Press release
Entegris Reports Results for Fourth Quarter of 2023
Fourth-quarter net sales of $812 million, decreased 14% from prior year and 9% sequentially Fourth-quarter net sales increased 2% sequentially (excluding the
About this update from Entegris, Inc.
[{"type":"text","content":"\n\nFourth-quarter net sales of $812 million, decreased 14% from prior year and 9% sequentially\n\n\n\nFourth-quarter net sales increased 2% sequentially (excluding the impact of divestitures)\n\n\n\nFourth-quarter GAAP diluted EPS of $0.25\n\n\n\nFourth-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 fourth quarter ended December 31, 2023. Fourth-quarter sales were $812.3 million, a decrease of 14% from the same quarter last year. Fourth-quarter GAAP net income was $38.0 million, or $0.25 income per diluted share, which included $30.0 million of gain on termination of the Alliance Agreement with MacDermid Enthone, $10.4 million of goodwill impairment, $30.5 million of impairment of long-lived assets, $51.0 million of amortization of intangible assets, $7.8 million of integration costs related to the acquisition of CMC Materials and $14.6 million of other net costs. Non-GAAP net income was $97.9 million for the fourth quarter and non-GAAP earnings per diluted share was $0.65.\n\n\nBertrand Loy, Entegris’ president and chief executive officer, said: “Our unit driven model has displayed strong resilience during the current industry downturn. We closed 2023 with fourth quarter sales and non-GAAP EPS results above our guidance. For the year, we outperformed the market by 6 points, driven in large part by our strong position at the leading-edge technology nodes. In addition, we divested three non-core businesses and used the proceeds and free cash flow to pay off $1.3 billion of debt. We also continued to make significant R&D and capacity investments, which are vital for our long-term growth.”\n\n\nMr. Loy added: “As we enter 2024, inventories of semiconductors have largely normalized, end demand has stabilized in most segments, and we expect a gradual industry recovery to occur throughout the year. In addition, we expect Entegris will continue to outgrow the market and show leverage in our model.”\n\n\nMr. Loy concluded: “We remain as optimistic as ever about the long-term growth prospects for the semiconductor industry. The industry is entering a period of unprecedented technology change and device complexity. This means the market is moving toward Entegris. Our core value proposition in materials science, materi...