Business
Axcelis Announces Financial Results for Second Quarter 2024
Revenue of $256.5 millionOperating margin of 20.6% Diluted earnings per share of $1.55 BEVERLY, Mass., July 31, 2024 /PRNewswire/ -- Axcelis Technologies,
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":"Revenue of $256.5 millionOperating margin of 20.6% Diluted earnings per share of $1.55 BEVERLY, Mass., July 31, 2024 /PRNewswire/ -- Axcelis Technologies, Inc. (NASDAQ: ACLS) today announced financial results for the second quarter ended June 30, 2024. The Company reported second quarter revenue of $256.5 million, compared to $252.4 million for the first quarter of 2024. Gross margin for the quarter was 43.8%, compared to 46.0% in the first quarter. Operating profit for the quarter was $52.8 million, compared to $56.5 million for the first quarter. Net income for the quarter was $50.9 million, or $1.55 per diluted share, compared to $51.6 million, or $1.57 per diluted share in the first quarter.\n\n \n \n \n \n \n \n\n \nPresident and CEO Russell Low commented, \"Axcelis delivered strong financial results in the second quarter, exceeding our expectations. This was driven by better-than-expected conversion of evaluation units into revenue as well as continued robust demand in our Power segment - particularly silicon carbide, which continues to be a key growth driver for Axcelis. We are well positioned to execute on our long-term strategy. As we look to the second half of the year, we expect revenue to be slightly better than the first half with momentum expected to build into 2025.\"\nExecutive Vice President and Chief Financial Officer Jamie Coogan said, \"We are very pleased with our second quarter results. Revenue, operating margin and earnings per share exceeded our guidance for the period, and we delivered another quarter of healthy cash flow. Our product positioning and our disciplined cost structure provide a solid foundation on which to grow revenue and profitability as our markets recover.\"\nBusiness OutlookFor the third quarter ending September 30, 2024, Axcelis expects revenues of approximately $255 million, and earnings per diluted share of approximately $1.43.\nSecond Quarter 2024 Conference CallThe Company will host a call to discuss the results for the second quarter 2024 on Thursday, August 1, 2024, at 8:30 a.m. ET. The call will be available via a 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/BIc2d772b56d7b46c0a39772ba7468e5a0\nWebcast replays will be available for 30 days following the...