Entegris Reports Results for Third Quarter of 2024
-
Net sales (as reported) of
$808 million , decreased 9% from prior year. - Adjusted net sales (excluding the impact of divestitures) increased 7% from prior year.
-
GAAP diluted EPS of
$0.51 . -
Non-GAAP diluted EPS of
$0.77 .
“Looking ahead, we remain confident about the growth prospects for the semi industry and Entegris. The technology roadmaps continue to be opportunity-rich for Entegris as our customers drive for more complex device architectures and further miniaturization,” he said. “The resulting process complexity is making our expertise in materials science and materials purity increasingly valuable to our customers. This is expected to fuel our market outperformance and incremental content per wafer opportunities, as new nodes ramp in memory and advanced logic in the years to come.”
Quarterly Financial Results Summary
(in thousands, except percentages and per share data) |
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GAAP Results |
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Net sales |
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Gross margin - as a % of net sales |
46.0% |
41.3% |
46.2% |
Operating margin - as a % of net sales |
16.9% |
13.2% |
16.0% |
Net income |
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Diluted earnings per common share |
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Non-GAAP Results |
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Adjusted gross margin - as a % of net sales |
46.0% |
41.4% |
46.2% |
Adjusted operating margin - as a % of net sales |
23.0% |
22.0% |
22.0% |
Adjusted EBITDA - as a % of net sales |
28.8% |
26.5% |
27.8% |
Diluted non-GAAP earnings per common share |
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Fourth Quarter Outlook
For the Company’s guidance for the fourth quarter ending
Segment Results
The Company currently operates in three segments:
Materials Solutions (MS): MS provides materials-based solutions, such as chemical mechanical planarization slurries and pads, deposition materials, process chemistries and gases, formulated cleans, etchants and other specialty materials that enable our customers to achieve better device performance and faster time to yield, while providing for lower total cost of ownership.
Microcontamination Control (MC): MC offers advanced filtration solutions that improve customers’ yield, device reliability and cost by filtering and purifying critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.
Advanced Materials Handling (AMH): AMH develops solutions that improve customers’ yields by protecting critical materials during manufacturing, transportation, and storage including products that monitor, protect, transport and deliver critical liquid chemistries, wafers, and other substrates for a broad set of applications in the semiconductor, life sciences and other high-technology industries.
On
Third-Quarter Results
Entegris will hold a conference call to discuss its results for the third quarter on
Management’s slide presentation concerning the results for the third quarter will be posted on the Investor Relationssection of www.entegris.com.
About Entegris
Entegris is a leading supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Entegris has approximately 8,000 employees throughout its global operations and is ISO 9001 certified. It has manufacturing, customer service and/or research facilities in
Non-GAAP Information
The Company’s condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in
Cautionary Note on Forward-Looking Statements
This news release contains “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include statements about fluctuations in demand for semiconductors; global economic uncertainty and the risks inherent in operating a global business; supply chain matters; inflationary pressures; future period guidance or projections; the Company’s performance relative to its markets, including the drivers of such performance; market and technology trends, including the duration and drivers of any growth trends; the development of new products and the success of their introductions; the focus of the Company’s engineering, research and development projects; the Company’s ability to obtain, protect and enforce intellectual property rights; information technology risks; the Company’s ability to execute on our business strategies, including the Company’s expansion of its manufacturing presence in
Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) |
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Three months ended |
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Net sales |
|
|
|
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Cost of sales |
