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Axcelis Announces Financial Results for First Quarter 2024
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Axcelis Announces Financial Results for First Quarter 2024

Revenue, Gross Margin and EPS Beat Guidance 

BEVERLY, Mass., May 1, 2024 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2024.

The Company reported first quarter revenue of $252.4 million, compared to $310.3 million for the fourth quarter of 2023. Gross margin for the quarter was 46%, compared to 44.4% in the fourth quarter. Operating profit for the quarter was $56.5 million, compared to $79.1 million for the fourth quarter. Net income for the quarter was $51.6 million, or $1.57 per diluted share, compared to $71.1 million, or $2.15 per diluted share in the fourth quarter.

President and CEO Russell Low commented, “Axcelis is off to a good start in 2024. The Company delivered strong financial results in the first quarter, as a result of continued execution by the Axcelis team combined with strength in the implant intensive power device segment and robust shipments to China. The power device segment, particularly silicon carbide, continues to drive our business. We continue to win business from new customers globally as well as expand our product footprint with existing customers, with our highly differentiated and enabling Purion™ Power Series product line.”

Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are pleased with our first quarter results and look forward to a solid 2024. Our revenue, gross margin and earnings per share finished above our guidance for the period, and we ended the quarter with robust cash flow and a strong balance sheet. We are monitoring the recovery in our memory and general mature markets and continue to expect revenue levels in the second half to increase over our anticipated revenues in the first half of the year.”

Business Outlook

For the second quarter ending June 30, 2024, Axcelis expects revenues of approximately $245 million. Gross margin in the second quarter is expected to be approximately 43.5%, as we anticipate closing several evaluations in the period, which typically carry lower gross margins. For the full year we expect gross margins to improve year over year. Second quarter operating profit is forecast to be approximately $47 million with earnings per diluted share of around $1.30.

First Quarter 2024 Conference Call

The Company will host a call to discuss the results for the first quarter 2024 on Thursday, May 2, 2024, at 8:30 a.m. ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis’ website at www.axcelis.com, or by registering as a Participant here: 

https://register.vevent.com/register/BI3597bb3b60b345b3a930f23a61948ca3. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement

This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:

Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:

Doug Lawson

978.787.9552

Editorial/Media:

Maureen Hart

978.787.4266

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)




Three months ended




March 31,




2024


2023


Revenue:








Product


$

243,418


$

246,007


Services



8,954



8,013


Total revenue



252,372



254,020


Cost of revenue:








Product



127,912



142,771


Services



8,409



7,230


Total cost of revenue



136,321



150,001


Gross profit



116,051



104,019


Operating expenses:








Research and development



25,662



23,773


Sales and marketing



17,445



14,144


General and administrative



16,405



14,745


Total operating expenses



59,512



52,662


Income from operations



56,539



51,357


Other income (expense):








Interest income



5,516



3,936


Interest expense



(1,346)



(1,353)


Other, net



(1,710)



(1,038)


Total other income



2,460



1,545


Income before income taxes



58,999



52,902


Income tax provision



7,404



5,205


Net income


$

51,595


$

47,697


Net income per share:








Basic


$

1.58


$

1.46


Diluted


$

1.57


$

1.43


Shares used in computing net income per share:








Basic weighted average shares of common stock



32,638



32,744


Diluted weighted average shares of common stock



32,926



33,293


 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)




March 31,


December 31,




2024


2023


ASSETS


Current assets:








Cash and cash equivalents


$

133,963


$

167,297


Short-term investments



396,228



338,851


Accounts receivable, net



208,544



217,964


Inventories, net



312,170



306,482


Prepaid expenses and other current assets



54,544



49,397


Total current assets



1,105,449



1,079,991


Property, plant and equipment, net



53,032



53,971


Operating lease assets



29,557



30,716


Finance lease assets, net



16,310



16,632


Long-term restricted cash



6,652



6,654


Deferred income taxes



54,525



53,428


Other assets



41,094



40,575


Total assets


$

1,306,619


$

1,281,967


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:








Accounts payable


$

39,853


$

54,400


Accrued compensation



16,413



31,445


Warranty



14,355



14,098


Income taxes



26,850



6,164


Deferred revenue



164,700



164,677


Current portion of finance lease obligation



1,503



1,511


Other current liabilities



12,894



12,834


Total current liabilities



276,568



285,129


Long-term finance lease obligation



43,328



43,674


Long-term deferred revenue



43,718



46,208


Other long-term liabilities



41,262



42,074


Total liabilities



404,876



417,085


Commitments and contingencies








Stockholders’ equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,605 shares issued and

outstanding at March 31, 2024; 32,685 shares issued and outstanding at December 31, 2023



33



33


Additional paid-in capital



546,979



547,189


Retained earnings



358,303



319,506


Accumulated other comprehensive loss



(3,572)



(1,846)


Total stockholders’ equity



901,743



864,882


Total liabilities and stockholders’ equity


$

1,306,619


$

1,281,967


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-first-quarter-2024-302133499.html

SOURCE Axcelis Technologies, Inc.

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