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Shares of Ultra Clean Holdings Inc. (NASDAQ: UCTT) were up 12.7% as of 1:45 p.m. EDT after the critical subsystems and turnkey solutions designer announced stronger-than-expected first-quarter 2017 results.
Quarterly revenue climbed 82.3% year over year, to $204.6 million, and translated to adjusted net income of $15.9 million, or $0.47 per diluted share, up from an adjusted net loss of $0.1 million, or breakeven on a per-share basis in last year's first quarter. By comparison, analysts' consensus estimates called for lower adjusted net income of $0.42 per share on revenue of just $192.6 million.
IMAGE SOURCE: ULTRA CLEAN HOLDINGS.
According to Ultra Clean Holdings CEO Jim Scholhamer:
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Disciplined and focused execution by the UCT team enabled us to outperform for the fifth consecutive quarter.During this period of extraordinary semiconductor equipment demand, we have consistently responded and quickly ramped our operations, allowing us to meet our customers' needs and be a vital contributor to their success. We continue to increase UCT's presence on our customers' product platforms and are expanding our opportunities for future growth.
For the second quarter, Ultra Clean expects revenue of between $210 million and $220 million and adjusted net income per diluted share of $0.49 to $0.55. Here again, both ranges were well above Wall Street's estimates for second-quarter adjusted earnings of $0.33 per share on revenue of $183.3 million.
In the end, this is a cut-and-dried case of Ultra Clean Holdings exceeding expectations and following through with encouraging guidance. And it's no surprise to see Ultra Clean Holdings' stock up big today as a result.
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