Shares of Entegris Inc. (ENTG) plummeted over 11% in pre-market trading on November 4, 2024, after the semiconductor materials supplier reported weaker-than-expected financial results for the third quarter of 2024 and provided disappointing guidance for the current quarter.
In Q3 2024, Entegris reported non-GAAP earnings of $0.77 per diluted share, up from $0.68 a year earlier but missing analysts' consensus estimate of $0.78. Net sales for the quarter came in at $807.7 million, down 9.1% year-over-year and missing the Street's expectation of $832.4 million.
Looking ahead to Q4 2024, Entegris forecasted non-GAAP earnings per share in the range of $0.75 to $0.82, with the midpoint of $0.78 falling short of the $0.95 consensus estimate. The company's revenue guidance of $810 million to $840 million, with a midpoint of $825 million, also fell short of analysts' expectations of $878.8 million, representing a potential year-over-year increase of only 1.6%.
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