Axcelis Announces Financial Results for Third Quarter 2024

Financial Performance - Axcelis Technologies reported third quarter revenue of $256.6 million, slightly up from $256.5 million in the previous quarter [1] - The operating margin for the quarter was 18.3%, with a gross margin of 42.9%, down from 43.8% in the second quarter [1] - Net income for the quarter was $48.6 million, translating to diluted earnings per share of $1.49, compared to $50.9 million and $1.55 per diluted share in the second quarter [1][12] Management Commentary - President and CEO Russell Low stated that the company executed well in the third quarter, with results aligning with expectations, and highlighted strong customer engagement and long-term growth opportunities in silicon carbide and memory markets [2] - CFO Jamie Coogan expressed satisfaction with the financial performance and emphasized strong cash generation and disciplined cost management, positioning the company for future growth [2] Business Outlook - For the fourth quarter ending December 31, 2024, Axcelis expects revenues of approximately $245 million and earnings per diluted share of approximately $1.25 [3] Backlog Correction - The company identified an error in the calculation of backlog, with the corrected backlog as of June 30, 2024, being $879 million, down from a previously reported $994 million; the backlog as of September 30, 2024, was $758 million [4]