ACM Research Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
ACM Research, Inc. Reports Second Quarter 2024 Financial Results
ACM Research, Inc. (NASDAQ: ACMR) has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimate | Vs. Consensus |
|---|---|---|---|---|---|---|---|
| Revenue | $202.5M | $144.6M | +40% | $163.0M | +24.2% | $163.05M | +24.2% |
| GAAP EPS | $0.35 | $0.41 | -14.6% | N/A | N/A | $0.35 | 0% |
| Non-GAAP EPS | $0.55 | $0.48 | +14.6% | ||||
| Gross Margin | 47.8% | 47.5% | +0.6% | N/A | N/A | N/A | N/A |
| Non-GAAP Operating Income | $51.9M | $32.4M | +60.2% | N/A | N/A | N/A | N/A |
| Cash and equivalents | $366.8M | $288.3M | +27.3% |
Interpreting these key metrics, ACM Research experienced a significant 40% year-over-year increase in revenue and a 24.2% quarter-over-quarter increase, strongly surpassing Wall Street's expectations. Although the GAAP earnings per share decreased by 14.6% year-over-year, the Non-GAAP earnings per share increased substantially by 14.6%, indicating strong operational performance when adjusted for non-cash expenses.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Comparison to Previous Guidance |
|---|---|---|
| Single Wafer Cleaning | Significant increase | Exceeded expectations |
| Tahoe and Semi-Critical Cleaning | Higher | Exceeded expectations |
| ECP (Front-end and Packaging) | Higher | Exceeded expectations |
| Furnace and Other Technologies | Higher | Met expectations |
| Advanced Packaging (excluding ECP) | Lower | Below expectations |
| Services & Spares | Lower | Below expectations |
The data demonstrate a robust performance in key product areas, particularly Single Wafer Cleaning, ECP, and Tahoe Cleaning segments, which surpassed expectations. Conversely, the Advanced Packaging (excluding ECP) and Services & Spares segments did not perform up to par.
Operational Highlights:
| Operational Data | Q2 2024 |
|---|---|
| Total Shipments | $202.5M (+32% YoY) |
| New Product Introductions | 2 |
| Agreement to Purchase R&D Facility | Hillsboro, Oregon - 39,500 sq ft with 5,200 sq ft clean room |
| Appointment of New Officers | Howard Chen as General Counsel and VP of Corporate Strategy |
Comments from ACM’s Officers:
Dr. David Wang, President and CEO of ACM, expressed satisfaction with the quarter's results, highlighting record revenue, strong profitability, and positive cash flow. Dr. Wang also announced the new Panel Electrochemical Plating tool and discussed the strategic expansion into Oregon for R&D.
Dividends and Share Repurchase Program:
No information on dividends or share repurchase programs was provided.
Forward Guidance:
ACM has increased its 2024 revenue guidance to a range of $695 million to $735 million, reflecting strong customer investment, market share gains, and robust product cycles.
Stock Price Movement:
Following the earnings release, ACM Research, Inc.’s stock saw a notable increase of approximately 20.21%.
Overall, ACM Research, Inc. delivered a strong quarter driven by robust revenue growth and solid operational performance across key segments, coupled with strategic advancements that position the company for future growth.
