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Entegris Reports Results for First Quarter Of 2021

Nachrichtenquelle: Business Wire (engl.)
27.04.2021, 12:00  |  125   |   |   

Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s first quarter ended April 3, 2021.

First-quarter sales were $512.8 million, an increase of 24% from the same quarter last year. First-quarter GAAP net income was $84.7 million, or $0.62 per diluted share, which included $11.9 million of amortization of intangible assets and $2.0 million of integration costs. Non-GAAP net income was $95.5 million for the first-quarter and non-GAAP earnings per diluted share was $0.70.

Bertrand Loy, Entegris’ president and chief executive officer, said: “First quarter revenue growth was primarily driven by accelerating industry conditions and strong demand for our leading-edge solutions, especially in liquid filtration, advanced deposition materials and specialty coatings. We also continued to have strong demand for our Aramus high purity bags, which are used for the distribution and storage of the Covid-19 vaccine and other biologics.”

Mr. Loy added: “The semiconductor market looks very healthy across all customer segments, bolstered by a robust global GDP outlook and strong overall chip demand, driven by accelerated digitalization, 5G and high-performance computing. In addition, more wafers are being produced at the more advanced nodes where we enjoy greater Entegris content per wafer. Consequently, our outlook for the full year 2021 has improved significantly, and our teams are intensely focused on meeting the record level of demand for our products.”

Quarterly Financial Results Summary

(in thousands, except percentages and per share data)

GAAP Results

April 03, 2021

March 28, 2020

December 31, 2020

Net sales

$512,844

$412,327

$517,594

Operating income

$113,978

$80,744

$113,228

Operating margin - as a % of net sales

22.2%

19.6%

21.9%

Net income

$84,676

$61,006

$86,624

Diluted earnings per common share

$0.62

$0.45

$0.63

Non-GAAP Results

Non-GAAP adjusted operating income

$128,036

$99,638

$126,945

Non-GAAP adjusted operating margin - as a % of net sales

25.0%

24.2%

24.5%

Non-GAAP net income

$95,513

$75,571

$97,123

Diluted non-GAAP earnings per common share

$0.70

$0.55

$0.71

Second-Quarter Outlook

For the second quarter ending July 3, 2021, the Company expects sales of $530 million to $545 million, net income of $77 million to $84 million and diluted earnings per common share between $0.56 and $0.61. On a non-GAAP basis, the company expects diluted earnings per common share to range from $0.77 to $0.82, reflecting net income on a non-GAAP basis in the range of $106 million to $113 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.

First-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the first quarter on Tuesday, April 27, 2021, at 9:00 a.m. Eastern Time. Participants should dial 800-437-2398 or +1 323-289-6576, referencing confirmation code 3813181. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. For a replay of the call, please Click Here using passcode 3813181.

The call can also be accessed live and on-demand from the Entegris website. Go to https://investor.entegris.com/events-and-presentations and follow the link to the webcast. The on-demand playback will be available for six weeks after the conclusion of the teleconference.

Management’s slide presentation concerning the results for the first quarter, which may be referred to during the call, will be posted on the Investor Relations section of www.entegris.com Tuesday morning before the call.

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.

Non-GAAP Information

The Company’s condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA, adjusted gross profit, adjusted segment profit, adjusted operating income, non-GAAP net income, non-GAAP adjusted operating margin and diluted non-GAAP earnings per common share, together with related measures thereof, are considered “non-GAAP financial measures” under the rules and regulations of the Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company provides supplemental non-GAAP financial measures to better understand and manage its business and believes these measures provide investors and analysts additional and meaningful information for the assessment of the Company’s ongoing results. Management also uses these non-GAAP measures to assist in the evaluation of the performance of its business segments and to make operating decisions. Management believes that the Company’s non-GAAP measures help indicate the Company’s baseline performance before certain gains, losses or other charges that may not be indicative of the Company’s business or future outlook, and that non-GAAP measures offer a more consistent view of business performance. The Company believes the non-GAAP measures aid investors’ overall understanding of the Company’s results by providing a higher degree of transparency for such items and providing a level of disclosure that will help investors generally understand how management plans, measures and evaluates the Company’s business performance. Management believes that the inclusion of non-GAAP measures provides greater consistency in its financial reporting and facilitates investors’ understanding of the Company’s historical operating trends by providing an additional basis for comparisons to prior periods. The reconciliations of GAAP gross profit to adjusted gross profit, GAAP segment profit to adjusted operating income, GAAP net income to adjusted operating income and adjusted EBITDA, GAAP net income and diluted earnings per common share to non-GAAP net income and diluted non-GAAP earnings per common share and GAAP outlook to non-GAAP outlook are included elsewhere in this release.

