Reaffirms Full Year 2023 Revenue
Expectations Above $1.1
billion
BEVERLY,
Mass., Jan. 16, 2024 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling
ion implantation solutions for the semiconductor industry, today
increased financial guidance for the fourth quarter of 2023 and
reaffirmed its expectations for the full year. Based on preliminary
fourth quarter financial results, the Company expects revenue for
the fourth quarter of 2023 to be greater than $300 million, above the approximately
$295 million prior guidance, and
reaffirmed its expectation for full year 2023 revenue above
$1.1 billion. Earnings per diluted
share for the fourth quarter of 2023 are now forecasted to be
greater than $2.05, above prior
guidance of approximately $2.00.
President and CEO Russell Low
commented, "Our excellent financial performance in the fourth
quarter and for the full year 2023 resulted from strong execution
by Axcelis employees, combined with our leadership position in the
growing power device market." Low continued, "Based on our strong
yearend backlog and fourth quarter bookings, especially in power
devices, we expect the power device market to remain healthy in
2024. We also believe that the mature process technology and memory
segments, two markets in which Axcelis is well-positioned, will
recover in the second half of the year, enabling strong growth in
2025."
James Coogan, executive vice
president and chief financial officer said, "We look forward to
discussing our results for 2023 and expectations for 2024 on our
upcoming fourth quarter and full year earnings call. We believe we
are still on track to achieve our $1.3
billion revenue model in 2025. This expectation is based on
continued demand for the Purion product family, continued bookings
strength, and a backlog stretching into 2025." Coogan
continued, "Additionally, we continue to manage spending to improve
our earnings power and to invest in R&D to strengthen our
market position."
Fourth Quarter and Full Year 2023 Conference Call
The Company will release financial results for the fourth quarter
and full year 2023 on Wednesday, February 7,
2024, at 4:00 p.m. Eastern Time (ET). The Company
will host a call to discuss the results for the fourth quarter and
full year 2023 on Thursday, February 8,
2024, at 8:30 a.m. ET. The
call will be available to interested listeners via an audio webcast
that can be accessed through the Investors page of Axcelis' website
at www.axcelis.com, or by registering as a Participant here
https://edge.media-server.com/mmc/p/su3u4oev. Webcast replays will
be available for 30 days following the call.
Safe Harbor Statement
This press release contains
forward-looking statements under the SEC safe harbor provisions.
These statements, which include our guidance for future financial
performance, are based on management's current expectations and
should be viewed with caution. They are subject to various risks
and uncertainties, many of which are outside the control of the
Company, including the timing of orders and shipments, the
conversion of orders to revenue in any particular quarter, or at
all, the continuing demand for semiconductor equipment, relative
market growth, continuity of business relationships with and
purchases by major customers, competitive pressure on sales and
pricing, increases in material and other production costs that
cannot be recouped in product pricing and global economic,
political and financial conditions. These risks and other risk
factors relating to Axcelis are described more fully in the most
recent Form 10-K filed by Axcelis and in other documents filed from
time to time with the Securities and Exchange Commission.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered
in Beverly, Mass., has been
providing innovative, high-productivity solutions for the
semiconductor industry for over 40 years. Axcelis is dedicated to
developing enabling process applications through the design,
manufacture and complete life cycle support of ion implantation
systems, one of the most critical and enabling steps in the IC
manufacturing process. Learn more about Axcelis at
www.axcelis.com.
CONTACTS:
Maureen Hart (editorial/media)
978.787.4266
Doug Lawson (investor relations)
978.787.9552
View original content to download
multimedia:https://www.prnewswire.com/news-releases/axcelis-updates-and-increases-q4-2023-guidance-302035463.html
SOURCE Axcelis Technologies, Inc.