The following is a summary of the Ultra Clean Holdings, Inc. (UCTT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ultra Clean Holdings reported Q4 2023 revenue of $444.8 million, up from $435 million in Q3.

• The gross margin for Q4 increased to 16.7%; operating expense was $51.3 million, with a total operating margin of 5.2%.

• Earnings per share for Q4 was $0.19 with a net income of $8.5 million.

• Full-year revenue was $1.7 billion, down from $2.4 billion in 2022, with a gross margin of 16.6% and an operating margin of 4.9%.

• The company repurchased 1.9 million shares at a cost of $29.4 million and generated nearly $136 million in cash flow from operations.

Business Progress:

• Ultra Clean Holdings expanded and optimized its global footprint, by opening optimized manufacturing facilities in various locations including Arizona, the Czech Republic, and a new facility in Ireland.

• The company acquired HIS Innovations Group in order to expand its global subfab market offerings.

• Expansion of footprint in Malaysia to cater to future regional demand, intending to boost profitability.

• Despite tepid current demand, the company indicates 2024 could show a stronger exit in line with improving market dynamics.

• The company aims to continue introducing new solutions and expanding market presence, focusing particularly on litho space innovation in alignment with projected semiconductor sales of $1 trillion by end of the decade.

More details: Ultra Clean IR

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