Forward-Looking Statements

This press release contains forward-looking statements. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements related to future period guidance; future sales, net income, net income per diluted share, non-GAAP EPS, non-GAAP net income, expenses and other financial metrics; the Company’s performance relative to its markets, including the drivers of such performance; the impact, financial or otherwise, of any organizational changes; market and technology trends, including the expected impact of the Covid-19 pandemic; the development of new products and the success of their introductions; the Company's capital allocation strategy, which may be modified at any time for any reason, including share repurchases, dividends, debt repayments and potential acquisitions; the impact of the acquisitions the Company has made and commercial partnerships the Company has established; the Company’s ability to execute on its strategies; and other matters. These statements involve risks and uncertainties, and actual results may differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Covid-19 pandemic on the global economy and financial markets, as well as on the Company, our customers and suppliers, which may impact our sales, gross margin, customer demand and our ability to supply our products to our customers; weakening of global and/or regional economic conditions, generally or specifically in the semiconductor industry, which could decrease the demand for the Company’s products and solutions; the Company’s ability to meet rapid demand shifts; the Company’s ability to continue technological innovation and introduce new products to meet customers' rapidly changing requirements; the Company’s concentrated customer base; the Company’s ability to identify, complete and integrate acquisitions, joint ventures or other transactions; the Company’s ability to effectively implement any organizational changes; the Company’s ability to protect and enforce intellectual property rights; operational, political and legal risks of the Company’s international operations; the Company’s dependence on sole source and limited source suppliers; the increasing complexity of certain manufacturing processes; raw material shortages, supply constraints and price increases; changes in government regulations of the countries in which the Company operates; fluctuation of currency exchange rates; fluctuations in the market price of the Company’s stock; the level of, and obligations associated with, the Company’s indebtedness; and other risk factors and additional information described in the Company’s filings with the Securities and Exchange Commission, including under the heading “Risks Factors" in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed on February 5, 2021, and in the Company’s other periodic filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Three months ended

 

 

April 3, 2021

March 28, 2020

December 31, 2020

Net sales

$

512,844

$

412,327

$

517,594

 

Cost of sales

 

277,858

 

226,849

 

286,722

 

 

Gross profit

 

234,986

 

185,478

 

230,872

 

Selling, general and administrative expenses

 

71,389

 

58,891

 

68,170

 

Engineering, research and development expenses

 

37,748

 

29,632

 

37,558

 

Amortization of intangible assets

 

11,871

 

16,211

 

11,916

 

 

Operating income

 

113,978

 

80,744

 

113,228

 

Interest expense, net

 

11,581

 

10,238

 

12,133

 

Other expense (income), net

 

4,330

 

878

 

(5,305

)

 

Income before income tax expense

 

98,067

 

69,628

 

106,400

 

Income tax expense

 

13,391

 

8,622

 

19,776

 

 

Net income

$

84,676

$

61,006

$

86,624

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

$

0.63

$

0.45

$

0.64

 

Diluted earnings per common share:

$

0.62

$

0.45

$

0.63

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

Basic

 

135,068

 

134,745

 

134,945

 

 

Diluted

 

136,502

 

136,369

 

136,438

 

Entegris, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

 

