ACM Research saw a significant surge in its shares, climbing 31% to $28.61 following the release of its impressive fourth-quarter earnings report.
Notable Financial Growth
- The stock reached its 52-week high of $30.49 during the session, marking an impressive 181% increase over the past year.
- Quarterly earnings soared to $17.7 million, or 26 cents per share, surpassing last year’s figures of $11.8 million, or 18 cents per share.
- Analysts had anticipated earnings of $9.5 million, or 21 cents per share, indicating a noteworthy beat for the company.
- Revenue for the quarter stood at $170.3 million, exceeding both last year’s $108.5 million and analysts’ expectations of $149.3 million.
Promising Outlook for Fiscal 2024
- ACM Research forecasts revenue ranging from $650 million to $725 million for fiscal 2024, despite analysts’ slightly lower projection of $693.1 million.
- The fourth quarter saw total shipments of $140 million, a decrease from the previous year’s $197 million. However, increased sales in single-wafer cleaning, services, and spares contributed to the company’s overall revenue growth.
The positive quarterly results reflect ACM Research’s strong performance and optimistic outlook for the future.
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