435,869 |
521,165 |
436,833 |
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Gross profit |
371,825 |
367,074 |
375,819 |
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Selling, general and administrative expenses |
108,455 |
116,051 |
116,315 |
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Engineering, research and development expenses |
80,903 |
66,810 |
81,885 |
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Amortization of intangible assets |
46,226 |
51,239 |
47,513 |
|||
|
— |
15,913 |
— |
|||
Operating income |
136,241 |
117,061 |
130,106 |
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Interest expense, net |
50,419 |
75,594 |
52,527 |
|||
Other (income) expense, net |
(212) |
10,243 |
2,977 |
|||
Income before income tax expense (benefit) |
86,034 |
31,224 |
74,602 |
|||
Income tax expense (benefit) |
8,190 |
(2,127) |
6,689 |
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Equity in net loss of affiliates |
262 |
139 |
217 |
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Net income |
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Basic earnings per common share: |
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Diluted earnings per common share: |
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Weighted average shares outstanding: |
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|
|||
Basic |
151,196 |
150,127 |
150,801 |
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Diluted |
151,924 |
151,229 |
151,819 |
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Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) |
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Nine months ended |
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|
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Net sales |
|
|
||
Cost of sales |
1,291,907 |
1,558,710 |
||
Gross profit |
1,099,464 |
1,152,925 |
||
Selling, general and administrative expenses |
336,963 |
431,514 |
||
Engineering, research and development expenses |
234,664 |
209,746 |
||
Amortization of intangible assets |
143,898 |
163,493 |
||
|
— |
104,785 |
||
Gain on termination of alliance agreement |
— |
(154,754) |
||
Operating income |
383,939 |
398,141 |
||
Interest expense, net |
157,325 |
239,020 |
||
Other expense, net |
17,050 |
13,309 |
||
Income before income tax expense |
209,564 |
145,812 |
||
Income tax expense |
18,335 |
2,851 |
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Equity in net loss of affiliates |
685 |
269 |
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Net income |
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||
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Basic earnings per common share: |
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Diluted earnings per common share: |
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Weighted average shares outstanding: |
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||
Basic |
150,849 |
149,793 |
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Diluted |
151,820 |
150,816 |
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Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
|
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Trade accounts and notes receivable, net |
503,165 |
457,052 |
||
Inventories, net |
643,034 |
607,051 |
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Deferred tax charges and refundable income taxes |
26,941 |
63,879 |
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Assets held-for-sale |
7,004 |
278,753 |
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Other current assets |
102,873 |
113,663 |
||
Total current assets |
1,715,089 |
1,977,327 |
||
Property, plant and equipment, net |
1,542,356 |
1,468,043 |
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Right-of-use assets |
84,788 |
80,399 |
||
|
3,946,575 |
3,945,860 |
||
Intangible assets, net |
1,138,630 |
1,281,969 |
||
Deferred tax assets and other noncurrent tax assets |
20,340 |
31,432 |
||
Other assets |
24,979 |
27,561 |
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Total assets |
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LIABILITIES AND EQUITY |
|
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Current liabilities |
|
|
||
Current portion of long-term debt |
65,000 |
— |
||
Accounts payable |
174,189 |
134,211 |
||
Accrued liabilities |
302,336 |
283,158 |
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Liabilities held-for-sale |
925 |
19,223 |
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Income tax payable |
44,241 |
77,403 |
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Total current liabilities |
586,691 |
