Entegris Inc · Q2 2023 earnings

Briefing

Reported solid second-quarter results, demonstrating the resilience of its unit-driven model and making good progress on key initiatives such as the CMC Materials integration and debt paydown through divestitures.

Entegris reported second-quarter sales of $901.0 million, a 30% increase from the same quarter last year. GAAP net income was $197.6 million, or $1.31 income per diluted share, while non-GAAP net income was $99.6 million, or $0.66 per diluted share. The company is on track to achieve its $75 million run-rate cost synergy target by the fourth quarter.

• Second-quarter revenue (as reported) of $901 million, increased 30% from prior year
• Second-quarter revenue (proforma), decreased 11% from prior year
• Second-quarter GAAP diluted EPS of $1.31
• Second-quarter non-GAAP diluted EPS of $0.66

Headline financials

Revenue & EPS history

For the third quarter ending September 30, 2023, the Company expects sales of $875 million to $900 million, GAAP net income of $34 million to $42 million and diluted earnings per common share between $0.23 and $0.28. On a non-GAAP basis, the Company expects diluted earnings per common share to range from $0.57 to $0.62, reflecting net income on a non-GAAP basis in the range of $86 million to $94 million. The Company also expects EBITDA of approximately 26% to 27% of sales, for the third quarter of 2023.