Axcelis Technologies, Inc. (NASDAQ:ACLS) Q4 2023 Earnings Conference Call February 8, 2024 8:30 AM ET

Company Participants

Douglas Lawson - Executive Vice President, Corporate Marketing and Strategy

Russell Low - President and Chief Executive Officer

James Coogan - Executive Vice President and Chief Financial Officer

Conference Call Participants

Craig Ellis - B. Riley Securities

Tom Diffely - D.A. Davidson & Company

Mark Miller - The Benchmark Company

Jed Dorsheimer - William Blair

David Duley - Steelhead Securities

Charles Shi - Needham & Company

Christian Schwab - Craig-Hallum Capital

Duksan Jang - Bank of America

Operator

Good day, ladies and gentlemen and welcome to Axcelis Technologies Call to discuss the company’s results for the Fourth Quarter and Full Year 2023. My name is Michelle, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

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.

Douglas 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 Jamie Coogan, 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 be also 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 risks 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 fourth quarter and year end 2023 earnings call. Axcelis delivered record revenue for the fourth quarter of $310.3 million and $1.13 billion for the full year 2023. The implant intensive power device segment enabled Axcelis to achieve 23% year-over-year revenue growth during a significant industry downturn. Fourth quarter earnings per share of $2.15 exceeded our revised guidance, while full year 2023 earnings per share came in at $7.43.