513,995 |
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Long-term debt |
4,060,690 |
4,577,141 |
||
Long-term lease liabilities |
73,017 |
68,986 |
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Other liabilities |
159,849 |
243,875 |
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Shareholders’ equity |
3,592,510 |
3,408,594 |
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Total liabilities and equity |
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Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
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Three months ended |
Nine months ended |
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Operating activities: |
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Net income |
|
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Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation |
47,098 |
39,631 |
139,848 |
130,125 |
||||
Amortization |
46,226 |
51,239 |
143,898 |
163,493 |
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Share-based compensation expense |
15,552 |
10,280 |
50,349 |
52,416 |
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Provision for deferred income taxes |
(22,979) |
(28,552) |
(47,067) |
(95,366) |
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Loss on extinguishment of debt |
— |
3,593 |
11,385 |
10,862 |
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Impairment of goodwill |
— |
15,913 |
— |
104,785 |
||||
Gain on termination of alliance agreement |
— |
— |
— |
(154,754) |
||||
(Gain) loss from sale of businesses and held-for-sale assets, net |
— |
— |
(4,311) |
28,579 |
||||
Other |
10,531 |
18,309 |
58,795 |
67,833 |
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Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
|
|
||||
Trade accounts and notes receivable |
(40,167) |
(18,236) |
(52,075) |
(295) |
||||
Inventories |
(18,213) |
68,349 |
(68,872) |
63,340 |
||||
Accounts payable and accrued liabilities |
95,197 |
27,940 |
52,563 |
11,804 |
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Income taxes payable, refundable income taxes and noncurrent taxes payable |
(6,785) |
(21,204) |
(23,708) |
(36,774) |
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Other |
(6,815) |
(451) |
4,276 |
(2,369) |
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Net cash provided by operating activities |
197,227 |
200,023 |
455,625 |
486,371 |
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Investing activities: |
|
|
|
|
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Acquisition of property and equipment |
(82,193) |
(78,139) |
(208,082) |
(328,182) |
||||
Proceeds, net from sale of businesses |
1,189 |
— |
250,789 |
134,286 |
||||
Proceeds from termination of alliance agreement |
— |
— |
— |
169,251 |
||||
Other |
42 |
1,553 |
(1,875) |
1,919 |
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Net cash (used in) provided by investing activities |
(80,962) |
(76,586) |
40,832 |
(22,726) |
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Financing activities: |
|
|
|
|
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Proceeds from debt |
— |
100,279 |
254,537 |
217,449 |
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Payments of debt |
— |
(175,279) |
(728,311) |
(603,950) |
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Payments for debt issuance costs |
— |
— |
— |
(3,475) |
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Payments for dividends |
(15,123) |
(15,052) |
(45,478) |
(45,202) |
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Issuance of common stock |
3,150 |
866 |
13,617 |
30,174 |
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Taxes paid related to net share settlement of equity awards |
(840) |
(1,894) |
(16,146) |
(11,540) |
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Other |
(913) |
(345) |
(1,815) |
(923) |
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Net cash used in financing activities |
(13,726) |
(91,425) |
(523,596) |
(417,467) |
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Effect of exchange rate changes on cash, cash equivalents and restricted cash |
9,525 |
(5,009) |
2,282 |
(15,597) |
||||
Increase (decrease) in cash, cash equivalents and restricted cash |
112,064 |
27,003 |
(24,857) |
30,581 |
||||
Cash, cash equivalents and restricted cash at beginning of period |
320,008 |
567,017 |
456,929 |
563,439 |
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Cash, cash equivalents and restricted cash at end of period |
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Segment Information (In thousands) (Unaudited) |
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Three months ended |
