Business
Ultra Clean Reports First Quarter 2020 Financial Results
HAYWARD, Calif., April 29, 2020 /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., April 29, 2020 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the first quarter ended March 27, 2020.\n\n \n \n \n \n \n \n\n \n\"UCT's strong performance in the first quarter resulted in record revenue, improved profitability and solid earnings,\" said Jim Scholhamer, CEO. \"Early recognition of the pandemic, supported by an exceptional business continuity team and a dedicated workforce, allowed us to minimize disruptions to our facilities and supply chain for both equipment and service operations. All of UCT's facilities remain operational and we will continue to leverage our global footprint to fulfill ongoing customer demand.\"\nFirst Quarter 2020 GAAP Financial Results\nTotal revenue was $320.9 million. SPS contributed $259.4 million and SSB added $61.5 million. Total gross margin was 20.5%, operating margin was 7.0%, and net income was $9.4 million or $0.24 and $0.23 per basic and diluted share, respectively. This compares to total revenue of $286.4 million, gross margin of 19.7%, operating margin of 1.6%, and net loss of $10.3 million or $(0.26) per basic share in the prior quarter. \nFirst Quarter 2020 Non-GAAP Financial Results\nOn a non-GAAP basis, gross margin was 20.9%, operating margin was 9.9%, and net income was $21.0 million or $0.52 per diluted share excluding stock-based compensation. This compares to gross margin of 20.3%, operating margin of 9.3%, and net income of $16.0 million or $0.40 per diluted share, excluding stock-based compensation, in the prior quarter.\nSecond Quarter 2020 Outlook\nDue to limited visibility resulting from the coronavirus pandemic, the Company has widened its guidance ranges to reflect the heightened uncertainty in the marketplace. The Company expects revenue in the range of $290.0 million to $330.0 million and GAAP diluted net income per share to be between $0.24 and $0.40. The Company expects non-GAAP diluted net income per share to be between $0.40 and $0.56. \nConference Call\nThe call will take place at 1:45 p.m. PT and can be accessed by dialing 1-844-826-3034 or 1-412-317-5179. No passcode is required. A replay of the call will be available by dialing 1-877-344-7529 or 1-412-317-0088 and entering the confirmation code 10142384. The Webcast will be available on the Investor Relations section of the Company's...