08.02.17
Versum Materials, Inc. reported results for the fiscal third quarter ended June 30, 2017. Sales of $290.8 million were up 19.8% from the same quarter a year ago, driven by robust volume growth from both business segments, Delivery Systems & Services (DS&S) and Materials.
Net income for the fiscal third quarter ended June 30, 2017 was $52.7 million, or $0.48 per diluted share, up $4.9 million or 10.3% from third quarter 2016, resulting in net income margin of 18.1%. Excluding the one‐time charges related to separation, restructuring and cost reduction actions, net of tax, adjusted net income of $56.6 million or $0.52 per diluted share, was up 15.7% from third quarter 2016 and resulted in an adjusted net income margin of 19.5%.
Adjusted EBITDA of $97.7 million was up 21.7% from third quarter 2016, resulting in an adjusted EBITDA margin of 33.6%. Year to date cash flow from operations was $186.8 million.
“Our strong performance in a robust semiconductor environment demonstrates our team’s continued focus on our customers during their critical ramps, the quality of our diverse and global product portfolio and our successful execution as an independent company. This enabled us to deliver significant top line growth while maintaining strong margins and gives us the confidence to raise our full year guidance for fiscal 2017,” said Guillermo Novo, president and CEO. “While we continue to strengthen our core positions organically, we have also reached agreement on two value enhancing inorganic transactions, the acquisition of Dynaloy and a commercial alliance with NuMat, that we believe will continue to strengthen and complement our portfolio as we drive to become the worlds’ leading specialty materials supplier to the semiconductor industry.”
Net income for the fiscal third quarter ended June 30, 2017 was $52.7 million, or $0.48 per diluted share, up $4.9 million or 10.3% from third quarter 2016, resulting in net income margin of 18.1%. Excluding the one‐time charges related to separation, restructuring and cost reduction actions, net of tax, adjusted net income of $56.6 million or $0.52 per diluted share, was up 15.7% from third quarter 2016 and resulted in an adjusted net income margin of 19.5%.
Adjusted EBITDA of $97.7 million was up 21.7% from third quarter 2016, resulting in an adjusted EBITDA margin of 33.6%. Year to date cash flow from operations was $186.8 million.
“Our strong performance in a robust semiconductor environment demonstrates our team’s continued focus on our customers during their critical ramps, the quality of our diverse and global product portfolio and our successful execution as an independent company. This enabled us to deliver significant top line growth while maintaining strong margins and gives us the confidence to raise our full year guidance for fiscal 2017,” said Guillermo Novo, president and CEO. “While we continue to strengthen our core positions organically, we have also reached agreement on two value enhancing inorganic transactions, the acquisition of Dynaloy and a commercial alliance with NuMat, that we believe will continue to strengthen and complement our portfolio as we drive to become the worlds’ leading specialty materials supplier to the semiconductor industry.”