Axcelis Technologies Lifts Q4 Outlook Above View, Backs Annual Revenue Guidance, Below Consensus

(RTTNews) - Axcelis Technologies, Inc. (ACLS), a manufacturing firm focused on semiconductor industry, on Tuesday revised up its fourth-quarter outlook, above the Street view. In addition, the company reaffirmed its annual revenue guidance, below analysts' expectations.

For the fourth-quarter, the firm now expects income per share of over $2.05, up from its prior guidance of around $2 per share.

For the fourth-quarter, Axcelis now projects revenue of over $300 million, higher than its earlier expectation for around $295 million.

On average, 7 analysts polled by Thomson Reuters expect the firm to register earnings of $2 per share, on revenue of $295.24 million, for the quarter. Analysts' estimates typically exclude special items.

For the full year, the company has reaffirmed its revenue expectation above $1.1 billion, whole analysts estimate $1.12 billion.

Russell Low, CEO of Axcelis, said: "Based on our strong yearend backlog and fourth quarter bookings, especially in power devices, we expect the power device market to remain healthy in 2024. We also believe that the mature process technology and memory segments, two markets in which Axcelis is well-positioned, will recover in the second half of the year, enabling strong growth in 2025."

Further, the company believes that it is still on track to achieve its $1.3 billion revenue model in 2025. This is supported by continued demand for its Purion product family, continued bookings strength, and a backlog stretching into 2025.

ACLS was trading up by 0.33 percent at $114.50 per share in the pre-market trade on the Nasdaq.

Axcelis is scheduled to release its annual financial results on February 7.