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Axcelis Announces Financial Results For Third Quarter 2020
Company Reports Strong Earnings Driven by Robust Gross Margins BEVERLY, Mass., Nov. 5, 2020 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":"Company Reports Strong Earnings Driven by Robust Gross Margins\n\n\nBEVERLY, Mass., Nov. 5, 2020 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2020. \n\n \n \n \n \n \n \n\n \nThe Company reported third quarter revenue of $110.4 million, compared to $123 million for the second quarter of 2020. Operating profit for the quarter was $13.9 million, compared to $16.4 million for the second quarter. Net income for the quarter was $10.8 million, or $0.32 per diluted share, compared to net income for the second quarter of $13.3 million, or $0.39 per diluted share. Gross margin for the quarter was 43.6%, compared to 42.2% in the second quarter. Cash, cash equivalents and restricted cash were $212.7 million on September 30, 2020, compared to $197 million on June 30, 2020. \nPresident and CEO Mary Puma commented, \"We are pleased with our third quarter performance, which met or exceeded guidance and consensus. The Company delivered strong earnings driven by robust gross margins. We continue to expand our large and diverse customer base in key market segments, with new penetrations of the Purion H and new Purion product extensions. We are exiting 2020 with good momentum, positioning us well to capitalize on the expectation that 2021 will be a strong investment year and for the achievement of our $550 and $650 million dollar target models over the next several years.\" \nBusiness OutlookFor the fourth quarter ending December 31, 2020, Axcelis expects revenues to be approximately $110 million with gross margin around 41%. Fourth quarter operating profit is forecasted to be approximately $10 million with earnings per diluted share of approximately $0.21.\nThird Quarter 2020 Conference CallThe Company will host a call to discuss the results for the third quarter 2020 on Friday, November 6, 2020 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. If you would like to ask a question, the dial in number is 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 Conference ID: 1999553. Please dial in at least 15 minutes in advanc...