Entegris posts strong Q4 earnings, sales up 23% from last year
Entegris, the Massachusetts-based supplier of advanced materials and process solutions for semiconductors, reported Tuesday strong fourth quarter and full-year 2021 results.
For the fourth quarter ended December 31, 2021, the company reported sales of $635.2 million, up 23% from the same period in 2020. Non-GAAP net income was $131.8 million, up 36% from fourth quarter 2020, or 96 cents per share diluted earnings. On a GAAP basis, fourth quarter net income was 87 cents a share.
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Wall Street analysts had pegged the company's fourth quarter earnings at 89 cents a share, on revenue of $593.4 million.
Entegris president and CEO Bertrand Loy said in the company's earnings announcement that the Entegris' strong position in leading-edge solutions drove market growth. He also said he expects 2022 to be as "strong" with an increased conviction in long-term growth of the semiconductor market.
For the full year 2021, the company reported non-GAAP diluted earnings per share of $3.44, up 33% from the previous year on revenue of $2.3 billion.
According to the company's fourth quarter earnings presentation, Entegris reported strong sales growth in the following divisions: Specialty Chemicals and Engineered Materials (SCEM), Microcontamination Control (MC), and Advanced Materials Handling (AMH).
For its SCEM division, the company said sales were driven by advanced deposition materials, formulated cleans, and selective etch chemistries. For the Microcontamination Control segment, growth was strong specifically in liquid filtration and gas filtration and purification. As for the AMH division, year-over-year sales growth was strongest in wafer handling and fluid handling, the company said.
Entegris said it expects sales for the upcoming first quarter ending April 2 between $630 million and $650 million, with non-GAAP net income of between $131 million and $138 million, or between 96 cents and $1.01 on a diluted per-share basis. For the same period last year, the company reported non-GAAP earnings of $96 million, or 70 cents per diluted share, on sales of $513 million.