Entegris Inc. (ENTG, Financial) filed Quarterly Report for the period ended 2010-10-02.
Entegris Inc. has a market cap of $794.6 million; its shares were traded at around $6.06 with a P/E ratio of 14.7 and P/S ratio of 2. ENTG is in the portfolios of Arnold Schneider of Schneider Capital Management, Columbia Wanger of Columbia Wanger Asset Management, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
For the quarter ended October 2, 2010, sales of unit-driven products represented 61% and sales of capital-driven products represented 39% of total sales, respectively. For the third quarter of 2009 and the three months ended July 3, 2010 this split was 71%/29% and 63%/37%, respectively. The shift in relative demand for capital-driven products reflects the recovery of capital spending after the very low spending by semiconductor customers for capacity-related products in the first half of 2009 and reflects the highest relative proportion of the Companys sales since the fourth quarter of 2007.
On a geographic basis, third quarter sales to North America were 28%, Asia (excluding Japan) 40%, Europe 14% and Japan 18% of total net sales. This compared to third quarter 2009 sales figures of North America 29%, Asia 38%, Europe 14% and Japan 19% and second quarter 2010 sales figures of 28%, 40%, 14% and 18%, respectively.
On a sequential basis, sales rose 6% from $167.6 million in the second quarter of 2010, with sales of both unit-driven and capital-driven products advancing near that growth rate. Sales results for the Companys segments were varied as described below under the heading Segment Analysis. Sales were favorably affected by a foreign currency translation effect of $3.1 million, primarily related to the strengthening of the Euro, the Japanese yen and Singaporean dollar versus the U.S. dollar. Excluding this factor, net sales rose approximately 5% in the third quarter of 2010 when compared to the second quarter of 2010. When comparing third quarter 2010 results to second quarter 2010 on a geographic basis, total sales to North America, Asia, Europe, and Japan increased 7%, 6%, 5%, and 7%, respectively.
As a percentage of net sales, the gross margin rate for the third quarter of 2010 was 44.8% versus 40.4% for the third quarter of 2009 and 46.0% for the three months ended July 3, 2010. The Companys gross margin for the first nine months of 2010 was 45.5% compared to 29.1% in the comparable period a year ago. The sequential decrease in gross margin from the second quarter to the current quarter primarily reflected a shift in product mix.
Selling, general and administrative expenses Selling, general and administrative (SG&A) expenses increased $7.3 million, or 25%, to $36.5 million in the three months ended October 2, 2010, up from $29.2 million in the comparable three-month period a year earlier. Reflecting the increase in net sales, SG&A expenses as a percent of net sales declined to 20.5% from 26.4% a year earlier, reflecting the increase in net sales. On a year-to-year basis, SG&A expenses increased by $24.3 million, or 29% to $108.9 million compared to $84.6 million a year earlier. On a year-to-date basis, SG&A costs, as a percent of net sales, fell to 21.5% from 33.5% a year ago, reflecting the increase in net sales.
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Entegris Inc. has a market cap of $794.6 million; its shares were traded at around $6.06 with a P/E ratio of 14.7 and P/S ratio of 2. ENTG is in the portfolios of Arnold Schneider of Schneider Capital Management, Columbia Wanger of Columbia Wanger Asset Management, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management, Paul Tudor Jones of The Tudor Group, Mario Gabelli of GAMCO Investors, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
The Company reported considerably higher gross profits and improved gross margins for both the three-month and nine-month periods compared to a year earlier, mainly reflecting the significant year-over-year sales increase and the associated improvement in factory utilization. The gross margin rate for the third quarter of 2010 was 44.8% versus 40.4% for the third quarter of 2009 and 46.0% for the three months ended July 3, 2010. Gross margin for the first nine months of the year was 45.5% compared to 29.1% in the comparable period a year ago. The sequential decrease in gross margin from the second quarter to the current quarter primarily reflected a shift in product mix.For the quarter ended October 2, 2010, sales of unit-driven products represented 61% and sales of capital-driven products represented 39% of total sales, respectively. For the third quarter of 2009 and the three months ended July 3, 2010 this split was 71%/29% and 63%/37%, respectively. The shift in relative demand for capital-driven products reflects the recovery of capital spending after the very low spending by semiconductor customers for capacity-related products in the first half of 2009 and reflects the highest relative proportion of the Companys sales since the fourth quarter of 2007.
On a geographic basis, third quarter sales to North America were 28%, Asia (excluding Japan) 40%, Europe 14% and Japan 18% of total net sales. This compared to third quarter 2009 sales figures of North America 29%, Asia 38%, Europe 14% and Japan 19% and second quarter 2010 sales figures of 28%, 40%, 14% and 18%, respectively.
On a sequential basis, sales rose 6% from $167.6 million in the second quarter of 2010, with sales of both unit-driven and capital-driven products advancing near that growth rate. Sales results for the Companys segments were varied as described below under the heading Segment Analysis. Sales were favorably affected by a foreign currency translation effect of $3.1 million, primarily related to the strengthening of the Euro, the Japanese yen and Singaporean dollar versus the U.S. dollar. Excluding this factor, net sales rose approximately 5% in the third quarter of 2010 when compared to the second quarter of 2010. When comparing third quarter 2010 results to second quarter 2010 on a geographic basis, total sales to North America, Asia, Europe, and Japan increased 7%, 6%, 5%, and 7%, respectively.
As a percentage of net sales, the gross margin rate for the third quarter of 2010 was 44.8% versus 40.4% for the third quarter of 2009 and 46.0% for the three months ended July 3, 2010. The Companys gross margin for the first nine months of 2010 was 45.5% compared to 29.1% in the comparable period a year ago. The sequential decrease in gross margin from the second quarter to the current quarter primarily reflected a shift in product mix.
Selling, general and administrative expenses Selling, general and administrative (SG&A) expenses increased $7.3 million, or 25%, to $36.5 million in the three months ended October 2, 2010, up from $29.2 million in the comparable three-month period a year earlier. Reflecting the increase in net sales, SG&A expenses as a percent of net sales declined to 20.5% from 26.4% a year earlier, reflecting the increase in net sales. On a year-to-year basis, SG&A expenses increased by $24.3 million, or 29% to $108.9 million compared to $84.6 million a year earlier. On a year-to-date basis, SG&A costs, as a percent of net sales, fell to 21.5% from 33.5% a year ago, reflecting the increase in net sales.
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