BILLERICA, Mass.--(BUSINESS WIRE)--Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s fourth quarter ended December 31, 2020.
Fourth-quarter sales were $517.6 million, an increase of 21% from the same quarter last year. Fourth-quarter GAAP net income was $86.6 million, or $0.63 per diluted share, which included $11.9 million of amortization of intangible assets and $1.3 million of integration costs. Non-GAAP net income was $97.1 million for the fourth-quarter and non-GAAP earnings per diluted share was $0.71.
Bertrand Loy, Entegris’ president and chief executive officer, said: “Our fourth quarter results capped off a record year in sales, EBITDA and EPS for Entegris. In 2020, our performance above the market accelerated, driven by wins in new technology nodes and overall demand for our products and solutions. This performance showcased the strength of our team’s execution and our highly resilient, differentiated, unit-driven business model. I can’t say enough about how proud I am of the dedication, ingenuity and perseverance our team demonstrated in such a challenging year.”
Mr. Loy added: “We continue to be very optimistic about the long-term fundamentals of the semiconductor market. Accelerating chip demand and a higher amount of wafers produced at the leading edge, provide a great base for attractive secular industry growth. On top of this, at Entegris, we are benefiting from the growing impact to new device architectures of the intersecting themes of process materials and materials purity. We expect these key trends will continue to result in our rapidly expanding served markets and increased Entegris content per wafer.”
Quarterly Financial Results Summary
(in thousands, except percentages and per share data)
| GAAP Results | December 31, 2020 | December 31, 2019 | September 26, 2020 |
| Net sales | $517,594 | $426,998 | $480,987 |
| Operating income | $113,228 | $84,085 | $106,761 |
| Operating margin - as a % of net sales | 21.9% | 19.7% | 22.2% |
| Net income | $86,624 | $57,438 | $79,303 |
| Diluted earnings per common share | $0.63 | $0.42 | $0.58 |
| Non-GAAP Results | |||
| Non-GAAP adjusted operating income | $126,945 | $104,647 | $121,612 |
| Non-GAAP adjusted operating margin - as a % of net sales | 24.5% | 24.5% | 25.3% |
| Non-GAAP net income | $97,123 | $74,582 | $91,460 |
| Diluted non-GAAP earnings per common share | $0.71 | $0.55 | $0.67 |
First-Quarter Outlook
For the first quarter ending April 3, 2021, the Company expects sales of $510 million to $525 million, net income of $83 million to $90 million and diluted earnings per common share between $0.61 and $0.66. On a non-GAAP basis, the company expects diluted earnings per common share to range from $0.69 to $0.74, reflecting net income on a non-GAAP basis in the range of $94 million to $101 million.
Segment Results
The Company reports its results in the following segments:
Specialty Chemicals and Engineered Materials (SCEM): SCEM provides high-performance and high-purity process chemistries, gases and materials, and safe and efficient delivery systems to support semiconductor and other advanced manufacturing processes.
Microcontamination Control (MC): MC offers solutions to filter and purify critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.
Advanced Materials Handling (AMH): AMH develops solutions to monitor, protect, transport, and deliver critical liquid chemistries, wafers, and other substrates for a broad set of applications in the semiconductor industry, life sciences and other high-technology industries.
ABOUT ENTEGRIS
Entegris is a world-class supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, Canada, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at www.entegris.com.
