What happened
Shares of Entegris (ENTG +1.98%) have popped today, up by 10% as of 2:45 p.m. EDT, after the company reported second-quarter earnings. The results beat expectations and the tech industry supplier issued a rosy forecast for the third quarter.
So what
Revenue in the second quarter increased 18% to $448.4 million, easily topping the consensus estimate of $417.4 million in sales. That resulted in adjusted earnings per share of $0.60, well above the $0.48 per share in adjusted profits that Well Street was modeling for.
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"I am very pleased with our second quarter results, especially in light of the operational risks and business uncertainty we faced coming into the quarter related to the pandemic," CEO Bertrand Loy said in a statement. "This stronger than expected performance was particularly driven by accelerated demand of our leading-edge solutions."
Now what
Guidance for the third quarter calls for revenue of $450 million to $475 million, which should result in adjusted net income of $82 million to $90 million. Adjusted earnings per share are forecast at $0.60 to $0.66. Analysts are currently looking for $408.2 million in sales and adjusted earnings per share of $0.47.
"While risks related to the ongoing impact of the pandemic still exist, we are optimistic about our prospects for the rest of 2020," Loy added. "We expect to continue to significantly outperform the market, driven by additional product wins in advanced technology nodes."
Entegris plans to host an investor and analyst day on Nov. 17, 2020.
