Axcelis reports Q1 EPS $1.57, consensus $1.24

Reports Q1 revenue $252.4M, consensus $242.53M. CEO Russell Low commented, “Axcelis is off to a good start in 2024. The company delivered strong financial results in Q1, as a result of continued execution by the Axcelis team combined with strength in the implant intensive power device segment and robust shipments to China. The power device segment, particularly silicon carbide, continues to drive our business. We continue to win business from new customers globally as well as expand our product footprint with existing customers, with our highly differentiated and enabling Purion Power Series product line.” CFO Jamie Coogan said, “We are pleased with our Q1 results and look forward to a solid 2024. Our revenue, gross margin and earnings per share finished above our guidance for the period, and we ended the quarter with robust cash flow and a strong balance sheet. We are monitoring the recovery in our memory and general mature markets and continue to expect revenue levels in the second half to increase over our anticipated revenues in the first half of the year.”