Entegris, Inc. (NASDAQ:ENTG) Q4 2023 Earnings Call Transcript
Entegris, Inc. (NASDAQ:ENTG) Q4 2023 Earnings Call Transcript February 14, 2024
Entegris, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Bill Seymour: Good morning, and welcome to Entegris Fourth Quarter Earnings and Analyst Update Webcast. Last night, we released our fourth quarter earnings and we posted the earnings slides and earnings prepared remarks on the IR site. We will not be presenting the prepared remarks for Q4 live in today's session. So please refer to those online, if you already have it. In today's session, we will present a brief analyst update presentation. And then we will take Q&A on both the presentation and Q4 earnings. We expect the webcast today will be approximately an hour and 15 minutes, including the Q&A. Some webcast related housekeeping items, if you're experiencing any technical problems, please click on the little I on the left-hand bar of the screen to troubleshoot or chat with tech support.
You can minimize or enlarge your slide window at any time by clicking on the top-right corner of the box. The slides will advance automatically throughout the webcast. The Q&A session will be at the end-of-the presentation. Please submit your questions in the Q&A box located in the bottom-left corner of the screen. You can also email questions to Beth and me directly. In the resource box, you will find a copy of today's presentation slides and a few other items of interest. One other item of note in the appendix of today's presentation, we have included for your reference, consolidated results and divisional results for 2023 that exclude last year's divestitures and the PIM business for the full-year and by quarter. The speakers today are Bertrand Loy, President and CEO; and Linda LaGorga, our CFO.
Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding those risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find reconciliation tables in the presentation, which is posted on our IR page of our website. With that, I'll hand over to Bertrand.
Bertrand Loy: Good morning, and thank you for joining us. Today's analyst update will be brief. The main purpose is to provide you with a refreshed financial model, focused on our core business and excluding all completed and planned divestitures. Before I move on to the update, a quick recap of our results we posted last night. We are very pleased with the quality of our execution in 2023. Our unit-driven model displayed resilience during the current industry downturn. And we closed 2023 with strong fourth quarter sales and EPS results, both above our guidance. For the year, we outperformed the market by 6 points, driven in large part by our strong position at the leading-edge technology nodes and the backlog we had entering the year.
In addition, we divested three non-core businesses and used the proceeds and free-cash flow to pay-off $1.3 billion of debt. In terms of our guidance for 2024, we believe we have taken a prudent view of the industry in the short-term while being fully prepared for what we believe is likely to be a significant snapback in the market. On to the agenda for the briefing today. I will talk about Entegris' business model. our sales growth algorithm, and provide an overview of our three divisions. Linda will cover our capital structure, capital allocation priorities, our updated target model, and our updated three-year financial targets. Then we will take questions on both the analyst update presentation and our fourth quarter earnings. Here is what I would like to impress upon you today.
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