Solar helps Amtech return to profit in fiscal Q3

Solar cells. Author: Arne Krueger. License: Creative Commons.

US firm Amtech Systems Inc (NASDAQ:ASYS) returned to a net profit of USD 3.3 million (EUR 2.8m) in its third fiscal quarter after losing USD 1.2 million a year back, mainly thanks to its solar business.

The company supplies production equipment for the solar, semiconductor, and LED markets globally. In a press release on Wednesday, it said it had booked USD 0.25 in diluted earnings per share (EPS) for the three months ended June, against a loss of USD 0.09 per diluted share in the year-ago period.

Amtech’s CEO Fokko Pentinga noted that the company has achieved its best results since 2011, with all segments performing well in the three months. The semiconductor unit boosted both its revenues and profits, while the highest growth levels were marked in the solar division.

"Our n-type bi-facial solar cell technologies are driving our participation in what appears to be a technology focused buying cycle in the solar industry. With our ongoing investment in both n-type and PERC we have continuously improved cell efficiency and production throughput with our products and technology solutions," the CEO said.

Third-quarter revenue amounted to USD 47.8 million, rising from USD 33.3 million in annual terms due to a large turn-key order and higher shipments at the semiconductor segment. Amtech had an order backlog of USD 125.7 million at the end of June, including USD 98.2 million in solar orders and deferred revenue. Year-to-date orders totalled USD 183 million.

At the end of June, the company had USD 39.2 million in unrestricted cash and cash equivalents, compared to USD 38.9 million at the end of March.

For the closing quarter of its fiscal year, Amtech expects revenues of between USD 45 million and USD 48 million and a gross margin in the mid to high 20% range. In the third fiscal quarter its gross margin was 32%, up from 29% a year earlier due to an improvement in sales volumes and product mix.

(USD 1.0 = EUR 0.849)

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