Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Q2 2022 Earnings Conference Call July 28, 2022 4:45 PM ET
Company Participants
Rhonda Bennetto - IR
Jim Scholhamer - CEO
Sheri Savage - CFO
Conference Call Participants
Patrick Ho - Stifel
Christian Schwab - Craig-Hallum Capital Group
Operator
Good day everyone, and welcome to the Ultra Clean Second Quarter 2022 Conference Call. [Operator Instructions] Please also note, today's event is being recorded.
At this time, I would like to turn the conference call over to Rhonda Bennetto, Investor Relations. Ma'am, please go ahead.
Rhonda Bennetto
Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are Jim Scholhamer, Chief Executive Officer; and Sheri Savage, Chief Financial Officer. Jim will begin with some prepared remarks about the business, and Sheri will follow with the financial review, and then we'll open up the call for questions.
Today's call contains forward-looking statements that are subject to risks and uncertainties. For more information, please refer to the Risk Factors section in our SEC filings. All forward-looking statements are based on estimates, projections and assumptions as of today, and we assume no obligation to update them after this call. Discussion of our financial results will be presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP can be found in today's press release posted on our website.
And with that, I'd like to turn the call over to Jim. Jim?
Jim Scholhamer
Thanks, Rhonda, and thank you all for joining us today.
I'm going to start with a brief review of our second quarter results and activities and provide some insight into how we feel the second half of this year will play out. I'll also highlight how UCT's diversification strategy has become a compelling advantage, and then I'll turn the call over to Sheri for a financial review. After that, we will open up the call for questions.
The relaxation of China's COVID lockdown protocols, combined with strong execution at our other global sites, enabled us to reach revenue above the midpoint of our guided range. After a comprehensive strategic review of our corporate structure and operations, we began the process of divesting some of our non-semi businesses during the quarter that we acquired with the Ham-Let acquisition. We continue to analyze ways to improve capital efficiency while remaining focused on our core semiconductor business.
For the second half of this year, we reiterate our belief that 2022 will be another year of growth for the WFE market and UCT. Broad-based rational spending supporting leading and trailing edge devices continues to keep demand elevated. While some customer order flows and delivery schedules have been adjusted into the following quarters to align with ongoing supply chain constraints and capacity limitations, we have not seen any significant cancellations. Trusted partners like UCT that anticipate and deliver beyond our customers' needs are becoming even more valuable within the semi eco business.