Axcelis Announces Financial Results for Second Quarter 2024

Financial Performance - Axcelis Technologies reported second quarter revenue of $256.5 million, an increase from$252.4 million in the first quarter of 2024, with a gross margin of 43.8% compared to 46.0% in the previous quarter [1][2] - The operating profit for the second quarter was $52.8 million, down from$56.5 million in the first quarter, while net income was $50.9 million, or$1.55 per diluted share, compared to $51.6 million, or$1.57 per diluted share in the first quarter [1][2] Business Outlook - For the third quarter ending September 30, 2024, Axcelis expects revenues of approximately $255 million and earnings per diluted share of approximately$1.43 [3] - The company anticipates that revenue for the second half of the year will be slightly better than the first half, with momentum expected to build into 2025 [2] Management Commentary - President and CEO Russell Low highlighted strong financial results driven by better-than-expected conversion of evaluation units into revenue and robust demand in the Power segment, particularly in silicon carbide [2] - Executive Vice President and CFO Jamie Coogan expressed satisfaction with the second quarter results, noting that revenue, operating margin, and earnings per share exceeded guidance, alongside healthy cash flow [2]