Q1 2024 Entegris Inc Earnings Call Transcript
Key Points
- Entegris Inc (ENTG) reported Q1 sales of $771 million, at the high end of guidance, with gross margin, EBITDA, and non-GAAP EPS above guidance.
- The company successfully completed the sale of the PIM business, generating proceeds used to significantly pay down debt.
- Entegris Inc (ENTG) is making steady progress on major investments in new manufacturing capacities in Taiwan and Colorado, expected to boost future revenues.
- The company maintains a strong market position in new logic and memory nodes, expecting to outperform the market by 4 to 5 points this year.
- Entegris Inc (ENTG) achieved a higher gross margin in Q1 due to improved plant utilization and the PIM divestiture.
- Q1 sales were down 16% year-over-year and 5% sequentially on an as-reported basis, reflecting expected seasonal declines.
- Foreign exchange negatively impacted revenue by approximately $8 million year-over-year.
- The company reported a sequential decline in sales across all major product lines in the MC division.
- Despite overall growth, there was continued weakness in some mainstream end markets impacting the Materials Solutions division.
- The AMH division saw a 4% sequential decline in sales, primarily due to lower sales of fluid-handling products.
Welcome to the Entegris First Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Bill Seymour, Vice President of Investor Relations.
Good morning, everyone. Earlier today, we announced the financial results for our first quarter of 2024. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements.
Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide of the presentation.
On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. You can find a reconciliation table in today's news release as well as on the IR page of
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