Press release
Entegris Reports Results for Second Quarter of 2023
Second-quarter revenue (as reported) of $901 million, increased 30% from prior year Second-quarter revenue (proforma), decreased 11% from prior year
About this update from Entegris, Inc.
[{"type":"text","content":"\n\nSecond-quarter revenue (as reported) of $901 million, increased 30% from prior year\n\n\n\nSecond-quarter revenue (proforma), decreased 11% from prior year\n\n\n\nSecond-quarter GAAP diluted EPS of $1.31\n\n\n\nSecond-quarter non-GAAP diluted EPS of $0.66\n\n\n\n BILLERICA, Mass.--(BUSINESS WIRE)--\nEntegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s second quarter ended July 1, 2023. Second-quarter sales were $901.0 million, an increase of 30% from the same quarter last year. Second-quarter GAAP net income was $197.6 million, or $1.31 income per diluted share, which included a $154.8 million of gain on a termination of an alliance agreement, $54.7 million of amortization of intangible assets, $18.4 million of integration costs and $19.4 million of other net costs. Non-GAAP net income was $99.6 million for the second quarter and non-GAAP earnings per diluted share was $0.66. The results for the second 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: “Our performance and execution in the second quarter was solid and showcased the resilience of our unit driven model. Sales were down sequentially as expected, but we did see growth in product lines that are of increasing importance to our customers’ technology roadmaps.\n\n\n“We have made good progress on key initiatives. The CMC Materials integration is proceeding very well, and we are on track to achieve our $75 million run-rate cost synergy target by the fourth quarter. Debt paydown is a high priority for us and divestitures of non-core assets have been a significant lever to reduce this debt. So far this year, we have entered into definitive agreements for the sale of three businesses, totaling more than $1 billion in proceeds,” he said.\n\n\n“While our expectations for an industry recovery in the short term are modest,” Loy said, “we continue to be extremely optimistic about the long-term secular growth of the semiconductor industry. We have strong conviction in the growing importance of our value proposition, our opportunity to grow our content per wafer, and our ability to continue to outperform the market. During the second half of the year, our focus will be on completing the C...