Cabot Microelectronics Earnings: Here’s Why Investors are Not Excited Now
Cabot Microelectronics Corp. (NASDAQ:CCMP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.01%.
Cabot Microelectronics Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 14.29% to $0.4 in the quarter versus EPS of $0.35 in the year-earlier quarter.
Revenue: Rose 1.13% to $100.36 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cabot Microelectronics Corp. reported adjusted EPS income of $0.4 per share. By that measure, the company missed the mean analyst estimate of $0.45. It missed the average revenue estimate of $104.8 million.
Quoting Management: “We are pleased with our financial performance this quarter in light of continued soft demand within the semiconductor industry, along with traditional seasonal weakness,” said William Noglows, Chairman and CEO of Cabot Microelectronics. “As highlighted by our performance, we continue to demonstrate our ability to successfully manage our business over a range of industry conditions. Our strong financial position allows us to continue to invest in technology innovation in CMP consumables to meet the evolving and demanding needs of our customers, and to respond quickly when industry demand strengthens.”
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