BEVERLY, Mass., April 14, 2020 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today provided updated financial
guidance for the first quarter of 2020. The Company expects revenue
for the first quarter of 2020 to be approximately $118 million, above the $115 million prior guidance. Gross margin of
between 37.5% and 38.0% is up from the previous gross margin
guidance of 37.0%. Favorable mix and lower cost drove improved
margins, offsetting some of the margin pressure caused by the
successful closure of three evaluation systems. As a result, the
Company expects earnings per diluted share of approximately
$0.30, up from the previous guidance
of approximately $0.21. First quarter
operating profit is forecasted to be approximately $12.5 million, up from the previous guidance of
approximately $9.5 million.
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President and CEO Mary Puma said,
"Our priorities are ensuring the health and safety of our employees
while continuing to serve our customers. I want to thank Axcelis
employees in our factory, global field locations and those at home
in the US and around the world who are working diligently to meet
our customer commitments. We also want to thank our suppliers and
customers for their support as we strive to meet the continuing
high level of customer interest in our Purion products."
Kevin Brewer, executive vice
president and CFO said, "As a result of everyone's extraordinary
efforts, we delivered a strong financial quarter, beating guidance
and ending with a very strong cash position at $181.4 million. In the quarter we repurchased
$7.5 million of our common stock, but
have suspended the repurchase program while we continue to invest
in the business during these difficult times."
First Quarter 2020 Conference Call
Axcelis
Technologies will release financial results for the first quarter
2020 on Tuesday, May 5, 2020 at 4:00 p.m. Eastern
Time (ET). The Company will host a call to discuss the results
for the first quarter 2020 on Wednesday, May
6, 2020 at 8:30 am 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 dialing 866.588.8911 (707.294.1561
outside North America).
Participants calling into the conference call will be requested to
provide the company name, Axcelis Technologies, and Audience
Passcode: 1738978. Webcast replays will be available for 30 days
following the call.
Safe Harbor Statement
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act safe harbor provisions.
These statements, which include our 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 40 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 Contact
Investor Relations and
Editorial/Media:
Doug Lawson
978.787.9552
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SOURCE Axcelis Technologies, Inc.