Semiconductor equipment vendor Axcelis Technologies smashed analyst estimates for the second quarter and gave a better-than-expected outlook for the current quarter and full year. ACLS stock initially rose on the news Thursday but ended the trading session lower.
The Beverly, Mass.-based company late Wednesday said it earned $1.86 a share on sales of $274 million in the June quarter. Analysts polled by FactSet had expected Axcelis earnings of $1.46 a share on sales of $256.7 million. On a year-over-year basis, Axcelis earnings jumped 41% while sales advanced 24%.
For the current quarter, Axcelis predicted earnings of $1.72 a share on sales of $280 million. Analysts had called for earnings of $1.68 a share on sales of $260.7 million in the third quarter.
For the full year, Axcelis projected revenue greater than $1.1 billion. Wall Street was seeking $1.04 billion in sales for 2023.
ACLS Stock Dips After Report
Axcelis makes ion implantation systems, which provide a critical step in the process of manufacturing integrated circuits. Ion implantation equipment creates charged regions within silicon wafers to enable transistor functionality.
On the stock market today, ACLS stock climbed as much as 3.7% to 195.95 before retreating. It ended the regular session down 1.3% to 186.61.
"Axcelis delivered strong second-quarter financial performance as a result of significant demand for the Purion product family, especially in the silicon carbide power market," Chief Executive Russell Low said in a news release.
ACLS stock is on the IBD 50 and IBD Tech Leaders stock lists.
Other chip-gear makers reporting quarterly results late Wednesday included FormFactor and MKS Instruments. FormFactor stock slid 1.6% on Thursday after the company delivered mixed second-quarter results and guidance. MKS dropped 1.1% after it reported better-than-expected second-quarter results but offered a mixed outlook.
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