Cabot Microelectronics (CCMP) Misses Q2 EPS by 7c

Cabot Microelectronics (NASDAQ: CCMP) reported Q2 EPS of $0.41, $0.07 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $99.2 million versus the consensus estimate of $102.3 million.

“This quarter we made significant progress on a number of strategic initiatives, although our financial results reflect continued soft semiconductor industry demand, consistent with my comments during our annual meeting on March 8,” said David Li, President and CEO of Cabot Microelectronics. “During the quarter we won new business in CMP slurries, pads, and slurry-and-pad consumable sets. In particular, we advanced customer adoption of our new, high-performing colloidal silica-based dielectrics slurries. In pads, we continued the successful integration of our NexPlanar acquisition and are leveraging combined capabilities to speed customer adoption. We have qualified NexPlanar pads for a number of opportunities in less than six months – far shorter than our previous experience of generally 18 months or longer. Furthermore, in March we earned Intel’s most prestigious award for suppliers, the Supplier Continuous Quality Improvement Award, for the fourth consecutive year, for our performance in 2015. We are proud of this repeated recognition, and also of the awards we have received from other customers over the years; we believe these awards are evidence of our ongoing ability to successfully deliver innovative, high-quality, high-performing, and reliable CMP solutions.”

Mr. Li continued, “Looking ahead, we continue to expect stronger semiconductor industry demand in the second half of our fiscal year, and through the first month of our third fiscal quarter orders for our CMP products have notably strengthened. With our continued focus on executing our strategic initiatives, strengthening and growing our current business, and building our pipeline of new business opportunities, we are confident that we are well positioned to deliver profitable growth for our company, particularly with improving near term demand conditions, and in light of longer term industry trends.”

For earnings history and earnings-related data on Cabot Microelectronics (CCMP) click here.

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