Axcelis Technologies shares jumped on Thursday after the semiconductor equipment maker crushed Wall Street's targets for the second quarter and guided higher for the current quarter and full year. ACLS stock is approaching a buy point.
The Beverly, Mass.-based company late Wednesday said it earned $1.32 a share on sales of $221.2 million in the June quarter. Analysts polled by FactSet expected Axcelis to earn 99 cents a share on sales of $211.5 million. On a year-over-year basis, Axcelis earnings soared 140% while sales increased 50%.
On July 12, Axcelis guided analysts higher for the second quarter when it said it expected results to exceed the high end of its prior outlook.
For the current quarter, Axcelis forecast earnings of $1.13 a share on sales of $224 million. That's based on the midpoint of its outlook. Analysts had predicted earnings of $1.07 a share on sales of $216.1 million in the third quarter.
For the full year, Axcelis predicted revenue greater than $875 million. Wall Street was eyeing 2022 sales of $850.7 million.
ACLS Stock Is On Two IBD Lists
On the stock market today, ACLS stock surged 8.1% to close at 78.57. During the regular session Wednesday, ACLS stock rose 3.8% to 72.70.
ACLS stock has formed a cup base with a buy point of 83.83, according to IBD MarketSmith charts.
ACLS stock is on the IBD 50 list of top-performing growth stocks and the IBD Sector Leaders list.
Record Orders, Shipments
"Axcelis delivered outstanding second-quarter financial performance well above our guidance due to robust demand and our strong execution," Chief Executive Mary Puma said in a news release. "System bookings and shipments continue to hit record levels."
Axcelis is a leading supplier of ion implantation systems, which provide a critical step in the process of manufacturing integrated circuits.
ACLS stock ranks second out of 29 stocks in IBD's semiconductor equipment industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 98 out of 99.
IBD's Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths. The best growth stocks have a Composite Rating of 90 or better.
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