Fri, Jul 26, 8:16 PM (43 days ago)
Ultra Clean Holdings, Inc. reported a 22.4% increase in revenue to $516.1 million for Q2 2024, driven by a 24.9% rise in product sales, partly due to the acquisition of HIS Innovations Group in October 2023. Services revenue grew by 7.5%. Gross margin improved to 17.1%, up from 16.2% in Q2 2023, reflecting higher sales volumes and improved product mix. Operating income surged by 81.7% to $22.9 million, with operating margins rising to 4.4%. The company reported a net income of $19.1 million, reversing a loss of $9.4 million in Q2 2023. Cash flow from operations was $33.0 million, down from $64.4 million in the prior year. The company ended the quarter with $319.5 million in cash and cash equivalents. Future financial performance may be impacted by ongoing material weaknesses in internal controls and an SEC investigation.