Entegris, Inc. (NASDAQ:ENTG) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET
Company Participants
Bill Seymour - VP, IR
Bertrand Loy - CEO, President & Chairman
Linda LaGorga - SVP & CFO
Conference Call Participants
Toshiya Hari - Goldman Sachs Group
Charles Shi - Needham & Company
Michael Harrison - Seaport Research Partners
Christopher Kapsch - Loop Capital Markets
Sidney Ho - Deutsche Bank
Timothy Arcuri - UBS
Bhavesh Lodaya - BMO Capital Markets
Aleksey Yefremov - KeyBanc Capital Markets
Operator
Welcome to Entegris Third Quarter 2023 Earnings Conference Call. [Operator Instructions].
I would now like to turn the call over to Bill Seymour, Vice President of
Investor Relations.
Bill Seymour
Good morning, everyone. Earlier today, we announced the financial results for our third quarter of 2023. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find a reconciliation table in today's news release as well as on our IR page of our website at entegris.com.
On the call today are Bertrand Loy, our CEO; and Linda LaGorga, our CFO.
With that, I'll hand the call over to Bertrand.
Bertrand Loy
Thank you, Bill, and good morning. I will start by saying that I am pleased with another quarter of solid performance. In an industry environment that continues to be challenging, the Entegris team delivered results that were in line or better than our guidance and we made good progress on all our key commitments. First, on our financial performance. Sales were $888 million, and EBITDA margin was 26.5%, both squarely at the midpoint of our guidance range. Non-GAAP EPS was $0.68, exceeding our guidance range.
Let me make a few additional comments on our sales performance. Sales were down 1% sequentially, in line with our guidance. The drivers of that decline were similar to last quarter for our unit-driven products, down across most product areas as utilization rates in both logic and memory continue to bump along the bottom. However, we did see growth in product lines that are of increasing importance to our customers' technology road maps. In particular, we saw growth in advanced deposition materials and [indiscernible] clean liquid filters. In addition, we had another strong quarter in SiC slurries and pads, reflecting the growth of that industry segment and our strong market position.