

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Semiconductor Equipment & Materials
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BEVERLY