Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Q1 2024 Earnings Conference Call May 6, 2024 4:45 PM ET

Company Participants

Rhonda Bennetto - Senior Vice President, Investor Relations
Jim Scholhamer - Chief Executive Officer
Sheri Savage - Chief Financial Officer

Conference Call Participants

Krish Sankar - TD Cowen
Christian Schwab - Craig-Hallum Capital Group

Operator

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Technology UCT First Quarter 2024 Earnings Call and Webcast Conference Call. At this time, all lines are in listen-only mode. Following the presentation we, will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Monday, May 6th, 2024.

I would now like to turn the conference over to Rhonda Bennetto, Senior Vice President of Investor Relations. 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. 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

Hello everyone and thank you for joining our call this afternoon. I will start with a high-level summary of our financial and operating results for the first quarter then share some thoughts on the broader industry and trends we are seeing. I'll close by highlighting a couple of important awards before turning the call over to Sheri for a more inclusive financial review, before opening the call up for questions.

We reported a solid first quarter at the top and bottom line. The increase in orders above midpoint was driven by ongoing strength in the domestic China market and high-bandwidth memory and advanced packaging demand supporting AI.

Earnings came in above our guided range due to higher volume, favorable mix, and our ongoing focus on site efficiencies. Elevated domestic China demand underscores the importance that the Chinese government and chip industry has placed on becoming self-sufficient.