Entegris Inc (ENTG) Reports 11% Decrease in Q3 Revenue
Entegris Inc (NASDAQ:ENTG) reported a decrease of 11% in third-quarter revenue from the prior year, standing at $888 million.
The company's third-quarter GAAP diluted EPS was $0.22, while non-GAAP diluted EPS was $0.68.
Entegris Inc (NASDAQ:ENTG) reported a GAAP net income of $33.2 million for the third quarter.
The company expects sales of $770 million to $790 million for the fourth quarter ending December 31, 2023.
Entegris Inc (NASDAQ:ENTG) released its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a decrease of 11% in third-quarter sales from the same quarter last year, standing at $888.2 million. The GAAP net income for the third quarter was $33.2 million, or $0.22 income per diluted share. Non-GAAP net income was $103.6 million for the third quarter, and non-GAAP earnings per diluted share was $0.68.
Financial Performance
Entegris Inc (NASDAQ:ENTG) reported an operating income of $117,061 for the third quarter of 2023, a significant increase from the $14,889 reported in the same period last year. The operating margin as a percentage of net sales was 13.2%, a significant increase from the 1.5% reported in the third quarter of 2022. The company's non-GAAP adjusted operating income for the third quarter was $195,715, with a non-GAAP adjusted operating margin as a percentage of net sales of 22.0%.
Company's Outlook
For the fourth quarter ending December 31, 2023, the company expects sales of $770 million to $790 million, GAAP net income of $37 million to $45 million, and diluted earnings per common share between $0.25 and $0.30. On a non-GAAP basis, the company expects diluted earnings per common share to range from $0.55 to $0.60, reflecting net income on a non-GAAP basis in the range of $83 million to $91 million.
CEO's Commentary
The Entegris team delivered another quarter of solid results and execution, in what remains a challenging industry environment. Our revenue was down 1 percent sequentially, in line with expectations, and we continued to enjoy growth in product lines that are of increasing importance to our customers. - Bertrand Loy, Entegris president and chief executive officer.
Financial Tables
The company's GAAP net income for the third quarter was $33.2 million, a significant increase from the net loss of $73.7 million reported in the same period last year. The diluted earnings per common share for the third quarter was $0.22, a significant increase from the loss per common share of $0.50 reported in the third quarter of 2022.
The company's non-GAAP net income for the third quarter was $103.6 million, a decrease from the $127.8 million reported in the same period last year. The diluted non-GAAP earnings per common share for the third quarter was $0.68, a decrease from the $0.85 reported in the third quarter of 2022.
Explore the complete 8-K earnings release (here) from Entegris Inc for further details.
This article first appeared on GuruFocus.
