Q2 2024 Axcelis Technologies Inc Earnings Call Transcript
Key Points
- Axcelis Technologies Inc (ACLS) delivered strong second quarter results with revenue of $257 million and earnings per diluted share of $1.55, exceeding expectations.
- The company experienced robust demand for its implantation systems in the silicon carbide market, driven by the expanding EV market.
- Axcelis Technologies Inc (ACLS) successfully closed a Purion Dragon evaluation unit for advanced R&D and received follow-on orders for volume manufacturing at three nanometers.
- The company has a healthy backlog of approximately $1 billion, indicating strong future demand.
- Axcelis Technologies Inc (ACLS) is making significant progress in geographic expansion, particularly in Japan, leveraging customer relationships and growing its presence in the country.
- Demand for silicon IGBT applications remained soft in the quarter, consistent with expectations.
- The memory market remains weak, with no systems revenue generated from this segment in the second quarter.
- General Mature demand may see some moderation in the second half, depending on the macroeconomic environment.
- The company incurred restructuring charges of approximately $1.4 million, impacting operating margins.
- Bookings are bouncing along the bottom, and while expected to improve, they remain a concern in the current market environment.
Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company's results for the second quarter 2024. My name is Antoine, and I will be your coordinator for today. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the presentation over to your host for today's call, David Ryzhik, Senior Vice President of Investor Relations in Corporate Strategy. Please proceed.
Thank you, operator. This is David Ryzhik, Senior Vice President of Investor Relations and Corporate Strategy. And with me today is Russell Low, President and CEO; and Jamie Coogan, Executive Vice President and CFO. If you have not seen our copy of our press release issued yesterday, it is available on our website. In addition we have prepared slides accompanying today's call. You can find those on our website as well. Playback service will also be available on our website as described in our press
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