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Amtech turns profit in fiscal Q1 on revenue surge

Amtech Systems' headquarters. Photo by: Amtech Systems Inc (www.amtechsystems.com).

February 12 (Renewables Now) - US equipment manufacturer Amtech Systems Inc (NASDAQ:ASYS) moved to a net profit of USD 6.5 million (EUR 5.3m) in its first quarter through December, 2017 from a USD-53,000 loss a year ago as revenue surged.

The company, which serves the solar, semiconductor and LED industries, last week reported record revenue of USD 73.6 million for the period, up from USD 29.1 million a year ago, driven by the second phase of shipments for a large turnkey solar order. The solar business accounted for USD 49.2 million of overall turnover.

The order backlog, which includes deferred revenue and orders expected to ship within the next 12 months, however, declined to USD 65.9 million from USD 102.4 million at September 30, 2017, with the solar order backlog down to USD 39.3 million from USD 81.4 million.

Amtech expects revenue in the second quarter of the current fiscal year to be between USD 26 and USD 29 million. The company also expects gross margin in the mid 20% range and slightly negative operating margin. In the first quarter, gross margin was 28%, down slightly from 29% a year ago.

The solar industry supplier said its results for the second half of the fiscal year will be influenced by the timing of the third phase order of the 1-GW turnkey project, among other factors.

Commenting on the first-quarter results chief executive Fokko Pentinga said that all of the company's three segments, solar, semiconductor and polishing, performed well, with the latter two exceeding its expectations.  

(USD 1 = EUR 0.815)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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