Axcelis reports Q4 EPS $2.15, consensus $2.02

Reports Q4 revenue $310.3M, consensus $297.92M. President and CEO Russell Low commented, “2023 was another outstanding year for Axcelis. As a result of strong execution by the Axcelis team and robust demand for the Purion Power Series product family, we achieved 23% year-over-year revenue growth during an industry downturn. We have developed a large and diverse customer base in the power market, and we continue to win business from new customers as well as expand our product footprint with existing customers. We 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.” Executive Vice President and CFO Jamie Coogan said, “We are extremely pleased with our 2023 results, and excited about our future growth. Our revenue and earnings per share finished above our revised guidance, and we ended the quarter with robust cash flow and a strong balance sheet. As we look to 2024, we will continue to make investments in R&D while managing expenses, setting us up to achieve our $1.3 billion revenue model in 2025.”