Cabot Microelectronics Corporation Reports Record Revenue for the Second Quarter of Fiscal 2020
•Record Revenue of $284.2 Million, 7.1% Higher than Last Year, Due to Strong Growth in CMP Slurries and Pipeline Performance Products
•Diluted EPS of $1.11; Adjusted Diluted EPS1 of $1.75, 12.9% Higher than Adjusted EPS1 Last Year
•Expecting Total Revenue for Third Quarter of Fiscal 2020 to be Approximately Flat to Down Low Single Digits Sequentially
AURORA, IL, May 6, 2020 – Cabot Microelectronics Corporation (Nasdaq: CCMP), a leading global supplier of consumable materials to semiconductor manufacturers and pipeline companies, today reported financial results for its second quarter of fiscal 2020, which ended March 31, 2020.
Total company revenue increased 7.1% over the prior year driven by stronger demand for CMP slurries and pipeline performance products, as well as higher wood treatment revenue. Net income for the quarter was $32.9 million. Adjusted EBITDA was $85.9 million in the quarter, essentially flat compared with the prior year. Year to date, the company generated $112.3 million in cash flow from operations, and had $340.7 million of cash on hand and $1,075.3 million in total debt as of March 31, 2020, which includes $150 million drawn from the company’s revolving credit facility during the quarter.
“During this unprecedented environment of the COVID-19 pandemic, I am extremely thankful for the dedication and efforts of our teams globally to keep our employees safe as well as to continue supporting our customers,” said David Li, President and CEO of Cabot Microelectronics Corporation. “Our results this quarter, including record revenue, demonstrate the strength and resiliency of our business and company. Going forward, we see continued stable financial performance in our third fiscal quarter, but with limited visibility into the second half of the calendar year, we have decided to withdraw our annual EBITDA guidance.”
Key Financial Information for Second Quarter of Fiscal 2020
•Revenue was $284.2 million, 7.1% higher than the revenue reported in the same quarter last year due to stronger demand for CMP slurries and pipeline performance products as well as increased revenue in wood treatment. Revenue was up 0.4% compared to the prior quarter due primarily to higher revenue in wood treatment.
•Net income was $32.9 million. Adjusted net income was $52.1 million, 14.0% higher compared with adjusted net income in the prior year. Adjusted net income benefited from higher revenue, lower interest expense and lower tax expense, partially offset by unfavorable impact from the timing of certain manufacturing costs and higher operating expenses in the quarter, compared to last year.
The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, May 7, 2020 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.