BEVERLY, Mass., Jan. 12, 2021 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling
ion implantation solutions for the semiconductor industry, today
provided updated financial guidance for the fourth quarter of 2020.
The Company expects revenue for the fourth quarter of 2020 to be
approximately $120 million, above the
$110 million prior guidance. Gross
margin of approximately 43% is up from the previous gross margin
guidance of 41%. As a result, the Company expects earnings per
diluted share of approximately $0.32,
up from the previous guidance of approximately $0.21. Cash will be greater than $200 million. Strong performance by our
CS&I business contributed to the strong revenue and gross
margin.
President and CEO Mary Puma
commented, "We expect 2020 to exceed expectations and that 2021
will be another strong year, with the mature process technology
market continuing to grow and the memory market expected to
recover. This positions us well to achieve our $550 and $650 million
dollar target models."
Kevin Brewer, executive vice
president and chief financial officer said, "The Axcelis Board of
Directors has authorized a new $100
million share repurchase program effective for 2021. This
new program emphasizes the confidence that management and the board
of directors have in Axcelis' operational strength and prospects
for the future."
Share Repurchase Program
Repurchases of the Company's common stock will be made from time to
time under the SEC's Rule 10b-18,
subject to market conditions. These shares may be purchased in the
open market or through privately negotiated transactions. The
Company may from time to time enter into Rule 10b5-1 trading plans
to facilitate the repurchase of its common stock pursuant to its
share repurchase program. The Company has no obligation to
repurchase shares under the authorization. The Company may suspend
or discontinue the repurchase program at any time.
Fourth Quarter and Full Year 2020 Conference
Call
Axcelis Technologies will release financial results for
the fourth quarter and full year 2020 on Wednesday, February
10, 2021 at 4:00 p.m. Eastern Time (ET). The Company
will host a call to discuss the results for the fourth quarter and
full year 2020 on Thursday, February 11,
2021 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: 3582149.
Webcast replays will be available for 30 days following the
call.
Safe Harbor Statement
This press release contains
forward-looking statements under the SEC 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, many of which are outside the control of the
Company, including the timing of orders and shipments, the
conversion of orders to revenue in any particular quarter, or at
all, the continuing demand for semiconductor equipment, relative
market growth, continuity of business relationships with and
purchases by major customers, competitive pressure on sales and
pricing, increases in material and other production costs that
cannot be recouped in product pricing and global economic,
political and financial conditions. 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.
CONTACTS:
Maureen Hart (editorial/media)
978.787.4266
Doug Lawson (investor relations)
978.787.9552
View original content to download
multimedia:http://www.prnewswire.com/news-releases/axcelis-updates-and-increases-q4-2020-guidance-301206846.html
SOURCE Axcelis Technologies, Inc.