Axcelis Technologies, Inc. (NASDAQ:ACLS) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET

Company Participants

David Ryzhik - Senior Vice President of Investor Relations and Corporate Strategy
Russell Low - President and Chief Executive Officer
James Coogan - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jed Dorsheimer - William Blair
Tom Diffely - D.A. Davidson and Company
Craig Ellis - B. Riley Securities
Ross Cole - Needham and Company
Duksan Jang - Bank of America Securities
Jack Egan - Charter Equity Research
Mark Miller - 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 2024.

My name is Antoine, and I will be your coordinator for today. At this time, all participants are in listen-only mode. After the speaker’s 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, David Ryzhik, Senior Vice President of Investor Relations and Corporate Strategy. Please proceed.

David Ryzhik

Thank you, operator. This is David Ryzhik, Senior Vice President of Investor Relations and Corporate 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. In addition, we have prepared slides accompanying today’s call, and you can find those on our website as well. 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 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 second quarter 2024 earnings call.

As you can see on Slide 3, we delivered strong second quarter results above our expectations with revenue coming in at $257 million and earnings per diluted share of $1.55. Our results were driven by better than expected conversion of valuation units into revenue as well as continued robust demand for ion implantation systems into the silicon carbide market. I’m also pleased with how we executed our margins, which Jamie will touch on a bit later.