Nine months ended |
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Net sales |
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Materials Solutions |
|
|
|
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Microcontamination Control |
286,995 |
286,217 |
293,769 |
848,628 |
839,128 |
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Advanced Materials Handling |
182,177 |
180,248 |
188,225 |
533,256 |
589,457 |
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Inter-segment elimination |
(8,112) |
(13,764) |
(11,675) |
(29,516) |
(41,452) |
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Total net sales |
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Three months ended |
Nine months ended |
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Segment profit |
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Materials Solutions |
|
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|
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|
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Microcontamination Control |
96,704 |
101,132 |
93,709 |
276,968 |
297,790 |
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Advanced Materials Handling |
30,611 |
31,642 |
28,980 |
84,197 |
115,637 |
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Total segment profit |
199,021 |
189,729 |
192,957 |
570,263 |
656,598 |
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Amortization of intangibles |
(46,226) |
(51,239) |
(47,513) |
(143,898) |
(163,493) |
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Unallocated expenses |
(16,554) |
(21,429) |
(15,338) |
(42,426) |
(94,964) |
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Total operating income |
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Reconciliation of GAAP Gross Profit to Adjusted Gross Profit (In thousands) |
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Three months ended |
Nine months ended |
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Gross profit-GAAP |
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Adjustments to gross profit: |
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Restructuring costs 1 |
— |
789 |
— |
— |
8,166 |
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Adjusted gross profit |
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Gross margin - as a % of net sales |
46.0% |
41.3% |
46.2% |
46.0% |
42.5% |
|||||
Adjusted gross margin - as a % of net sales |
46.0% |
41.4% |
46.2% |
46.0% |
42.8% |
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1 Restructuring charges resulting from cost saving initiatives. |
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Reconciliation of GAAP Segment Profit to Adjusted Operating Income (In thousands) (Unaudited) |
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Three months ended |
Nine months ended |
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Adjusted segment profit |
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MS segment profit |
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Restructuring costs 1 |
— |
519 |
— |
— |
7,627 |
|||||
Loss (gain) on sale of businesses and held-for-sale assets, net 2 |
— |
— |
537 |
(4,311) |
28,578 |
|||||
|
— |
15,913 |
— |
— |
104,785 |
|||||
Gain on termination of alliance agreement 4 |
— |
— |
— |
— |
(154,754) |
|||||
Impairment on long-lived assets 5 |
— |
— |
— |
12,967 |
— |
|||||
MS adjusted segment profit |
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MC segment profit |
|
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|
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Restructuring costs 1 |
— |
215 |
— |
— |
3,010 |
|||||
MC adjusted segment profit |
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|
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AMH segment profit |
|
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|
|
|
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Restructuring costs 1 |
— |
467 |
— |
— |
1,721 |
|||||
AMH adjusted segment profit |
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|
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Unallocated general and administrative expenses |
|
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|
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|||||
Less: unallocated deal and integration costs |
(426) |
(10,301) |
(724) |
(3,368) |
(48,717) |
|||||
Less: unallocated restructuring costs 1 |
— |
— |
— |
— |
(86) |
|||||
Less: unallocated acquired tax equalization asset reduction 6 |
(2,959) |
— |
— |
(2,959) |
— |
|||||
Adjusted unallocated general and administrative expenses |
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|||||
|
