BILLERICA, Mass. - Entegris, Inc. (NASDAQ: NASDAQ:ENTG) has announced its financial results for the second quarter ended June 29, 2024, with an adjusted EPS of $0.71, which was in line with analyst expectations.
The company's revenue for the quarter was reported at $813 million, surpassing the consensus estimate of $802.44 million. ENTG shares were down 0.36% in premarket trading Wednesday following the report.
Bertrand Loy, Entegris' president and CEO, commented on the results, stating, "The Entegris team delivered another quarter of strong performance and execution." He highlighted the company's sales growth, excluding divestitures, which increased by 10% sequentially and saw an uptick across all divisions and most product lines.
Despite the semiconductor industry going through a transition year, Loy expressed optimism about the market's gradual recovery in the latter half of 2024. He emphasized the increasing value of Entegris' expertise in materials science and materials purity due to the growing complexity of customers' roadmaps.
Looking ahead, Entegris provided guidance for the third quarter of 2024, expecting EPS to range between $0.75 and $0.80. This forecast falls short of the analyst consensus of $0.89. The company also anticipates third-quarter revenue to be between $820 million and $840 million, which is below the consensus estimate of $869.6 million.
Entegris' guidance suggests a 10% year-on-year increase in sales, excluding the impact of divestitures. The midpoint of the revenue guidance range, $830 million, represents a decrease compared to the analyst expectations. Similarly, the midpoint of the EPS guidance, $0.775, is below the consensus estimate.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.