Amtech Systems (ASYS) Tops Q1 EPS by 3c, Revenues Beat; Offers Q2 Revenue Guidance

Amtech Systems (NASDAQ: ASYS) reported Q1 EPS of ($0.17), $0.03 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $29.5 million versus the consensus estimate of $27.7 million.

• Net revenues of $29.5 million (Combined Semi and SiC/LED* $21.9M, Solar $7.5M)
• Net loss of $2.4 million, including restructuring expense of $0.9 million
• Loss per share of $0.17
• Customer orders of $24.7 million (Combined Semi and SiC/LED* $19.8M, Solar $4.9M)
• December 31, 2018 backlog of $41.3 million (Combined Semi and SiC/LED* $21.6M, Solar $19.7M)
• Book to bill ratio of 0.9:1 (Combined Semi and SiC/LED* 0.9:1, Solar 0.7:1)
• Unrestricted cash of $56.0 million

Mr. J.S. Whang, Executive Chairman and Chief Executive Officer of Amtech, commented, "We are pleased to announce that our Semi and SiC/LED segments delivered combined operating income of $3.5 million. However, our first quarter financial results show the negative impact from our Solar segment operating loss. We have undergone a review of the many factors impacting our advanced-technology solar solutions business and are currently aligning our solar operations with what we expect to be a low demand sales environment for the foreseeable future."

Mr. Whang continued, "As we continue our overall review of our business, our focus is on generating positive cash flow and profitable growth. The semi business, although cyclical, serves markets where there is ongoing strong demand and growth opportunities for our products. And, in select markets, we have the potential to significantly outperform the broader market's pace of growth. Over the longer term, we look to grow our business through organic innovation and strategic external opportunities that further expand our business and can deliver results that best position our company to enhance value for our stakeholders. We believe our combined Semi and SiC/LED polishing business provides significant opportunity to enhance the value of Amtech Group in the near and longer terms."

GUIDANCE:

Amtech Systems sees Q2 2019 revenue of $27-29 million, versus the consensus of $29 million.

For earnings history and earnings-related data on Amtech Systems (ASYS) click here.

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