BEVERLY, Mass. – Axcelis Technologies, Inc. (NASDAQ:ACLS), a prominent supplier of ion implantation solutions for the semiconductor industry, has announced preliminary financial results that exceed its previously issued guidance for the second quarter of 2024.
The company now expects to report revenue exceeding $252 million and diluted earnings per share (EPS) above $1.38. These figures surpass the earlier revenue forecast of $245 million and EPS prediction of $1.30.
The company's President and CEO, Russell Low, attributed the better-than-anticipated results to strong global demand for Axcelis' Purion platform and successful conversion of evaluation systems to revenue. Low also indicated that the company anticipates a stronger performance in the second half of the year, particularly in the fourth quarter.
Axcelis is poised to discuss its market opportunities, growth strategy, and long-term financial targets in the upcoming Axcelis 2024 Investor Event on July 11, 2024, in San Francisco. The event will feature presentations from executive officers and will be accessible via a live webcast for those unable to attend in person.
The company will also take part in the 16th Annual CEO Investor Summit on July 10, 2024, where materials from the presentation will be made available on the company's investor relations website.
Final results for the second quarter will be released on July 31, 2024, followed by a conference call on August 1, 2024, to discuss the details. These preliminary results are based on management estimates and could be subject to revisions upon completion of the company's quarterly review process.
Axcelis, with a history spanning over 45 years, has been at the forefront of providing essential tools for the semiconductor manufacturing process. The company emphasizes the development of applications that enhance productivity through its ion implantation systems.
This news is based on a press release statement from Axcelis Technologies, Inc.
In other recent news, Axcelis Technologies reported strong financial results for the first quarter of 2024, with revenue of $252.4 million and earnings per diluted share of $1.57. The company also highlighted a 500 basis point improvement in gross margin due to a favorable product mix. In terms of strategic initiatives, Axcelis has expanded its operations in Japan, opening new service offices in Chitose, Hokkaido, and Kumamoto, Kyushu, to better serve its growing customer base in the region.
Furthermore, Craig-Hallum upgraded Axcelis Technologies from Hold to Buy, maintaining a $130.00 stock price target. This upgrade follows the company's first-quarter report and is based on a 15 times multiple of the projected 2025 earnings per share (EPS) of $8.70. On the other hand, DA Davidson adjusted its outlook on Axcelis, reducing its price target from $175.00 to $150.00, while maintaining a Buy rating.
These developments reflect recent moves by Axcelis Technologies. The company's strategic positioning and robust financial performance indicate a positive trajectory, underscored by analyst upgrades and the establishment of new service offices in Japan.
InvestingPro Insights
Following the upbeat preliminary financial results from Axcelis Technologies, Inc. (NASDAQ:ACLS), investors may find additional context through InvestingPro metrics and tips. The company's market capitalization stands at a robust $4.67 billion, reflecting investor confidence in its market position. Furthermore, Axcelis is trading at a P/E ratio of 18.84, which is attractive compared to its near-term earnings growth, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 18.68.
The company's financial health is sound, with liquid assets that exceed its short-term obligations, and cash flows that can sufficiently cover interest payments, a sign of financial resilience. Moreover, Axcelis has demonstrated strong performance with a return of 14.94% over the last month and an even more impressive 31.89% over the last three months.
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With the upcoming Axcelis 2024 Investor Event and the 16th Annual CEO Investor Summit, these InvestingPro insights can help investors gauge Axcelis' trajectory and make informed decisions.
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