Reports Q3 revenue $211M, consensus $203.3M. “We are pleased to report third-quarter financial results favorable to our outlook entering Q3,” commented Jeff Andreson, chief executive officer. “As we’ve progressed through the challenging business environment affecting demand for semiconductor process equipment for nearly two years, over the last few months we’ve witnessed steady strengthening in customer demand, with increased visibility for a stronger second half 2024 and a much healthier business environment for etch and deposition as we turn the corner into 2025. We are also making meaningful progress in our strategies to increase the proprietary content of our product portfolio, with continued new design wins and qualifications during the third quarter. Between the sequential increases in revenue volumes and gradual strengthening in proprietary content, we delivered incremental gross margin performance exceeding our 25% target in the third quarter, and expect to do so again in the fourth quarter. As we look ahead to 2025, the strengthening demand environment for etch and deposition process equipment lends optimism for continued momentum driving our top-line results, and we expect continued execution of our gross margin expansion strategies will result in strong earnings leverage and cash flow dynamics as we deliver on our objective to outperform WFE (wafer fab equipment) in the coming year.”
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