Entegris(ENTG) - 2024 Q4 - Annual Results

Financial Performance - Net sales for Q4 2024 were $849.8 million, a 4.6% increase from $812.3 million in Q4 2023[3] - Net income for Q4 2024 was $102.2 million, significantly up from $38.0 million in Q4 2023, representing a 169% increase[3] - Total net sales for the twelve months ended December 31, 2024, were $3,241,208, a decrease of 8.0% compared to $3,523,926 for the same period in 2023[25] - Net income for the twelve months ended December 31, 2024, was $292,787, an increase of 62.0% from $180,669 in 2023[23] - Net sales for the three months ended December 31, 2024, were $849.8 million, an increase from $812.3 million in the same period last year, representing a growth of 4.0%[32] Earnings and Margins - Diluted non-GAAP earnings per share for Q4 2024 were $0.84, compared to $0.65 in Q4 2023, reflecting a 29% increase[3] - Adjusted EBITDA for Q4 2024 was 29.2% of net sales, up from 26.0% in Q4 2023[3] - Adjusted operating income for the three months ended December 31, 2024, was $200.1 million, up from $168.3 million year-over-year, indicating a growth of 18.9%[32] - The company reported an adjusted operating margin of 23.5% for the three months ended December 31, 2024, compared to 20.7% in the same period last year[32] - The adjusted operating margin for the first quarter of 2025 is projected to be between 21.2% and 22.6%[37] Future Outlook - For Q1 2025, the company expects sales between $775 million and $805 million, indicating a 7% year-on-year increase at the midpoint[4] - The company expects net sales for the first quarter of 2025 to be in the range of $775 million to $805 million, with a GAAP operating margin projected between 15.0% and 16.7%[37] - Non-GAAP net income for the first quarter of 2025 is anticipated to be between $97 million and $108 million, with diluted non-GAAP earnings per share expected to range from $0.64 to $0.71[37] Cost Management - The company reported a significant reduction in selling, general and administrative expenses, down to $109.6 million from $144.7 million in Q4 2023[3] - The company incurred restructuring costs of $3.9 million in the fourth quarter of 2024, compared to $2.3 million in the prior year[34] Asset and Debt Management - Total assets decreased to $8,394,620 as of December 31, 2024, down 4.7% from $8,812,591 in 2023[21] - Long-term debt decreased to $3,981,105 as of December 31, 2024, down 13.1% from $4,577,141 in 2023[21] - Cash and cash equivalents at the end of the period were $329,213, a decrease of 28.0% from $456,929 at the end of 2023[23] Segment Performance - Entegris operates in two segments: Materials Solutions and Advanced Purity Solutions, both contributing to improved device performance and reliability[6][7] - Segment profit for Advanced Purity Solutions for the twelve months ended December 31, 2024, was $496,131, a decrease of 6.6% from $531,448 in 2023[30] - Adjusted gross profit for the twelve months ended December 31, 2024, was $1,487,148, a decrease of 1.2% from $1,505,799 in 2023[27] Cash Flow - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $631,721, a decrease of 2.0% from $644,476 in 2023[23] - Adjusted EBITDA for the three months ended December 31, 2024, reached $248.4 million, compared to $210.8 million in the same quarter last year, marking an increase of 17.9%[32]