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Total adjusted segment profit |
|
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|
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|
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Less: adjusted unallocated general and administrative expenses |
(13,169) |
(11,128) |
(14,614) |
(36,099) |
(46,161) |
|||||
Total adjusted operating income |
|
|
|
|
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|||||
1 Restructuring charges resulting from cost saving initiatives. |
||||||||||
2 Loss (gain) from the sale of certain businesses and held-for-sale assets, net. |
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3 Non-cash impairment charges associated with goodwill. |
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4 Gain on the termination of the alliance agreement with |
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5 Impairment of long-lived assets. |
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6 Represents an asset reduction of an acquired tax equalization asset from the |
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Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA (In thousands) (Unaudited) |
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Three months ended |
Nine months ended |
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Net sales |
|
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Net income |
|
|
|
|
|
|||||
Net income - as a % of net sales |
9.6% |
3.7% |
8.3% |
8.0% |
5.3% |
|||||
Adjustments to net income: |
|
|
|
|
|
|||||
Equity in net loss of affiliates |
262 |
139 |
217 |
685 |
269 |
|||||
Income tax expense (benefit) |
8,190 |
(2,127) |
6,689 |
18,335 |
2,851 |
|||||
Interest expense, net |
50,419 |
75,594 |
52,527 |
157,325 |
239,020 |
|||||
Other (income) expense, net |
(212) |
10,243 |
2,977 |
17,050 |
13,309 |
|||||
GAAP - Operating income |
136,241 |
117,061 |
130,106 |
383,939 |
398,141 |
|||||
Operating margin - as a % of net sales |
16.9% |
13.2% |
16.0% |
16.1% |
14.7% |
|||||
|
— |
15,913 |
— |
— |
104,785 |
|||||
Deal and transaction costs 2 |
— |
— |
— |
— |
3,001 |
|||||
Integration costs: |
|
|
|
|
|
|||||
Professional fees 3 |
287 |
6,756 |
147 |
2,574 |
32,068 |
|||||
Severance costs 4 |
139 |
(454) |
577 |
794 |
1,873 |
|||||
Retention costs 5 |
— |
45 |
— |
— |
1,687 |
|||||
Other costs 6 |
— |
3,953 |
— |
— |
10,087 |
|||||
Restructuring costs 7 |
— |
1,202 |
— |
— |
12,444 |
|||||
Acquired tax equalization asset reduction 8 |
2,959 |
— |
— |
2,959 |
— |
|||||
Loss (gain) on sale of businesses and held-for-sale assets, net 9 |
— |
— |
537 |
(4,311) |
28,579 |
|||||
Gain on termination of alliance agreement 10 |
— |
— |
— |
— |
(154,754) |
|||||
Impairment of long-lived assets 11 |
— |
— |
— |
12,967 |
— |
|||||
Amortization of intangible assets 12 |
46,226 |
51,239 |
47,513 |
143,898 |
163,493 |
|||||
Adjusted operating income |
185,852 |
195,715 |
178,880 |
542,820 |
601,404 |
|||||
Adjusted operating margin - as a % of net sales |
23.0% |
22.0% |
22.0% |
22.7% |
22.2% |
|||||
Depreciation |
47,098 |
39,631 |
47,407 |
139,848 |
130,125 |
|||||
Adjusted EBITDA |
|
|
|
|
|
|||||
Adjusted EBITDA - as a % of net sales |
28.8% |
26.5% |
27.8% |
28.5% |
27.0% |
|||||
1 Non-cash impairment charges associated with goodwill. |
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2 Deal and transaction costs associated with the |
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3 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating |
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4 Represents severance charges related to the integration of the |
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5 Represents retention charges related directly to the |
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6 Represents other employee related costs and other costs incurred relating to the |
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7 Restructuring charges resulting from cost saving initiatives. |
||||||||||
8 Represents an asset reduction of an acquired tax equalization asset from the |
||||||||||
9 Loss (gain) from the sale of certain businesses and held-for-sale assets, net. |
||||||||||
10 Gain on the termination of the alliance agreement with |
||||||||||
11 Impairment of long-lived assets. |
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12 Non-cash amortization expense associated with intangibles acquired in acquisitions. |
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Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share (In thousands, except per share data) (Unaudited) |
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|
Three months ended |
