Ultra Clean Holdings, Inc. (NASDAQ: UCTT) reported Q3 EPS of $0.16, $0.01 better than the analyst estimate of $0.15. Revenue for the quarter came in at $0 versus the consensus estimate of $117.2 million.

At the beginning of the Company's fourth quarter, a new customer, GT Advanced Technologies, Inc. (GTAT), filed for bankruptcy. This event had an impact on the Company's earnings for the third quarter of 2014. As of the end of Q3 2014, the Company believes that the outstanding accounts receivable, as well as the value of its on-hand inventory and related non-cancelable in-transit inventory related to the bankruptcy, has been impaired. As a result, in the third quarter of 2014, approximately $2.8 million of revenue was reversed for third quarter 2014 and $1.6 million of account receivables was written off to bad debt expense for shipments made prior to the third quarter of 2014. In addition, approximately $6.6 million of on-hand and non-cancelable in-transit inventory was written off to cost of goods sold in the third quarter of fiscal 2014. The following discussion provides both the U.S. GAAP financial results, as well as financial results excluding the impact of the bankruptcy.

Ultra Clean Holdings, Inc. sees Q4 2014 EPS of $0.11-$0.14, versus the consensus of $0.18. Ultra Clean Holdings, Inc. sees Q4 2014 revenue of $115-120 million, versus the consensus of $125.1 million.

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