April 3, 2021

December 31, 2020

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

548,520

$

580,893

Trade accounts and notes receivable, net

 

282,649

 

264,392

Inventories, net

 

 

358,819

 

323,944

Deferred tax charges and refundable income taxes

 

20,227

 

21,136

Other current assets

 

34,391

 

43,892

Total current assets

 

1,244,606

 

1,234,257

Property, plant and equipment, net

 

542,605

 

525,367

Other assets:

 

 

 

 

Right-of-use assets

 

48,057

 

45,924

Goodwill

 

747,518

 

748,037

Intangible assets, net

 

325,454

 

337,632

Deferred tax assets and other noncurrent tax assets

 

14,684

 

14,519

Other

 

 

10,615

 

11,960

Total assets

 

$

2,933,539

$

2,917,696

LIABILITIES AND EQUITY

 

Current liabilities

 

 

 

Accounts payable

 

$

93,045

$

81,618

Accrued liabilities

 

 

131,535

 

177,012

Income tax payable

 

 

41,691

 

43,996

Total current liabilities

 

266,271

 

302,626

Long-term debt, excluding current maturities

 

1,086,186

 

1,085,783

Long-term lease liability

 

 

42,953

 

39,730

Other liabilities

 

 

109,796

 

110,063

Shareholders’ equity

 

 

1,428,333

 

1,379,494

Total liabilities and equity

$

2,933,539

$

2,917,696

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three months ended

 

April 3, 2021

March 28, 2020

Operating activities:

 

 

Net income

$

84,676

 

$

61,006

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation

 

22,095

 

 

20,648

 

Amortization

 

11,871

 

 

16,211

 

Stock-based compensation expense

 

7,138

 

 

4,994

 

Other

 

8,166

 

 

5,563

 

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

Trade accounts and notes receivable

 

(21,564

)

 

(43,995

)

Inventories

 

(39,337

)

 

(18,205

)

Accounts payable and accrued liabilities

 

(28,591

)

 

(38,020

)

Income taxes payable, refundable income taxes and noncurrent taxes payable

 

(3,588

)

 

(225

)

Other

 

12,249

 

 

3,426

 

Net cash provided by operating activities

 

53,115

 

 

11,403

 

Investing activities:

 

 

Acquisition of property and equipment

 

(43,330

)

 

(22,585

)

Acquisition of business, net of cash acquired

 

 

 

(75,630

)

Other

 

72

 

 

5

 

Net cash used in investing activities

 

(43,258

)

 

(98,210

)

Financing activities:

 

 

Proceeds from short-term borrowings and long-term debt

 

 

 

217,000

 

Payments of short-term borrowings and long-term debt

 

 

 

(75,000

)

Payments for dividends

 

(10,908

)

 

(10,847

)

Issuance of common stock

 

1,572

 

 

551

 

Taxes paid related to net share settlement of equity awards

 

(15,038

)

 

(11,440

)

Repurchase and retirement of common stock

 

(15,000

)

 

(29,564

)

Deferred acquisition payments

 

 

 

(16,125

)

Other

 

(1

)

 

(2,890

)

Net cash (used in) provided by financing activities

 

(39,375

)

 

71,685

 

Effect of exchange rate changes on cash and cash equivalents

 

(2,855

)

 

(1,712

)

Decrease in cash and cash equivalents

 

(32,373

)

 

(16,834

)

Cash and cash equivalents at beginning of period

 

580,893

 

 

351,911

 

Cash and cash equivalents at end of period

$

548,520

 

$

335,077

 

Entegris, Inc. and Subsidiaries

Segment Information

(In thousands)

(Unaudited)

 

 

Three months ended

Net sales

April 3, 2021

March 28, 2020

December 31, 2020

Specialty Chemicals and Engineered Materials

$166,541

$144,214

$168,625

Microcontamination Control

207,099

159,261

205,626

Advanced Materials Handling

148,541

116,137

151,741

Inter-segment elimination

(9,337)

(7,285)

(8,398)

