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Axcelis Updates And Increases Q4 2020 Guidance
Announces New $100M Share Repurchase Program BEVERLY, Mass., Jan. 12, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":"Announces New $100M Share Repurchase Program\n\n\nBEVERLY, Mass., Jan. 12, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today provided updated financial guidance for the fourth quarter of 2020. The Company expects revenue for the fourth quarter of 2020 to be approximately $120 million, above the $110 million prior guidance. Gross margin of approximately 43% is up from the previous gross margin guidance of 41%. As a result, the Company expects earnings per diluted share of approximately $0.32, up from the previous guidance of approximately $0.21. Cash will be greater than $200 million. Strong performance by our CS&I business contributed to the strong revenue and gross margin. \n\n \n \n \n \n \n \n\n \nPresident and CEO Mary Puma commented, \"We expect 2020 to exceed expectations and that 2021 will be another strong year, with the mature process technology market continuing to grow and the memory market expected to recover. This positions us well to achieve our $550 and $650 million dollar target models.\"\nKevin Brewer, executive vice president and chief financial officer said, \"The Axcelis Board of Directors has authorized a new $100 million share repurchase program effective for 2021. This new program emphasizes the confidence that management and the board of directors have in Axcelis' operational strength and prospects for the future.\"\nShare Repurchase ProgramRepurchases of the Company's common stock will be made from time to time under the SEC's Rule 10b-18, subject to market conditions. These shares may be purchased in the open market or through privately negotiated transactions. The Company may from time to time enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The Company has no obligation to repurchase shares under the authorization. The Company may suspend or discontinue the repurchase program at any time.\nFourth Quarter and Full Year 2020 Conference CallAxcelis Technologies will release financial results for the fourth quarter and full year 2020 on Wednesday, February 10, 2021 at 4:00 p.m. Eastern Time (ET). The Company will host a call to discuss the results for the fourth quarter and full year 2020 on Thursday, February 11, 2021 ...