FREMONT, Calif. - ACM Research, Inc. (NASDAQ:ACMR), a provider of wafer processing solutions, has reported its preliminary unaudited revenue for the first quarter of 2024 to be between $150 million and $152 million. This figure indicates a substantial year-to-year growth of 102% to 105%. The company's preliminary total shipments for the same period are expected to range from $235 million to $240 million, marking an impressive year-to-year increase of 163% to 169%.
The announcement was made in conjunction with the release of financial results by ACM's main operating subsidiary, ACM Research (Shanghai), Inc., to the Shanghai Stock Exchange. The financial outcomes of ACM Shanghai, which contribute a major portion of ACM's consolidated revenue and net income, are reported in RMB and follow Chinese accounting principles. These may materially differ from ACM's consolidated figures, which will be prepared in U.S. dollars and in accordance with U.S. accounting standards.
ACM Research also reaffirmed its revenue outlook for the full year of 2024, projecting a range of $650 million to $725 million. This forecast suggests a year-to-year growth of 17% to 30%. The company owns an 82.1% equity interest in ACM Shanghai, and the final results for the first quarter are pending completion of the quarter-end closing procedures and review by ACM's independent accounting firm.
ACM specializes in semiconductor process equipment for various manufacturing steps and is committed to delivering high-performance, cost-effective solutions to improve productivity and product yield in the semiconductor industry.
The company plans to discuss its complete financial results for the first quarter and its revenue outlook for the rest of the year during its earnings call on Wednesday, May 8, 2024.
This report is based on a press release statement and readers should be aware that forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ from current expectations.
InvestingPro Insights
ACM Research, Inc. (NASDAQ:ACMR) has demonstrated robust financial performance with preliminary unaudited revenue for Q1 2024 indicating a significant year-to-year growth. To provide a deeper understanding of the company's financial health and potential, here are key metrics and insights from InvestingPro:
The company's market capitalization stands at approximately $1.73 billion, underscoring its substantial presence in the semiconductor equipment industry. With a price-to-earnings (P/E) ratio of 21.99, ACMR is trading at a valuation that seems favorable when considering its near-term earnings growth potential. Additionally, the company's revenue growth over the last twelve months has been strong, clocking in at 43.44%, which is further reflected in a quarterly revenue growth of 56.92% for Q4 2023.
Two InvestingPro Tips that may be particularly relevant for investors considering ACMR's prospects are:
- ACMR holds more cash than debt on its balance sheet, indicating a solid financial position that may support future growth and provide resilience against market volatility.
- Analysts have revised earnings upwards for the upcoming period, suggesting positive sentiment and potential for better-than-expected financial performance in the near future.
Investors interested in a more comprehensive analysis of ACMR will find additional insights on the company's financials, including a total of 13 InvestingPro Tips, which can be explored by visiting https://www.investing.com/pro/ACMR. For those looking to delve deeper, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date set for May 8, 2024, investors will be keen to see if ACMR can maintain its strong growth trajectory and continue to exceed market expectations.
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