Banking

Chip Gear Firm Entegris Beats Targets, Notes Improving Market

Semiconductor equipment supplier Entegris (ENTG) on Tuesday easily beat Wall Street’s targets for the second quarter and pointed higher for the current period. ENTG stock rose in early trading.




X



The Billerica, Mass.-based company earned an adjusted 85 cents a share on sales of $571.4 million in the June quarter. Analysts expected Entegris earnings of 79 cents a share on sales of $538 million, according to FactSet. On a year-over-year basis, Entegris earnings rose 42% while sales increased 27%.

“Our outlook for the full year 2021 has improved, as we benefit from an increasingly strong market environment and demand for our solution set that continues to be very good,” Chief Executive Bertrand Loy said in a news release. “Looking further ahead, the long-term fundamentals of the semiconductor market are very encouraging.”

Entegris makes high purity materials and processes for the semiconductor industry and other tech fields.

ENTG Stock Rises In Early Trades

In premarket trading on the stock market today, ENTG stock advanced 1%, near 120. During the regular session Monday, ENTG stock fell 0.8% to 118.76.

“The pace of node transitions for both logic and memory have quickened and device architectures are becoming much more complex,” Loy said. “This is great news for Entegris, because the unique set of capabilities we have built around process materials and materials purity will be key enablers of these new chip architectures.”

For the current quarter, Entegris expects to earn an adjusted 87 cents a share on sales of $582.5 million. That’s based on the midpoint of its outlook. Wall Street was modeling Entegris earnings of 83 cents a share on sales of $561 million. In the year-earlier period, Entegris earned 67 cents a share on sales of 481 million.

ENTG stock has formed a cup-with-handle base with a buy point of 124.51, according to IBD MarketSmith charts.

ENTG stock is in the IBD Long-Term Leaders Portfolio.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

YOU MAY ALSO LIKE:

Logitech Trounces Quarterly Views On Brisk Webcam, Gaming Device Sales

Apple Stock Pricing In June-Quarter Beat, Strong iPhone 13 Launch

Is AMD Stock A Buy Ahead Of Chipmaker’s Second-Quarter Earnings Report?

Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens

Check Out Leaderboard’s 10-Year Anniversary Sale



Most Related Links :
nativenewspost Governmental News Finance News

Source link

Back to top button