Total net sales

$512,844

$412,327

$517,594

 

Three months ended

Segment profit

April 3, 2021

March 28, 2020

December 31, 2020

Specialty Chemicals and Engineered Materials

$

34,556

$

32,670

$

29,761

Microcontamination Control

 

70,566

 

50,167

 

71,691

Advanced Materials Handling

 

32,095

 

20,632

 

34,321

Total segment profit

 

137,217

 

103,469

 

135,773

Amortization of intangibles

 

11,871

 

16,211

 

11,916

Unallocated expenses

 

11,368

 

6,514

 

10,629

Total operating income

$

113,978

$

80,744

$

113,228

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Gross Profit to Adjusted Gross Profit

(In thousands)

(Unaudited)

 

 

Three months ended

 

April 3, 2021

March 28, 2020

December 31, 2020

Net sales

$

512,844

 

$

412,327

 

$

517,594

 

Gross profit-GAAP

$

234,986

 

$

185,478

 

$

230,872

 

Adjustments to gross profit:

 

 

 

Charge for fair value mark-up of acquired inventory sold

 

 

 

361

 

 

 

Adjusted gross profit

$

234,986

 

$

185,839

 

$

230,872

 

 

 

 

 

Gross margin - as a % of net sales

 

45.8

%

 

45.0

%

 

44.6

%

Adjusted gross margin - as a % of net sales

 

45.8

%

 

45.1

%

 

44.6

%

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Segment Profit to Adjusted Operating Income

(In thousands)

(Unaudited)

 

 

Three months ended

Segment profit-GAAP

April 3, 2021

March 28, 2020

December 31, 2020

Specialty Chemicals and Engineered Materials (SCEM)

$

34,556

$

32,670

$

29,761

Microcontamination Control (MC)

 

70,566

 

50,167

 

71,691

Advanced Materials Handling (AMH)

 

32,095

 

20,632

 

34,321

Total segment profit

 

137,217

 

103,469

 

135,773

Amortization of intangible assets

 

11,871

 

16,211

 

11,916

Unallocated expenses

 

11,368

 

6,514

 

10,629

Total operating income

$

113,978

$

80,744

$

113,228

 

Three months ended

Adjusted segment profit

April 3, 2021

March 28, 2020

December 31, 2020

SCEM segment profit

$

34,556

 

$

32,670

 

$

29,761

 

Severance and restructuring costs

 

47

 

 

174

 

 

155

 

Charge for fair value write-up of acquired inventory sold

 

 

 

235

 

 

 

SCEM adjusted segment profit

$

34,603

 

$

33,079

 

$

29,916

 

 

 

 

 

MC segment profit

$

70,566

 

$

50,167

 

$

71,691

 

Severance and restructuring costs

 

51

 

 

190

 

 

167

 

Charge for fair value write-up of acquired inventory sold

 

 

 

126

 

 

 

MC adjusted segment profit

$

70,617

 

$

50,483

 

$

71,858

 

 

 

 

 

AMH segment profit

$

32,095

 

$

20,632

 

$

34,321

 

Severance and restructuring costs

 

37

 

 

135

 

 

121

 

AMH adjusted segment profit

$

32,132

 

$

20,767

 

$

34,442

 

 

 

 

 

Unallocated general and administrative expenses

$

11,368

 

$

6,514

 

$

10,629

 

Unallocated deal and integration costs

 

(2,044

)

 

(1,479

)

 

(1,300

)

Unallocated severance and restructuring costs

 

(8

)

 

(344

)

 

(58

)

Adjusted unallocated general and administrative expenses

$

9,316

 

$

4,691

 

$

9,271

 

 

 

 

 

Total adjusted segment profit

$

137,352

 

$

104,329

 

$

136,216

 

Adjusted amortization of intangible assets

 

 

 

 

 

 

Adjusted unallocated general and administrative expenses

 

9,316

 

 

4,691

 

 

9,271

 

Total adjusted operating income

$

128,036

 

$

99,638

 

