Ultra Clean Holdings up on Q3 results beat

Applied Materials

Wed 12:27

** Semiconductor equipment supplier, Ultra Clean Holdings UCTT.O surges 14.8% to $59.12 premarket, co set to open at its highest level in two weeks if gains hold
** Co reports record Q3 rev of $759 million, above analysts' estimate of $728.07 mln; adj. EPS of $1.15 tops estimates of 94 cents - data compiled by LSEG
** This was supported by an over $200 mln leap in products revenue 
** Co expects revenue in the range of $800 million to $860 million, the midpoint of which is above analysts' estimate of $826.92 mln 
** Co expects adj. EPS of $1.23 in the mid point, a touch above analyst expected $1.22 per share 
** CEO James Xiao said the company increased production to meet higher customer demand during the quarter 
** Rising AI demand is supporting demand for semiconductor equipment, with Lam Research LRCX.O and Applied Materials AMAT.O, the biggest clients of UCTT, accounting for a combined 61.3% of Q2 revenue
** Stock trading at 9.62 times expected earnings per share over the next 12 months, well above the industry median of 19.36  
** As of last close UCTT stock more than doubled YTD

 (Reporting by Jayasree Prabhu)
 ((jayasree.prabhu@thomsonreuters.com))