- Entegris, Inc ENTG reported third-quarter FY22 sales growth of 71% year-on-year to $993.8 million, missing the consensus of $1.02 billion.
- Revenue from Specialty Chemicals and Engineered Materials segment rose 45% Y/Y to $224.2 million; Microcontamination Control expanded 24.2% Y/Y to $280.6 million; Advanced Materials Handling improved 13% Y/Y to $210.4 million. Advanced Planarization Solutions revenue grew from $21.8 million to $293.9 million.
- Margins: The adjusted gross margin contracted 200 basis points to 43.6%, and the adjusted operating margin reduced 80 bps to 25.5%.
- The non-GAAP EPS of $0.85 missed the consensus of $1.01.
- Entegris generated $145.5 million in operating cash flow and held $754.7 million in cash and equivalents.
- CEO Bertrand Loy said: "During the quarter, we continued to benefit from strong demand for our advanced solutions, which are of growing importance to our customers' leading-edge technology roadmaps and new facility investments."
- "We are also pleased with our steady progress on the CMC Materials integration. As a part of our assessment of the various parts of the CMC portfolio, we recently announced that we entered into a definitive agreement for Infineum to acquire the Pipeline and Industrial Materials business."
- "For the full year 2022, despite softening in the semiconductor market and the impact of the new U.S. government export restrictions, we expect to achieve strong growth, well in excess of the market."
- Outlook: Entegris sees Q4 sales of $930 million - $970 million, below the consensus of $1.02 billion.
- It sees non-GAAP EPS of $0.75 - $0.80, below the consensus of $1.04.
- Price Action: ENTG shares traded lower by 5.43% at $76.00 in the premarket on the last check Wednesday.
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