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29 November, 2023 21:33 IST
Entegris first-quarter profit jumps 100.56 percent on a YOY basis
Source: IRIS | 24 Jun, 2017, 01.42PM

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Entegris (ENTG) has reported an 100.56 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $32.51 million, or $0.23 a share in the quarter, compared with $16.21 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $40.75 million, or $0.28 a share compared with $23.62 million or $0.17 a share, a year ago.

Revenue during the quarter grew 18.86 percent to $317.38 million from $267.02 million in the previous year period. Gross margin for the quarter expanded 103 basis points over the previous year period to 43.98 percent. Total expenses were 83.96 percent of quarterly revenues, down from 88.93 percent for the same period last year. This has led to an improvement of 497 basis points in operating margin to 16.04 percent.

Operating income for the quarter was $50.92 million, compared with $29.56 million in the previous year period.

However, the adjusted operating income for the quarter stood at $61.86 million compared to $40.85 million in the prior year period. At the same time, adjusted operating margin improved 420 basis points in the quarter to 19.49 percent from 15.30 percent in the last year period.

Bertrand Loy, president and chief executive officer, said: "I am very pleased to report another extremely successful quarter, which reflects the growing importance of our value proposition and the quality of execution by our teams around the world. First-quarter sales reached an all-time high driven by strength across all businesses and record demand for microfiltration and advanced deposition products. In large part, the introduction of new materials is making possible the next level of semiconductor device performance, and we believe that our expertise in advanced materials combined with our broad array of purification and fluid handling solutions will be key enablers of our industry’s innovations."

For the second-quarter 2017, Entegris projects revenue to be in the range of $315 million to $330 million. The company  Entegris expects net income to be in the range of $32 million to $37 million. The company adjusted net income to be in the range of $39 million to $44 million. The company forecasts diluted earnings per share to be in the range of $0.22 to $0.26. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.27 to $0.31.

Operating cash flow improves significantly

Entegris has generated cash of $33.43 million from operating activities during the quarter, up 92.81 percent or $16.09 million, when compared with the last year period.

The company has spent $22 million cash to meet investing activities during the quarter as against cash outgo of $20.31 million in the last year period.

The company has spent $32.80 million cash to carry out financing activities during the quarter as against cash outgo of $5.59 million in the last year period.

Cash and cash equivalents stood at $391.16 million as on Apr. 01, 2017, up 13.58 percent or $46.76 million from $344.40 million on Apr. 02, 2016.

Working capital remains almost stable

Working capital of Entegris remained almost stable for the quarter at $555.51 million, when compared with the previous year period. Current ratio was at 3.35 as on Apr. 01, 2017, down from 4.45 on Apr. 02, 2016.

Cash conversion cycle (CCC) has decreased to 70 days for the quarter from 134 days for the last year period. Days sales outstanding went down to 46 days for the quarter compared with 51 days for the same period last year.

Days inventory outstanding has decreased to 48 days for the quarter compared with 109 days for the previous year period. At the same time, days payable outstanding went down to 23 days for the quarter from 26 for the same period last year.

Debt comes down Entegris has recorded a decline in total debt over the last one year. It stood at $560.32 million as on Apr. 01, 2017, down 14.67 percent or $96.31 million from $656.63 million on Apr. 02, 2016. Total debt was 33.04 percent of total assets as on Apr. 01, 2017, compared with 39.70 percent on Apr. 02, 2016. Debt to equity ratio was at 0.59 as on Apr. 01, 2017, down from 0.80 as on Apr. 02, 2016.    Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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