Entegris (ENTG) Q4 FY2023 earnings: revenue $812 million, down 14.1% on the year

Entegris Inc. (ENTG) reported revenue of $812 million for Q4 FY2023, the quarter ended 31 December 2023, down 14.1% on the same quarter a year earlier. Net income was $38 million, down 33.9% on the year, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$812 milliondown 14.1%

Net income$38 milliondown 33.9%

Diluted EPS$0.25

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	812	888	n/a	n/a
Cost of revenue	468	521	n/a	n/a
Gross profit	345	367	n/a	n/a
Gross margin	42.4%	41.3%	n/a
Research and development	67.6	66.8	n/a	n/a
Selling, general and administrative	145	116	n/a	n/a
Operating income	101	117	n/a	n/a
Operating margin	12.4%	13.2%	n/a
Interest expense	67.5	77.8	n/a	n/a
Pre-tax income	26.9	31.2	n/a	n/a
Income tax	-11.3	-2.1	n/a	n/a
Effective tax rate	-41.9%	-6.8%	n/a
Net income	38.0	33.2	n/a	n/a
Net margin	4.7%	3.7%	n/a
Diluted EPS	$0.25	$0.22	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	151	200	n/a	n/a
Capital expenditure	129	78.1	n/a	n/a
Free cash flow	22.0	122	n/a	n/a
Free cash flow margin	2.7%	13.7%	n/a
Cash from investing	576	-76.6	n/a	n/a
Cash from financing	-873	-91.4	n/a	n/a
Depreciation and amortisation	93.5	90.9	n/a	n/a
Share-based compensation	9.0	10.3	n/a	n/a
Dividends paid	15.0	15.1	n/a	n/a
Dividend per share	$0.10	$0.10	n/a	n/a
Diluted shares, weighted	n/a	151m	n/a	n/a
Shares outstanding at period end	150m	150m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,409	3,368	n/a	n/a
Debt	4,577	5,425	n/a	n/a
Operating lease liabilities	49.7	71.3	n/a	n/a
Finance lease liabilities	19.3	n/a	n/a	n/a
Other liabilities	758	959	n/a	n/a
Total liabilities and equity	8,813	9,825	n/a	n/a
Fixed assets	1,468	1,406	n/a	n/a
Goodwill	3,946	3,954	n/a	n/a
Intangible assets	1,282	1,368	n/a	n/a
Cash and equivalents	457	594	n/a	n/a
Inventory	607	662	n/a	n/a
Other assets	1,053	1,840	n/a	n/a
Total assets	8,813	9,825	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	888	812	771	813	808	850	773	792	807	824	812	883
Cost of revenue	521	468	419	437	436	463	417	441	456	463	431	463
Gross profit	367	345	352	376	372	387	356	352	351	361	381	420
Gross margin	41%	42%	46%	46%	46%	46%	46%	44%	44%	44%	47%	48%
R&D	66.8	67.6	71.9	81.9	80.9	81.4	84.8	84.3	80.9	79.0	75.3	82.8
SG&A	116	145	112	116	108	110	103	115	102	130	118	126
Operating income	117	101	118	130	136	150	122	106	123	105	142	165
Operating margin	13%	12%	15%	16%	17%	18%	16%	13%	15%	13%	17%	19%
Interest expense	77.8	67.5	57.4	53.7	51.7	52.5	51.0	52.4	47.9	48.5	48.9	48.6
Pre-tax income	31.2	26.9	48.9	74.6	86.0	112	71.4	55.8	72.3	55.1	93.2	110
Tax rate	-7%	-42%	7%	9%	10%	9%	11%	5%	2%	10%	1%	15%
Net income	33.2	38.0	45.3	67.7	77.6	102	62.9	52.8	70.5	49.4	92.0	93.6
Net margin	4%	5%	6%	8%	10%	12%	8%	7%	9%	6%	11%	11%
Diluted EPS	$0.22	$0.25	$0.30	$0.45	$0.51	$0.67	$0.41	$0.35	$0.46	$0.32	$0.60	$0.61
Operating cash flow	200	151	147	111	197	176	140	114	250	192	183	156
Capital expenditure	78.1	129	66.6	59.3	82.2	108	108	66.5	66.7	58.0	41.5	39.3
Free cash flow	122	22.0	80.6	51.9	115	68.6	32.4	47.0	183	134	142	117
Dividends paid	15.1	15.0	15.3	15.1	15.1	15.1	15.4	15.2	15.1	15.1	15.4	15.4
Shares outstanding	150m	150m	151m	151m	151m	151m	151m	152m	152m	152m	152m	153m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001101302-24-000009: the filing on EDGAR. All of Entegris Inc.'s filings: EDGAR company page.

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