Bifurcating revenue: Products contributed $556.3M and Services added $78.7M.
GAAP basis: Total gross margin was 19.6%, operating margin was 5.7%, and net income was $9.7M.
Non-GAAP basis: Gross margin was 20.6%, operating margin was 11.7%, and net income was $48.6M.
Q3 Non-GAAP EPS of $1.06 in-line.
Q4 Outlook: Revenue range $600M-650M vs. consensus of $613.22M and GAAP EPS between $0.61 and $0.79. Non-GAAP EPS to be between $0.94 and $1.14 vs. consensus $1.05.
Jim Scholhamer, CEO. "We are working closely with our customers regarding the new export restrictions to China and, as a result, are maintaining a wide guidance range. We are confident in the long-term prospects for the Semiconductor Industry and UCT's ability to perform well within a broad range of market scenarios. We also recognize our commitment to deploy capital toward opportunities that drive the greatest return for our shareholders. Strong cash flows have enabled us to initiate a share repurchase program for a total of $150 million over a three year period."
Stock has a SA Authors rating of Buy with commentary that says: 'Being further downstream than their better-known semi-cap peers means UCTT is more exposed to the industry's cyclical nature.'; 'Semiconductor Industry Equipment Best Capital Gain Prospect'; Sell side rating of Strong Buy with target price of $47.86; Quant rating of Hold with highest grades given to Valuation.
Previously (Oct. 26): Ultra Clean Holdings Non-GAAP EPS of $1.06 in-line, revenue of $635.01M beats by $22.76M