Business
Ultra Clean Reports First Quarter 2019 Financial Results
HAYWARD, Calif., May 2, 2019 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the first quarter ended
About this update from Ultra Clean Holdings, Inc.
[{"type":"text","content":"HAYWARD, Calif., May 2, 2019 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the first quarter ended March 29, 2019.\n\n \n\"Solid execution of our plan resulted in a strong start to the year as we delivered revenue and non-GAAP EPS above our expectations,\" said Jim Scholhamer, CEO. \"We continue to make strategic investments, such as our recent acquisition of Dynamic Manufacturing Solutions, which broaden our product portfolio and drive profitable growth.\" \nUCT has elected to change its organizational and reporting structure to capture efficiencies and operating leverage as a result of the Quantum acquisition in August 2018. The Company will now report results for two operating segments: Semiconductor Products and Solutions (\"SPS\") and Semiconductor Services Business (\"SSB\"). The Company has provided a reconciliation of GAAP to non-GAAP segment financial measures in the financial statement tables included in this press release. \nFirst Quarter 2019 GAAP Financial Results\nConsolidated revenue was $260.1 million, an increase of 1.1% compared to the prior quarter and a decrease of 17.4% over the same period a year ago. SPS contributed $200.2 million and SSB added $59.9 million. Total gross margin was 17.2% compared to 17.9% last quarter and 15.5% a year ago. \nNet income was $0.6 million or $0.02 per basic and diluted share. This compares to a net loss of $1.1 million or $0.03 per basic and diluted share in the previous quarter, and net income of $24.7 million or $0.67 and $0.66 per basic and diluted share last year. \nFirst Quarter 2019 Non-GAAP Financial Results\nNon-GAAP net income was $8.1 million or $0.21 per diluted share. This compares to $8.7 million, or $0.23 per diluted share in the previous quarter and $25.7 million or $0.69 for the prior year. \nNon-GAAP operating margin was 6.1% compared to 6.5% in the previous quarter and 9.2% in the same period a year ago. \nThe Company has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables included in this press release.\nSecond Quarter 2019 Outlook\nThe Company expects revenue in the range of $245.0 million to $265.0 million and GAAP diluted net (loss) income per share to be between ($0.02) and $0.08. The Company expects non-GAAP net income per diluted share to be in t...