Q1 2024 Axcelis Technologies Inc Earnings Call Transcript
Key Points
- Revenue for Q1 2024 exceeded forecasts at $252.4 million, with earnings per diluted share increasing by 10% year-over-year to $1.57.
- Gross margin improved by over 500 basis points due to favorable product mix, despite higher selling costs and taxes.
- Strong performance in the silicon carbide power devices segment and robust shipments to China contributed significantly to the quarter's results.
- Axcelis has a solid backlog of $1.1 billion, providing a strong foundation for future revenue.
- The company is actively engaged in expanding its market share through strategic R&D and marketing initiatives, including the evaluation of advanced tools like the Purion Dragon with leading logic customers.
- The recovery in memory and other general mature process technologies markets remains uncertain, with expected recoveries now pushed to later in the year or 2025.
- Q1 bookings at $107 million were lower compared to system revenue, indicating potential volatility in future revenue streams.
- The company anticipates a moderation in gross margins in Q2 due to product mix and costs associated with closing several evaluation systems.
- CS&I revenue for the year has been revised down to approximately $250 million due to lower tool utilization.
- While there is strong demand in the power segment, the general mature market and memory segments are still showing signs of softness, which could impact overall performance.
Good day, ladies and gentlemen and welcome to the Axcelis Technologies Call to discuss the Company's Results for the First Quarter 2024. My name is Crystal Love, and I will be your coordinator for today. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's call, Doug Lawson, Executive Vice President of Corporate Marketing and Strategy. Please proceed.
Thank you, operator. This is Doug Lawson, Executive Vice President of Corporate Marketing and Strategy and with me today is Russell Low, President and CEO; and James Coogan, Executive Vice President and CFO. If you have not seen a copy of our press release issued yesterday, it is available on our website. Playback service will be also available on our website as described
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