Q3 2024 Amtech Systems Inc Earnings Call Transcript
Key Points
- Amtech Systems Inc (ASYS) reported revenue of $26.7 million, exceeding the high end of their guidance range.
- The company achieved its third consecutive quarter of positive adjusted EBITDA and operating cash flow.
- Amtech Systems Inc (ASYS) completed the relocation of its US BTU facility to a smaller, more cost-effective location, reducing fixed costs by about $1 million annually.
- The company has implemented strategic initiatives resulting in approximately $7 million in annualized cost savings.
- Amtech Systems Inc (ASYS) is well-positioned to capitalize on secular trends in the automotive and semiconductor markets, particularly in power electronics and advanced packaging applications.
- Net revenues decreased by 13% compared to the third quarter of fiscal 2023, primarily due to a slowdown in the broader semiconductor market.
- Demand for horizontal diffusion furnaces has softened, impacting backlog and future revenue in the near term.
- The materials and substrates segment experienced a decrease in GAAP gross margin due to a less favorable product mix.
- The book-to-bill ratio in the semiconductor segment is expected to stay below one in the near term.
- The near-term outlook for revenue and earnings remains challenging, with expected revenues for the fourth quarter in the range of $22 million to $25 million.
Good day, and welcome to the Amtech Systems Fiscal third quarter 2024 earnings conference call. Please note that this call is being recorded and simultaneously webcast. I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.
Good afternoon and thank you for joining us for Amtech Systems' fiscal third quarter 2024 conference call. With me on the call today are Bob Daigle, Chairman and Chief Executive Officer; Lisa Gibbs, Chief Financial Officer; and Wade Jenke, Incoming Chief Financial Officer.
After close of market today, Amtech released its financial results for the fiscal third quarter of 2024. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section.
Before we begin, I'd like to remind everyone that the Safe Harbor disclaimer in our public filings covers this call and our webcast. Some of the comments to be
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