Shares of Axcelis Technologies Inc (ACLS) soared by 5.14% on Wednesday, after the semiconductor equipment manufacturer reported better-than-expected results for the third quarter ended September 30, 2024.
The company posted adjusted earnings of $1.49 per share, surpassing analysts' consensus estimate of $1.43 per share. Revenue for the quarter declined 12.2% year-over-year to $256.56 million but still managed to beat expectations of $255.03 million. Net income for the quarter stood at $48.58 million.
Axcelis has now beaten earnings estimates for four consecutive quarters, reflecting its resilience amid a challenging macroeconomic environment. However, the stock is still down 32.2% year-to-date, mirroring the broader semiconductor industry's struggles.
Analysts remain optimistic about Axcelis, with a median 12-month price target of $145 and an average "buy" rating. The company's ability to navigate supply chain disruptions and maintain profitability has impressed Wall Street, leading to a steady stream of positive recommendations.
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