Press release
Entegris Reports Results for First Quarter of 2023
First-quarter revenue (as reported) of $922.4 million, increased 42% from prior year First-quarter revenue (proforma), decreased 3.7% First-quarter GAAP
About this update from Entegris, Inc.
[{"type":"text","content":"\n\nFirst-quarter revenue (as reported) of $922.4 million, increased 42% from prior year\n\n\n\nFirst-quarter revenue (proforma), decreased 3.7%\n\n\n\nFirst-quarter GAAP diluted EPS of $(0.59)\n\n\n\nFirst-quarter non-GAAP diluted EPS of $0.65\n\n\n\n BILLERICA, Mass.--(BUSINESS WIRE)--\nEntegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s first quarter ended April 1, 2023. First-quarter sales were $922.4 million, an increase of 42% from the same quarter last year. First-quarter GAAP net loss was $88.2 million, or $0.59 loss per diluted share, which included $88.9 million of goodwill impairment related to the sale of the Electronic Chemicals business, $57.6 million of amortization of intangible assets, $17.0 million of integration costs and $22.5 million of other net costs. Non-GAAP net income was $97.8 million for the first quarter and non-GAAP earnings per diluted share was $0.65. The results for the first quarter of 2022, are shown on a “as reported” basis and not on a “proforma” basis, and as a result do not include CMC Materials’ results.\n\n\nBertrand Loy, Entegris’ president and chief executive officer, said: “I am pleased with the quality of our execution and results in the first quarter, especially in light of the dynamic market environment. Sales were down sequentially in the quarter, but we believe we outperformed the market, driven in large part by our strong position at the leading-edge technology nodes.”\n\n\nMr. Loy added: “2023 continues to be an uncertain year for the semiconductor industry. Despite these challenges, we have made good progress on key initiatives. The CMC Materials integration is proceeding very well, and on track to hit important milestones. The recently announced agreement to sell the Electronic Chemicals business, along with the sale of the QED business, are critical steps to optimize our portfolio and are expected to result in more than $800 million of proceeds to be used for debt paydown. In addition, we have taken several actions to lower our cost structure.”\n\n\nMr. Loy added: “Looking further ahead, the semiconductor industry is poised for long-term growth, on the way to $1 trillion by 2030. At the same time, as device architectures become more complex, our leading capabilities in materials science and materials purity enable us to offer our customers un...