Entegris falls after Q3 results miss estimates

Entegris

04/11/2024 15:16

** Shares of chip manufacturing supplier Entegris  ENTG.O 
fall 4.3% to $102.63
    ** Stock hit a more than 11-month low of $94.92 earlier in
the session
    ** Co posts Q3 revenue of $807.7 mln below estimates of
$832.4 mln, according to data compiled by LSEG
    ** Reports Q3 adj EPS of 77 cents, slightly missing
estimates of 78 cents
    ** CEO Bertrand Loy says 2024 is a transition year for the
semiconductor industry; the market recovery is taking longer
than anticipated, and 2024 continues to be a year of limited
technology transitions
    ** Customers with significant exposure to AI applications
are performing well, but the rest of the industry continues to
be challenged - CEO
    ** Co expects Q4 sales between $810 mln and $840 mln
    ** Expects Q4 adj EPS in the range of 75 cents to 82 cents
    ** Avg rating of brokerages is a "buy"; median PT is $140 -
LSEG data
    ** Including the session moves, stock down 14.3% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))