Entegris Registers 27% Revenue Growth In Q1 Aided By Growth Across All Divisions

Entegris, Inc ENTG reported first-quarter FY22 sales growth of 27% year-on-year to $649.6 million, beating the consensus of $640.9 million.
Revenue from Specialty Chemicals and Engineered Materials segment rose 17.9% Y/Y to $196.4 million; Microcontamination Control expanded 28.7% Y/Y to $266.6 million; Advanced Materials Handling improved 33.4% Y/Y to $198.1 million.
Margins: The adjusted gross margin expanded 190 basis points to 47.7%, and the adjusted operating margin expanded 310 basis points to 28.1%.
The non-GAAP EPS of $1.06 beat the consensus of $0.99.
Entegris generated $63.8 million in operating cash flow and held $352.7 million in cash and equivalents.
CEO Bertrand Loy said: "Growth was significant across all three divisions, driven by robust industry conditions and more wafers produced at the leading edge, which continues to translate into strong demand for our solutions."
Loy added: "While supply chain issues continue to be a concern for the balance of the year, industry growth remains robust, and we expect record demand for our products. As a result, we are raising our outlook for the full year 2022."
Loy added: "Finally, we are pleased with the progress we have made toward the pending acquisition of CMC Materials and continue to expect that it will close in the second half of this year."
Outlook: Entegris sees Q2 sales of $660 million - $680 million versus the consensus of $663.9 million. It sees non-GAAP EPS of $1.02 - $1.07 versus the consensus of $1.02.
Price Action: ENTG shares closed higher by 1.7% at $114.59 on Monday.

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