Q2 2024 Entegris Inc Earnings Call Transcript
Key Points
- Entegris Inc (ENTG) reported second-quarter sales of $813 million, which exceeded their guidance.
- Gross margin increased sequentially and was up over 300 basis points year-on-year.
- The company received a preliminary award of up to $75 million under the CHIPS and Science Act for their new manufacturing facility in Colorado.
- Entegris Inc (ENTG) expects to generate approximately $40 million in revenue from their new facility in Cochin, Taiwan for the full year 2024.
- The company is making significant R&D investments, expecting a 15% increase in R&D spending in 2024 to capture growth opportunities.
- Foreign exchange negatively impacted revenue by $10 million year-over-year and by $4 million sequentially in Q2.
- The company revised its annual sales outlook downwards due to a slower-than-expected market recovery and negative foreign exchange impacts.
- Entegris Inc (ENTG) faces a $20 million quarterly revenue loss due to existing trade restrictions with China.
- The company expects a contraction in their mainstream fabs activity due to reduced demand from automotive and industrial applications.
- The EBITDA margin guidance for Q3 is relatively modest, reflecting ongoing market uncertainties and customer-specific production adjustments.
Please stand by for streaming text.
Good day, everyone, and welcome to the Entegris Second Quarter 2024 earnings conference call. At this time, all participants have been placed in a listen only mode and the floor will be open for your questions following our presentation. If you would like to ask a question at that time, please press star and one one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue simply by pressing star and two, so there's going to hear your questions. Clearly we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, a reminder, please press star and zero.
I would now like to turn the call over to Bill Seymour, Vice President of Investor Relations. Please go ahead, sir.
Good morning, everyone. Earlier today, we announced the financial results for our second quarter of 2024. Before we begin, I would
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