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Axcelis' (ACLS) Q2 Earnings and Revenues Surpass Estimates
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Axcelis Technologies (ACLS - Free Report) reported second-quarter 2024 non-GAAP earnings per share (EPS) of $1.55, which surpassed the Zacks Consensus Estimate by 11.5%. However, the bottom line decreased 16.7% year over year.
The quarter’s revenues totaled $256.5 million, beating the Zacks Consensus Estimate by 1.6%. Strong conversion of valuation units and solid demand for ion implantation systems, especially in the silicon carbide space, fueled by the expansion of electric and hybrid vehicles, aided the top line. Additionally, demand for image sensors was strong in China.
However, total revenues declined 6.4% on a year-over-year basis.
Total product revenues (contributed 95.7% to total revenues) in the reported quarter amounted to $245.4 million, down 7.6% year over year. Total service revenues (4.3%) were $11.1 million, up 34.2%.
System revenues were $198.6 million in the reported quarter. Of second-quarter 2024 shipped system revenues, 98% came from mature process technology. The aggregate power device segment accounted for 63% of the quarter’s shipped system revenues.
Customer Solutions & Innovation (CS&I) revenues amounted to $57.9 million in the quarter under discussion. CS&I unit includes contracts, time & material, repairs, spares & consumables, upgrades and used tools.
Axcelis Technologies, Inc. Price, Consensus and EPS Surprise
Non-GAAP gross margin was 43.8% compared with 43.7% a year ago. Operating profit totaled $52.8 million, down 17.1%. Total operating expenses for the period were $59.6 million, up 6.4% year over year.
Balance Sheet
As of Jun 30, 2024, ACLS had total cash, cash equivalents and short-term investments of $548.3 million compared with $530.2 million as of Mar 31, 2024. Other long-term liabilities as of Jun 30, 2024, were $40.7 million compared with $41.2 million as of Mar 31, 2024.
Outlook
For the third quarter of 2024, ACLS estimates revenues of approximately $255 million and earnings per share of $1.43. Gross margin is projected to be 43.5%, while operating expenses are anticipated to be $60 million.
The Zacks Consensus Estimate for Badger Meter’s 2024 EPS has increased 4.37% in the past 60 days to $4.06. The company recently reported results for second-quarter 2024, wherein EPS of $1.12 topped the Zacks Consensus Estimate by 14.3%. Quarterly net sales were $216.7 million, up 23% from $175.9 million in the year-ago quarter and surpassed the consensus mark by 7.86%.
The Zacks Consensus Estimate for Arista’s 2024 EPS has increased 3.16% in the past 60 days to $8.17. The company recently reported results for second-quarter 2024, wherein EPS of $2.10 beat the Zacks Consensus Estimate by 16 cents. Quarterly revenues were $1.69 billion, up 15.8% from $1.46 billion in the year-ago quarter and surpassed the consensus mark by $1.64 billion.
The Zacks Consensus Estimate for Generac’s 2024 EPS has increased 0.6% in the past 60 days to $6.3. The company recently reported results for second-quarter 2024, wherein EPS of $1.35 topped the Zacks Consensus Estimate by 8.9%. Quarterly net sales were $998 million, down 22% from $1 billion in the year-ago quarter and missed the consensus mark by 0.5%.
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Axcelis' (ACLS) Q2 Earnings and Revenues Surpass Estimates
Axcelis Technologies (ACLS - Free Report) reported second-quarter 2024 non-GAAP earnings per share (EPS) of $1.55, which surpassed the Zacks Consensus Estimate by 11.5%. However, the bottom line decreased 16.7% year over year.
The quarter’s revenues totaled $256.5 million, beating the Zacks Consensus Estimate by 1.6%. Strong conversion of valuation units and solid demand for ion implantation systems, especially in the silicon carbide space, fueled by the expansion of electric and hybrid vehicles, aided the top line. Additionally, demand for image sensors was strong in China.
However, total revenues declined 6.4% on a year-over-year basis.
Total product revenues (contributed 95.7% to total revenues) in the reported quarter amounted to $245.4 million, down 7.6% year over year. Total service revenues (4.3%) were $11.1 million, up 34.2%.
System revenues were $198.6 million in the reported quarter. Of second-quarter 2024 shipped system revenues, 98% came from mature process technology. The aggregate power device segment accounted for 63% of the quarter’s shipped system revenues.
Customer Solutions & Innovation (CS&I) revenues amounted to $57.9 million in the quarter under discussion. CS&I unit includes contracts, time & material, repairs, spares & consumables, upgrades and used tools.
Axcelis Technologies, Inc. Price, Consensus and EPS Surprise
Axcelis Technologies, Inc. price-consensus-eps-surprise-chart | Axcelis Technologies, Inc. Quote
Other Details
Non-GAAP gross margin was 43.8% compared with 43.7% a year ago.
Operating profit totaled $52.8 million, down 17.1%. Total operating expenses for the period were $59.6 million, up 6.4% year over year.
Balance Sheet
As of Jun 30, 2024, ACLS had total cash, cash equivalents and short-term investments of $548.3 million compared with $530.2 million as of Mar 31, 2024.
Other long-term liabilities as of Jun 30, 2024, were $40.7 million compared with $41.2 million as of Mar 31, 2024.
Outlook
For the third quarter of 2024, ACLS estimates revenues of approximately $255 million and earnings per share of $1.43. Gross margin is projected to be 43.5%, while operating expenses are anticipated to be $60 million.
Zacks Rank & Other Key Picks
ACLS currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader technology space are Badger Meter, Inc. (BMI - Free Report) , Generac Holdings Inc. (GNRC - Free Report) and Arista Networks, Inc. (ANET - Free Report) . BMI presently sports a Zacks Rank #1 (Strong Buy), whereas GNRC & ANET both carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Badger Meter’s 2024 EPS has increased 4.37% in the past 60 days to $4.06. The company recently reported results for second-quarter 2024, wherein EPS of $1.12 topped the Zacks Consensus Estimate by 14.3%. Quarterly net sales were $216.7 million, up 23% from $175.9 million in the year-ago quarter and surpassed the consensus mark by 7.86%.
The Zacks Consensus Estimate for Arista’s 2024 EPS has increased 3.16% in the past 60 days to $8.17. The company recently reported results for second-quarter 2024, wherein EPS of $2.10 beat the Zacks Consensus Estimate by 16 cents. Quarterly revenues were $1.69 billion, up 15.8% from $1.46 billion in the year-ago quarter and surpassed the consensus mark by $1.64 billion.
The Zacks Consensus Estimate for Generac’s 2024 EPS has increased 0.6% in the past 60 days to $6.3. The company recently reported results for second-quarter 2024, wherein EPS of $1.35 topped the Zacks Consensus Estimate by 8.9%. Quarterly net sales were $998 million, down 22% from $1 billion in the year-ago quarter and missed the consensus mark by 0.5%.