Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Q3 2024 Earnings Conference Call October 28, 2024 4:45 PM ET

Company Participants

Rhonda Bennetto - Investor Relations
Jim Scholhamer - Chief Executive Officer
Sheri Savage - Chief Financial Officer

Conference Call Participants

Charles Shi - Needham
Edward Yang - Oppenheimer
Christian Schwab - Craig-Hallum Capital Group
Robert Mertens - TD Cowen

Operator

Good afternoon, ladies and gentlemen, and welcome to the UCT Q3 2024 Earnings and Webcast Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator instructions] This call is being recorded on Monday, October 28 2024.

I would now like to turn the conference over to Rhonda Bennetto, 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

Thank you, Rhonda. 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 third quarter and share our thoughts on the broader industry trends we are seeing. After that, I'll turn the call over to Sheri for more detailed financial review before opening up the call for questions.

During the third quarter, an increase in equipment spend by our customers supporting the expansion of AI infrastructure build out and demand from the domestic China market resulted in revenue coming in at the high end of our guided range. Using the mid-point of our Q4 guidance and analyst consensus for our peer group, UCT revenue is on-track to be up over 20% this year over last year, surpassing that of our largest customers.