Here's Why ACM Research Shares Are Trading Higher Premarket
ACM Research, Inc (NASDAQ: ACMR) reported second-quarter FY22 revenue growth of 93.8% year-on-year to $104.4 million, beating the consensus of $72.3 million.
Revenue from Single wafer cleaning, Tahoe, and semi-critical cleaning equipment rose 59.7% Y/Y to $72.6 million.
The revenue of ECP (front-end and packaging), furnace, and other technologies were $20.5 million.
Revenue from Advanced packaging (excluding ECP), services & spares increased 34.6% Y/Y to $11.3 million.
The non-GAAP gross margin expanded 190 bps to 42.4%.
Non-GAAP EPS of $0.22 beat the consensus of $0.05.
ACM held $323.7 million in cash and equivalents.
"Our second quarter results represent a solid recovery following the COVID-19-related restrictions in Shanghai that affected the first quarter. We are pleased with our revenue and profitability as our facilities gradually returned to a more normal operational status," CEO Dr. David Wang said. "We were approved to reopen our Chuansha manufacturing facility under a closed loop production process in late April, and as of July 1, our operations in Shanghai have largely returned to normal."
Outlook: ACM reiterated the FY22 revenue outlook of $365 million - $405 million, against the consensus of $379.36 million.
Price Action: ACMR shares traded higher by 21.6% at $21.90 in the premarket on the last check Friday.
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