Axcelis Updates And Increases Q4 2020 Guidance
BEVERLY, Mass., Jan. 12, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today provided updated financial guidance for the fourth quarter of 2020. The Company expects revenue for the fourth quarter of 2020 to be approximately $120 million, above the $110 million prior guidance. Gross margin of approximately 43% is up from the previous gross margin guidance of 41%. As a result, the Company expects earnings per diluted share of approximately $0.32, up from the previous guidance of approximately $0.21. Cash will be greater than $200 million. Strong performance by our CS&I business contributed to the strong revenue and gross margin.
President and CEO Mary Puma commented, "We expect 2020 to exceed expectations and that 2021 will be another strong year, with the mature process technology market continuing to grow and the memory market expected to recover. This positions us well to achieve our $550 and $650 million dollar target models."
Kevin Brewer, executive vice president and chief financial officer said, "The Axcelis Board of Directors has authorized a new $100 million share repurchase program effective for 2021. This new program emphasizes the confidence that management and the board of directors have in Axcelis' operational strength and prospects for the future."
Share Repurchase Program
Fourth Quarter and Full Year 2020 Conference Call
Safe Harbor Statement
Maureen Hart (editorial/media) 978.787.4266
View original content to download multimedia:http://www.prnewswire.com/news-releases/axcelis-updates-and-increases-q4-2020-guidance-301206846.html
SOURCE Axcelis Technologies, Inc.