Ultra Clean Holdings, Inc. (UCTT) swung to a net profit for the quarter ended Dec. 30, 2016. The company has made a net profit of $9.95 million, or $ 0.30 a share in the quarter, against a net loss of $15.79 million, or $0.49 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $12.01 million, or $0.36 a share compared with a net loss of $0.32 million, or $0.01 a share in the last year period.
Revenue during the quarter surged 68.77 percent to $174.54 million from $103.42 million in the previous year period. Gross margin for the quarter expanded 412 basis points over the previous year period to 17.02 percent. Operating margin for the quarter period stood at positive 7.26 percent as compared to a negative 3.20 percent for the previous year period.
Operating income for the quarter was $12.67 million, compared with an operating loss of $3.31 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $15.32 million compared to operating loss of $0.48 million in prior year period.
"2016 was a year of extraordinary growth for UCT. Total revenue and semiconductor revenue reached record highs and together with continued focus on operational excellence resulted in a significantly improved bottom line," said Jim Scholhamer, president and chief executive officer. "By expanding our capabilities beyond gas panels and keeping pace with exceptional market demand, we are creating an even stronger link with our customers and have been able to capitalize on new opportunities. We are well positioned to reach our longer-term revenue and profitability goals."
For the first-quarter 2017, Ultra Clean Holdings, Inc. expects revenue to be in the range of $190 million to $197 million. The company projects diluted earnings per share to be in the range of $0.37 to $0.42. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.40 to $0.45.
Debt comes down
Ultra Clean Holdings, Inc. has recorded a decline in total debt over the last one year. It stood at $67.75 million as on Dec. 30, 2016, down 10.31 percent or $7.79 million from $75.54 million on Dec. 25, 2015. Total debt was 17.80 percent of total assets as on Dec. 30, 2016, compared with 22.47 percent on Dec. 25, 2015. Debt to equity ratio was at 0.31 as on Dec. 30, 2016, down from 0.38 as on Dec. 25, 2015.
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