Ultra Clean Holdings, Inc. (UCTT) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Technology’s Fourth Quarter and Full Year 2024 Earnings Call and Webcast. [Operator Instructions]. This call is being recorded on Monday, February 24, 2025.

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 this afternoon. With me today are Sheri Savage, Chief Financial Officer; and Chris Cook, President of our Products division; and Cheryl Knepfler, our VP of Marketing. Our CEO, Jim Scholhamer, is unable to join our call today as he’s suffering from a temporary flare-up in his back and sends his sincere regrets. Sheri will begin with some prepared remarks about the business and follow that with a 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 Sheri. Sheri?

Sheri Savage

Good afternoon, everyone, and thank you for joining our call today. I will begin with a brief summary of our 2024 financial and operations highlights, and then outline our thoughts on the short- and long-term state of the industry landscape. After that, I’ll provide more detailed financial review, and then we will open the call up for questions.

UCT executed at every level in 2024, growing 21% over the prior year and significantly outperforming our customers, our closest competitors and the overall WFE market. Our unique and extensive suite of vertically integrated offerings, global manufacturing footprint and ability to quickly flex to meet customer demands enabled us to capitalize on several windows of opportunity throughout the year. Areas where we played an instrumental role included growth at the leading edge, driven by investments our customers made and continue to make within the artificial intelligence space through our Czech Republic site and our long established in China, for China manufacturing business, supplying domestic Chinese OEMs in country.