Axcelis raises Q4 EPS view to $2.05 from $2.00

Consensus is for Q4 EPS $2.00. Axcelis Technologies, increased financial guidance for the Q4 and reaffirmed its expectations for the full year. Based on preliminary Q4 financial results, the Company expects revenue for the Q4 to be greater than $300M, above the approximately $295M prior guidance. Consensus is for Q3 revenue $295.24M. The company reaffirmed its expectation for FY23 revenue above $1.1B. President and CEO Russell Low commented, “Our excellent financial performance in the Q4 and for the FY23 resulted from strong execution by Axcelis employees, combined with our leadership position in the growing power device market.” Low continued, “Based on our strong yearend backlog and Q4 bookings, especially in power devices, we expect the power device market to remain healthy in 2024. We also believe that the mature process technology and memory segments, two markets in which Axcelis is well-positioned, will recover in the second half of the year, enabling strong growth in 2025.” James Coogan, executive vice president and CFO, said, “We look forward to discussing our results for 2023 and expectations for 2024 on our upcoming fourth quarter and full year earnings call. We believe we are still on track to achieve our $1.3B revenue model in 2025. This expectation is based on continued demand for the Purion product family, continued bookings strength, and a backlog stretching into 2025.”