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Ultra Clean Reports Third Quarter 2023 Financial Results
HAYWARD, Calif., Oct. 25, 2023 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the third quarter ended
About this update from Ultra Clean Holdings, Inc.
[{"type":"text","content":"HAYWARD, Calif., Oct. 25, 2023 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the third quarter ended September 29, 2023.\n\n \n \n \n \n \n \n\n \n\"As expected, UCT's Products revenue increased quarter over quarter, however, a decline in our higher-margin Services business impacted the bottom line,\" said Jim Scholhamer, CEO. \"Reduced efficiencies on unexpected lower volume, together with a higher-than-average tax rate in the quarter resulted in earnings below our guided range. Despite short-term headwinds, we will continue to prudently navigate through the demand variability in the current environment.\"\nThird Quarter 2023 GAAP Financial Results\nTotal revenue was $435.0 million. Products contributed $380.9 million and Services added $54.1 million. Total gross margin was 15.0%, operating margin was 1.3%, and net loss was $(14.5) million or $(0.32) per diluted share. This compares to total revenue of $421.5 million, gross margin of 16.2%, operating margin of 3.0%, and net loss of $(9.4) million or $(0.21) per diluted share, in the prior quarter.\nThird Quarter 2023 Non-GAAP Financial Results\nOn a non-GAAP basis, gross margin was 15.5%, operating margin was 4.4%, and net income was $2.0 million or $0.04 per diluted share. This compares to gross margin of 16.7%, operating margin of 5.0%, and net income of $7.1 million or $0.16 per diluted share in the prior quarter.\nFourth Quarter 2023 Outlook\nThe Company expects revenue in the range of $420 million to $470 million. The Company expects GAAP diluted net income (loss) per share to be between $(0.30) and $(0.10) and non-GAAP diluted net income per share to be between $0.02 and $0.22.\nConference Call\nThe conference call and webcast will take place on Wednesday, October 25, 2023 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 3581106. The Webcast will be available on the Investor Relations section of the Company's website at http://uct.com/investors/events/.\nAbout Ultra Clean Holdings, Inc. \nUltra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services,...