BILLERICA, Mass. (AP) -- Entegris Inc. said Wednesday that its chief operating officer will become CEO next month as its chief executive steps aside.
Bertrand Loy, the current COO, will also join the board of the Billerica, Mass., maker of equipment used in the chip manufacturing, effective Nov. 1. Gideon Argov, Entegris' current CEO, will step down Nov. 27, when Loy will officially become CEO.
Argov has worked for Entegris since its 2005 combination with Mykrolis Corp., where had served as CEO since 2004. Loy also joined the company from Mykrolis, where he was chief financial officer from 2001 until the acquisition.
The company also said Wednesday that its third-quarter profit fell 18 percent because of higher costs, and issued a forecast for the current quarter that was short of analyst estimates.
For the quarter ended Sept. 29, the company earned $18 million, or 13 cents per share, down from $22 million, or 16 cents per share, in the same quarter last year. Excluding one-time charges, the company said it posted an adjusted profit of 16 cents per share for the recent quarter.
Revenue rose nearly 7 percent to $184.4 million from $173 million.
The results came in slightly ahead of Wall Street predictions. Analysts, on average, expected a profit of 15 cents per share on $180.2 million in revenue, according to a FactSet poll.
The company also projected an adjusted fourth-quarter profit of 10 cents to 12 cents per share on $160 million to $170 million in revenue. Analysts expect earnings of 13 cents per share on $174.8 million in revenue.
Entegris shares rose 4 cents to $8.03 in late afternoon trading.
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