Business
Axcelis Announces Financial Results for Second Quarter 2023
Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power Devices BEVERLY, Mass., Aug. 2, 2023 /PRNewswire/ -- Axcelis
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":"Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power Devices\nBEVERLY, Mass., Aug. 2, 2023 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter of 2023.\n\n \n \n \n \n \n \n\n \nHighlights include:\nThe Company reported second quarter revenue of $274.0 million, compared to $254.0 million for the first quarter of 2023.Operating profit for the quarter was $63.7 million, compared to $51.4 million for the first quarter.Net income for the quarter was $61.6 million, or $1.86 per diluted share, compared to $47.7 million, or $1.43 per diluted share in the first quarter.Gross margin for the quarter was 43.7%, compared to 40.9% in the first quarter.Second quarter ended with systems backlog of $1.23 billion on quarterly bookings of $193 million.Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power DevicesPresident and CEO Russell Low commented, \"Axcelis delivered strong second quarter financial performance as a result of significant demand for the Purion product family, especially in the silicon carbide power market. Axcelis is the only company with a product line capable of covering all implant recipes in the mature process technology markets. We now believe it is possible to achieve $1.3 billion in revenue in the next one or two years, depending on market conditions.\"\nExecutive Vice President and Chief Financial Officer Kevin Brewer said, \"We are very pleased with our second quarter 2023 financial results which finished well above guidance due to solid execution and continuing strong demand for Purion. We are upwardly revising expectations for 2023 revenue to greater than $1.1 billion, representing year over year growth of approximately 20%.\"\nBusiness OutlookFor the third quarter ending September 30, 2023, Axcelis expects revenues of approximately $280 million. Gross margin in the third quarter is expected to be approximately 44%. Third quarter operating profit is forecast to be approximately $64 million with earnings per diluted share of approximately $1.72. For the full year, the Company expects to achieve revenue greater than $1.1 billion and to achieve full year gross margins of approximately 44% as shown in the $1.1 billion model.\nSecond Quarter 2023 Conference CallThe Company will host a call to d...