Axcelis Technologies Inc. (NASDAQ:ACLS) Q2 2023 Earnings Call Transcript August 3, 2023 8:30 AM ET

Company Participants

Doug Lawson - Executive Vice President of Corporate Marketing and Strategy

Russell Low - CEO, President and Director

Kevin Brewer - Executive VP and CFO

Conference Call Participants

Ethan Widell - B. Riley Securities

Jonathan Dorsheimer - William Blair

Tom Diffely - D.A. Davidson

Nicolas Doyle - Needham

David Duley - Steelhead Securities

Mark Miller - The Benchmark Company

Operator

Good day, ladies and gentlemen and welcome to the Axcelis Technologies call to discuss the company's results for the Second Quarter. My name is Shannon McLead and I will be your coordinator for today. [Operator Instructions]

I would now like to turn the presentation over to your host for today's call, Doug Lawson, Executive Vice President of Corporate Marketing and Strategy. Please proceed.

Doug Lawson

Thank you, operator. This is Doug Lawson, Executive Vice President of Corporate Marketing and Strategy and with me today is Russell Low, President and CEO and Kevin Brewer, Executive Vice President and CFO. If you have not seen a copy of our press release issued yesterday, it is available on our website. Playback service will also be available on our website as described in our press release.

Please note that comments made today about our expectations for future revenues, profits and other results are forward-looking statements under the SEC's safe harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risk inherent in our business. These risks are described in detail in our Form 10-K annual report and other SEC filings, which we urge you to review. Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.

Now, I'll turn the call over to President and CEO, Russell Low.

Russell Low

Good morning and thank you for joining us for our second quarter 2023 earnings call. Demand for the Purion product family continues to be extremely strong, especially in the high-growth silicon carbide power segment. Revenue for the second quarter was $274 million, with earnings per share of $1.86. Backlog remained high at $1.2 billion with quarterly systems bookings of $193 million, also driven by Purion demand and strength in the power market.

The third quarter of 2023, we expect revenue of approximately $280 million, gross margin of roughly 44%, operating profit of around $64 million and earnings per share of approximately $1.72. We are raising our forecasted 2023 revenue by $70 million to greater than $1.1 billion. This represents year-over-year revenue growth of approximately 20% in a year in which overall WFE is expected to decrease by 20% to 30%.