Ultra Clean Reports Fourth Quarter and Full Year 2022 Financial Results

About this update from Ultra Clean Holdings, Inc.

[{"type":"text","content":"HAYWARD, Calif., Feb. 22, 2023 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 30, 2022.\n\n \n \n \n \n \n \n\n \n\"Strong execution delivered record revenue and operating profit for 2022, despite declining end market demand late in the fourth quarter,\" said Jim Scholhamer, CEO. \"As semiconductor equipment markets continue to respond to imbalances in supply, demand and inventory levels, we are taking immediate actions to align our global operations with our customers' revised forecasts. Similar to previous downturns, we will thoughtfully review our business operations to ensure that we emerge a stronger, more profitable industry leader when market conditions improve.\"\n\"UCT generates strong cash flows from operations during all phases of industry cycles, including downturns, enabling us to continuously invest in our business to position UCT for growth,\" said Sheri Savage, CFO. \"In 2022, we paid down $40 million in debt, spent $12.1 million repurchasing shares, and prudently invested in projects to support our long-term growth strategy.\"\nFourth Quarter 2022 GAAP Financial Results\nTotal revenue was $566.4 million. Products contributed $499.5 million and Services added $66.9 million. Total gross margin was 19.2%, operating margin was 7.7%, and net income was $27.8 million or $0.61 per diluted share. This compares to total revenue of $635.0 million, gross margin of 19.6%, operating margin of 5.7%, and net income of $9.7 million or $0.21 per diluted share, in the prior quarter.\nFourth Quarter 2022 Non-GAAP Financial Results\nOn a non-GAAP basis, gross margin was 19.5%, operating margin was 10.0%, and net income was $42.6 million or $0.93 per diluted share. This compares to gross margin of 20.6%, operating margin of 11.7%, and net income of $48.6 million or $1.06 per diluted share in the prior quarter.\nFull Year 2022 GAAP Financial Results\nTotal revenue was $2,374.3 million. Products contributed $2,074.7 million and Services added $299.6 million. Total gross margin was 19.6%, operating margin was 5.1%, and net income was $40.4 million or $0.88 per diluted share. This compares to total revenue of $2,101.6 million, gross margin of 20.5%, operating margin of 8.8%, and net income of $119.5 million or $2.69 per diluted share in ...

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