ACM Research, Inc (NASDAQ:ACMR) reported fourth-quarter fiscal 2023 revenues of $170.3 million, beating the analyst consensus of $149.3 million. Revenues jumped 56.9% Y/Y.
ACMR reported an adjusted EPS of $0.43, beating the street view of $0.17. The stock price soared after the results.
Higher revenues were from increasing single wafer cleaning, Tahoe, and semi-critical cleaning equipment sales and strength in advance packaging (excluding ECP), services, and spares.
Total shipments in the quarter were $140 million, down from $197 million Y/Y.
Adjusted gross margin declined by 290 basis points to 46.8%, still beating the 40% – 45% reflected in the ACM’s long-term business model.
The company held cash and equivalents of $304.5 million as of December 31, 2023.
CEO Dr. David Wang concluded, “As we look ahead to 2024, we …