Nine months ended |
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|||||
GAAP net income |
|
|
|
|
|
|||||
Adjustments to net income: |
|
|
|
|
|
|||||
|
— |
15,913 |
— |
— |
104,785 |
|||||
Deal and transaction costs 2 |
— |
— |
— |
— |
3,001 |
|||||
Integration costs: |
|
|
|
|
|
|||||
Professional fees 3 |
287 |
6,756 |
147 |
2,574 |
32,068 |
|||||
Severance costs 4 |
139 |
(454) |
577 |
794 |
1,873 |
|||||
Retention costs 5 |
— |
45 |
— |
— |
1,687 |
|||||
Other costs 6 |
— |
3,953 |
— |
— |
10,087 |
|||||
Restructuring costs 7 |
— |
1,202 |
— |
— |
12,444 |
|||||
Acquired tax equalization asset reduction 8 |
2,959 |
— |
— |
2,959 |
— |
|||||
Loss on extinguishment of debt and modification 9 |
— |
4,532 |
796 |
12,347 |
12,893 |
|||||
Loss (gain) on sale of businesses and held-for-sale assets, net 10 |
— |
— |
537 |
(4,311) |
28,579 |
|||||
Gain on termination of alliance agreement 11 |
— |
— |
— |
— |
(154,754) |
|||||
|
— |
— |
— |
— |
(10,877) |
|||||
Impairment of long-lived assets 13 |
— |
— |
— |
12,967 |
— |
|||||
Amortization of intangible assets 14 |
46,226 |
51,239 |
47,513 |
143,898 |
163,493 |
|||||
Tax effect of adjustments to net income and discrete tax items 15 |
(9,611) |
(12,810) |
(10,157) |
(33,309) |
(46,996) |
|||||
Non-GAAP net income |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Diluted earnings per common share |
|
|
|
|
|
|||||
Effect of adjustments to net income |
|
|
|
|
|
|||||
Diluted non-GAAP earnings per common share |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Diluted weighted averages shares outstanding |
151,924 |
151,229 |
151,819 |
151,820 |
150,816 |
|||||
Diluted non-GAAP weighted average shares outstanding |
151,924 |
151,229 |
151,819 |
151,820 |
150,816 |
|||||
1 Non-cash impairment charges associated with goodwill. |
||||||||||
2 Deal and transaction costs associated with the |
||||||||||
3 Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating |
||||||||||
4 Represents severance charges related to the integration of |
||||||||||
5 Represents retention charges related directly to the |
||||||||||
6 Represents other employee-related costs and other costs incurred relating to the |
||||||||||
7 Restructuring charges resulting from cost saving initiatives. |
||||||||||
8 Represents an asset reduction of an acquired tax equalization asset from the |
||||||||||
9 Non-recurring loss on extinguishment of debt and modification of our Credit Agreement. |
||||||||||
10 Loss (gain) from the sale of certain businesses and held-for-sale assets, net. |
||||||||||
11 Gain on the termination of the alliance agreement with |
||||||||||
12 Non-recurring gain from |
||||||||||
13 Impairment of long-lived assets. |
||||||||||
14 Non-cash amortization expense associated with intangibles acquired in acquisitions. |
||||||||||
15 The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate for each respective year. |
||||||||||
Reconciliation of Reported (In thousands) (Unaudited) |
||||||||||
|
Three months ended |
Nine months ended |
||||||||
|
|
|
|
|
|
|||||
Net sales |
|
|
|
|
|
|||||
Less: divestitures 1 |
— |
(132,250) |
— |
(33,907) |
(411,513) |
|||||
Adjusted Net sales (excluding divestitures) Non-GAAP |
|
|
|
|
|
|||||
1 Adjusted for the impact of net sales from divestitures. |
||||||||||
Reconciliation of GAAP Outlook to Non-GAAP Outlook * (In millions, except per share data) (Unaudited) |
||
|
Fourth Quarter Outlook |
|
Reconciliation GAAP Operating Margin to non-GAAP Operating Margin and Adjusted EBITDA Margin |
|
|
Net sales |
|
|
GAAP - Operating income |
|
|
Operating margin - as a % of net sales |
16.8% - 18.4% |
|
Amortization of intangible assets |
46 |
|
Adjusted operating income |
|
|
Adjusted operating margin - as a % of net sales |
22.5% - 23.9% |
|
Depreciation |
48 |
|
Adjusted EBITDA |
|
|
Adjusted EBITDA - as a % of net sales |
28.5% - 29.5% |
|
|
Fourth Quarter Outlook |
|
Reconciliation GAAP net income to non-GAAP net income |
|
|
GAAP net income |
|
|
Adjustments to net income: |
|
|
Amortization of intangible assets |
46 |
|
Income tax effect |
(7) |
|
Non-GAAP net income |
|
|
|
Fourth Quarter Outlook |
|
Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share |
|
|
Diluted earnings per common share |
|
|
Adjustments to diluted earnings per common share: |
|
|
Amortization of intangible assets |
0.30 |
|
Income tax effect |
(0.04) |
|
Diluted non-GAAP earnings per common share |
|
|
|
|
|
*As a result of displaying amounts in millions, rounding differences may exist in the tables. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104390625/en/
VP of Investor Relations
T + 1 952 556 1844
bill.seymour@entegris.com
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