Entegris reports Q1 non-GAAP EPS 68c, consensus 62c

Reports Q1 revenue $771M, consensus $769.28M. CEO Bertrand Loy said: “We are pleased with our positive start to the year. Sales of $771M were at the high end of our guidance. Adjusted EBITDA and non-GAAP EPS were above our guidance, even while we increased critical R&D investments. During the quarter, we sold the Pipeline and Industrial Materials business, completing all our planned divestitures of non-core assets. Using the PIM sale proceeds and cash on hand, we paid down over $400M of debt during the quarter. For 2024, our view of the semiconductor industry has not changed. We believe that the market is healthier, with normalizing inventories of semiconductors and a more stable demand environment. We continue to expect a gradual market recovery throughout the year. In addition, we expect Entegris will continue to outgrow the market and show leverage in our model. We remain very optimistic about the long-term growth prospects for the semiconductor industry and Entegris…All of this means the market is moving toward Entegris, translating into rapidly expanding content per wafer and strong outperformance for us for years to come.”