CMC Materials Reports Record Revenue and Record Diluted Earnings Per Share for the Full Fiscal Year 2020 and Financial Results for the Fourth Quarter of Fiscal 2020
•Revenue of $274.2 Million, 1.6% Lower than Last Year Primarily Due to Decline in Pipeline Performance Products Revenue Due to COVID-19 Impact
•Diluted Earnings Per Share (EPS) of $1.25; Adjusted Diluted EPS1 of $1.96, 16.0% Higher than Last Year
Full Fiscal Year 2020
•Record Revenue of $1,116.3 Million, 7.6% Higher than Last Year Primarily Due to KMG Acquisition; Revenue Increased 1.5% Compared to Full Fiscal Year 2019 Pro Forma Revenue1 Primarily Due to Growth in CMP Slurries and Higher Wood Treatment Revenue
•Record Diluted EPS of $4.83, 257.8% Higher than Last Year; Record Adjusted Diluted EPS1 of $7.47, 11.0% Higher than Last Year
AURORA, IL, November 11, 2020 – CMC Materials, Inc.2 (Nasdaq: CCMP), a leading global supplier of consumable materials to semiconductor manufacturers and pipeline companies, today reported financial results for its fourth quarter and full fiscal year 2020, which ended September 30, 2020.
Total revenue decreased 1.6% in the fourth quarter compared to the same quarter last year as stronger demand in CMP slurries and electronic chemicals as well as higher wood treatment revenue were offset by lower revenue in pipeline performance products and CMP pads. Net income for the quarter was $36.9 million compared to a loss of $20.2 million in the prior year primarily due to the impairment charge the company took for its strategic decision to exit the wood treatment business in the prior year. Adjusted EBITDA was $84.0 million, down 1.5% compared with the prior year. Full year revenue was a record and increased 7.6% compared to the last year primarily due to a full year of revenue from the company's acquisition of KMG Chemicals, Inc. in November of 2018, growth in CMP slurries and higher wood treatment revenue. During the year the company generated $287.3 million in cash flow from operations, and had $257.4 million of cash on hand and $921.4 million in total debt as of the end of the fiscal year.
“I am proud of our performance, delivering another year of record revenue and profitability despite the challenging and unprecedented environment caused by the COVID-19 pandemic, which demonstrates our strong execution and robust businesses. We are most grateful for the overall well-being of our employees, and I would like to thank our global teams for their dedication to driving our record results,” said David
The following information was filed by Cabot Microelectronics Corp (CCMP) on Thursday, November 12, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CCMP CIK: 1102934 Form Type:10-K Annual Report Accession Number: 0001102934-20-000055 Submitted to the SEC: Tue Nov 17 2020 10:41:31 AM EST Accepted by the SEC: Tue Nov 17 2020 Period: Wednesday, September 30, 2020 Industry: Semiconductors And Related Devices