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Entegris Inc. (ENTG) Posts Solid Q2 Results Despite Softening Semiconductor Industry
Entegris Inc., a provider of a range of products for the semiconductor and high-tech industries, today reported its financial results for the second quarter ended July 2, 2011.
Second-quarter sales of $209.2 million represent an increase of 25 percent over the prior year. Net income was $32.5 million, or $0.24 per diluted share.
On an operating basis, Entegris reported an adjusted operating margin of nearly 21 percent of sales, marking a record high for the company, which it attributes in part to improved gross margin.
The company generated record cash from operations of $52 million, and ended the second quarter with cash and short-term investments of $191 million.
For the first half of fiscal 2011, sales increased 26 percent to $412.3 million compared to the first half of 2010.
Gideon Argov, president and CEO of Entegris, noted strong sales of specific products and said voiced his confidence that the company will overcome slack in the semiconductor industry.
“We continue to execute well, achieving a record quarter for sales, profits and cash flow. Sales of our unit-driven products including wafer shippers and liquid filters grew 6 percent sequentially,” Argov stated in the press release. “Despite signs of softening in the semiconductor industry, we are very encouraged by the long-term prospects for our new contamination control, substrate handling, and specialty materials solutions for next-generation manufacturing processes. In addition, we are confident that our operating model positions us to deliver attractive operating performance throughout the cycle.”
For the fiscal third quarter ending September 3, 2011, Entegris said it expects sales to range from approximately $180 million to $190 million.
For more information visit www.entegris.com
