Q1 adj. EPS was $0.95 vs. $0.92 in the year-ago period. Revenue increased 35.1% Y/Y to $564.14M.
In a post-earnings call, CFO Sheri Savage said Q1 results were impacted by COVID-19-related lockdown in China and grounding of Boeing 737-800 aircraft by China Eastern Airlines.
"With these two events happening simultaneously near the end of March, we did not have sufficient time to leverage our global footprint to offset production delays," said CEO Jim Scholhamer.
UCTT has since shifted production to its sites in Malaysia, Texas and Philippines. "While we believe China shutdown will be temporary, we anticipate supply chain challenges could persist for some time," Scholhamer added.
UCTT expects Q2 adj. EPS of $0.84-1.20 vs. consensus estimate of $1.17. Q2 revenue is expected to be $550M-630M vs. consensus estimate of $602.1M.
UCTT widened its guidance range as demand still outpaces what the equipment industry can deliver, and uncertainty remains around the global supply chain and COVID.
The company's cash and cash equivalents were $367M at Q1-end vs. $466.5M at Q4-end.
Cash from operations was -$67.4M vs. $43M in the prior quarter due to lower production, increased inventory resulting from the China shutdown and the timing of cash collections and payments. Savage said cash generation is expected to recover in Q2.