Entegris: Why A Revised Financial Model Send The Stock Soaring Higher (NASDAQ:ENTG)

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Entegris, Inc. (NASDAQ:ENTG) released its latest report on February 13. ENTG was able to beat estimates for the top and the bottom line, although guidance was somewhat softer than expected, but that was arguably not what took the spotlight. What did was

(GAAP)

Q1 FY2024 (guidance)

Q1 FY2023

YoY (midpoint)

Sales

$770-790M

$922.4M

(15.44%)

Net income

$42-49M

($88.2M)

EPS

$0.28-0.33

($0.59)

(Non-GAAP)

Sales

$770-790M

$922.4M

(15.44%)

Net income

$91-98M

$97.8M

(3.37%)

EPS

$0.60-0.65

$0.65

(3.85%)

(Unit: $1000, except EPS)

(GAAP)

Q4 FY2023

Q3 FY2023

Q4 FY2022

QoQ

YoY

Sales

812,291

888,239

946,070

(8.55%)

(14.14%)

Gross margin

42.4%

41.3%

42.8%

110bps

(40bps)

Operating margin

12.4%

13.2%

15.2%

(80bps)

(280bps)

Operating income

101,017

117,061

143,776

(13.71%)

(29.74%)

Net income (loss)

37,977

33,212

57,427

14.35%

(33.87%)

EPS

0.25

0.22

0.38

13.64%

(34.21%)

Weighted-average shares outstanding

151,331K

151,229K

149,909K

0.07%

0.95%

(Non-GAAP)

Sales

812,291

888,239

946,070

(8.55%)

(14.14%)

Gross margin

42.4%

41.4%

42.8%

100bps

(40bps)

Operating margin

20.7%

22.0%

23.2%

(130bps)

(250bps)

Operating income

168,268

195,715

219,353

(14.02%)

(23.29%)

Net income

97,943

103,588

124,451

(5.45%)

(21.30%)

EPS

0.65

0.68

0.83

(4.41%)

(21.69%)

Weighted-average shares outstanding

151,331K

151,229K

149,909K

0.07%

0.95%

Adjusted EBITDA

210,826

235,346

261,235

(10.42%)

(19.30%)

(Unit: $1000, except EPS)

(GAAP)

FY2023

FY2022

YoY

Sales

3,523,926

3,282,033

7.37%

Gross margin

42.5%

42.5%

Operating margin

14.2%

14.6%

(40bps)

Operating income

499,158

479,981

4.00%

Net income (loss)

180,669

208,920

(13.52%)

EPS

1.20

1.46

(17.81%)

Weighted-average shares outstanding

150,945K

143,146K

5.45%

(Non-GAAP)

Sales

3,523,926

3,282,033

7.37%

Gross margin

42.7%

44.4%

(170bps)

Operating margin

21.8%

25.5%

(370bps)

Operating income

769,672

837,850

(8.14%)

Net income

398,918

534,170

(25.32%)

EPS

2.64

3.73

(29.22%)

Weighted-average shares outstanding

150,945K

143,146K

5.45%

Adjusted EBITDA

942,355

973,221

(3.17%)

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