$

126,945

 

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

Three months ended

 

April 3, 2021

March 28, 2020

December 31, 2020

Net sales

$

512,844

 

$

412,327

 

$

517,594

 

Net income

$

84,676

 

$

61,006

 

$

86,624

 

Net income - as a % of net sales

 

16.5

%

 

14.8

%

 

16.7

%

Adjustments to net income:

 

 

 

Income tax expense

 

13,391

 

 

8,622

 

 

19,776

 

Interest expense, net

 

11,581

 

 

10,238

 

 

12,133

 

Other expense (income), net

 

4,330

 

 

878

 

 

(5,305

)

GAAP - Operating income

 

113,978

 

 

80,744

 

 

113,228

 

Operating margin - as a % of net sales

 

22.2

%

 

19.6

%

 

21.9

%

Charge for fair value write-up of acquired inventory sold

 

 

 

361

 

 

 

Deal and transaction costs

 

 

 

1,431

 

 

 

Integration costs

 

2,044

 

 

48

 

 

1,300

 

Severance and restructuring costs

 

143

 

 

843

 

 

501

 

Amortization of intangible assets

 

11,871

 

 

16,211

 

 

11,916

 

Adjusted operating income

 

128,036

 

 

99,638

 

 

126,945

 

Adjusted operating margin - as a % of net sales

 

25.0

%

 

24.2

%

 

24.5

%

Depreciation

 

22,095

 

 

20,648

 

 

21,366

 

Adjusted EBITDA

$

150,131

 

$

120,286

 

$

148,311

 

Adjusted EBITDA - as a % of net sales

 

29.3

%

 

29.2

%

 

28.7

%

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted
Non-GAAP Earnings per Common Share

(In thousands, except per share data)

(Unaudited)

 

 

Three months ended

 

April 3, 2021

March 28, 2020

December 31, 2020

GAAP net income

$

84,676

 

$

61,006

 

$

86,624

 

Adjustments to net income:

 

 

 

Charge for fair value write-up of inventory acquired

 

 

 

361

 

 

 

Deal and transaction costs

 

 

 

1,431

 

 

 

Integration costs

 

2,044

 

 

48

 

 

1,300

 

Severance and restructuring costs

 

143

 

 

843

 

 

501

 

Amortization of intangible assets

 

11,871

 

 

16,211

 

 

11,916

 

Tax effect of adjustments to net income and discrete items1

 

(3,221

)

 

(4,329

)

 

(3,218

)

Non-GAAP net income

$

95,513

 

$

75,571

 

$

97,123

 

 

 

 

 

Diluted earnings per common share

$

0.62

 

$

0.45

 

$

0.63

 

Effect of adjustments to net income

$

0.08

 

$

0.11

 

$

0.08

 

Diluted non-GAAP earnings per common share

$

0.70

 

$

0.55

 

$

0.71

 

1The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate during the respective years.

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Outlook to Non-GAAP Outlook

(In millions, except per share data)

(Unaudited)

 

 

Second-Quarter Outlook

Reconciliation GAAP net income to non-GAAP net income

July 3, 2021

GAAP net income

$77 - $84

Adjustments to net income:

 

Restructuring and integration costs

2

Amortization of intangible assets

12

Loss on extinguishment of debt

23

Income tax effect

(8)

Non-GAAP net income

$106 - $113

 

 

Second-Quarter Outlook

Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share

July 3, 2021

Diluted earnings per common share

$0.56 - $0.61

Adjustments to diluted earnings per common share:

 

Restructuring and integration costs

0.01

Amortization of intangible assets

0.09

Loss on extinguishment of debt

0.17

Income tax effect

(0.06)

Diluted non-GAAP earnings per common share

$0.77 - $0.82

 

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Disclaimer

Entegris Reports Results for First Quarter Of 2021 Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s first quarter ended April 3, 2021. First-quarter sales were $512.8 million, an increase of 24% from the same quarter last year. First-quarter GAAP net income was …

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