Cabot Microelectronics Corporation Reports Record Revenue for The Third Quarter of Fiscal 2019
Record Revenue of $271.9 Million, $121.4 Million or 80.7% Higher Than Last Year; Essentially Flat Compared with Adjusted Pro Forma Revenue of $272.6 Million Last Year
Net Income of $18.9 Million, $16.3 Million or 46.3% Lower Than Last Year; Adjusted Pro Forma Net Income of $46.9 Million, $0.4 Million or 0.9% Higher Than Last Year1
Diluted Earnings Per Share of $0.64, $0.70 or 52.2% Lower Than Last Year; Adjusted Pro Forma Diluted Earnings Per Share of $1.59, $0.02 or 1.3% Higher Than Last Year1
Adjusted Pro Forma EBITDA of $85.8 Million, $5.5 Million or 6.9% Higher Than Last Year1; Adjusted Pro Forma EBITDA of 31.5% of Revenue, 210 Basis Points Higher Than Last Year
Expecting Full Year Fiscal 2019 Adjusted EBITDA Between $325 Million and $335 Million
AURORA, IL, August 7, 2019 - Cabot Microelectronics Corporation (Nasdaq: CCMP), a leading global supplier of consumable materials to semiconductor manufacturers and pipeline companies, today reported financial results for its third quarter of fiscal 2019, which ended June 30, 2019.
Key Quarter Highlights
During the third fiscal quarter, the company delivered total revenue of $271.9 million, essentially flat compared with the adjusted pro forma revenue of $272.6 million in the same quarter last year. The company’s year-over-year growth in CMP pads, electronic chemicals and pipeline performance products was offset by lower CMP slurries revenue. Adjusted pro forma gross margin was 45.3%, and adjusted pro forma EBITDA was $85.8 million, or 31.5% of revenue, in the quarter. The company generated $63.5 million in cash flow from operations during the quarter, and ended the quarter with $168.7 million of cash on hand and $943.7 million in total debt.
“We are proud of our strong results this quarter, which we believe demonstrate the resiliency of our core CMP business as well as the strength of our acquired businesses. In particular, it is encouraging to see the continued growth in electronic chemicals and pipeline performance in addition to signs of broader semiconductor industry stabilization,” said David Li, President and CEO of Cabot Microelectronics Corporation. “We continue to focus on execution and managing our business within this challenging environment and feel that we are well positioned to continue to profitably grow in the future.”
The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, August 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Cabot Microelectronics Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Cabot Microelectronics Corp.
Ticker: CCMP CIK: 1102934 Form Type:10-Q Quarterly Report Accession Number: 0001102934-19-000034 Submitted to the SEC: Fri Aug 09 2019 10:37:59 AM EST Accepted by the SEC: Fri Aug 09 2019 Period: Sunday, June 30, 2019 Industry: Semiconductors And Related Devices