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Entegris Reports Results for Second Quarter Of 2022

  • Second-quarter revenue of $692 million, increased 21% from prior year
  • Second-quarter GAAP diluted EPS of $0.73, increased 12%
  • Second-quarter non-GAAP diluted EPS of $1.00, increased 18%

Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company’s second quarter ended July 2, 2022. Second-quarter sales were $692.5 million, an increase of 21% from the same quarter last year. Second-quarter GAAP net income was $99.5 million, or $0.73 per diluted share, which included $12.5 million of amortization of intangible assets, $10.2 million of integration costs, $2.4 million of deal and transaction costs and $22.7 million interest expense, net. Non-GAAP net income was $136.8 million for the second quarter and non-GAAP earnings per diluted share was $1.00. Entegris’ acquisition of CMC Materials closed on July 6, 2022. As a result, Entegris’ second quarter 2022 results do not include results from CMC Materials third fiscal quarter of 2022 (ending June 30).

Bertrand Loy, Entegris’ president and chief executive officer, said: “Sales growth and operational execution were once again very strong in the second quarter. Growth was significant across all three divisions, driven by demand for our solutions and great execution by our supply chain teams. In particular, we saw robust activity at the advanced nodes, where we enjoy greater Entegris content per wafer. Non-GAAP EPS was slightly below our expectations in the second quarter, primarily due to a significant decline in a few major currencies versus the U.S. Dollar.”

Mr. Loy added: “We are very excited about our combination with CMC Materials, which uniquely positions Entegris to address our customers’ most demanding process challenges and helps them achieve a faster time-to-solution. Our focus going forward, will be rapidly and effectively completing the integration of CMC Materials, driving revenue and cost synergies, and paying down the debt.”

Mr. Loy added: “For the full year 2022, we expect to achieve strong growth on a proforma basis. Looking further ahead, we will be pragmatic, closely monitoring industry developments, and ready to make adjustments as needed. And with 80 percent of our revenue now unit driven, our model should prove to be even more resilient, regardless of the macro environment.”

Quarterly Financial Results Summary

(in thousands, except percentages and per share data)

GAAP Results

July 2, 2022

July 3, 2021

April 2, 2022

Net sales

$692,489

$571,352

$649,646

Operating income

$157,970

$138,889

$163,346

Operating margin - as a % of net sales

22.8%

24.3%

25.1%

Net income

$99,491

$88,770

$125,705

Diluted earnings per common share

$0.73

$0.65

$0.92

Non-GAAP Results

Non-GAAP adjusted operating income

$183,039

$151,603

$182,251

Non-GAAP adjusted operating margin - as a % of net sales

26.4%

26.5%

28.1%

Non-GAAP net income

$136,816

$116,711

$145,133

Diluted non-GAAP earnings per common share

$1.00

$0.85

$1.06

Third-Quarter Outlook

For the third quarter ending October 1, 2022, the Company expects sales (for the combined company) of $1.00 billion to $1.04 billion and EBITDA of approximately 30 percent of sales. The foregoing forward looking guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the forward looking GAAP measures without unreasonable efforts. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, share-based compensation and other items not reflective of the Company's ongoing operations.

Segment Results

The Company reports its results in the following segments:

Specialty Chemicals and Engineered Materials (SCEM): SCEM provides high-performance and high-purity process chemistries, gases and materials, and safe and efficient delivery systems to support semiconductor and other advanced manufacturing processes.

Microcontamination Control (MC): MC offers solutions to filter and purify critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.

Advanced Materials Handling (AMH): AMH develops solutions to monitor, protect, transport and deliver critical liquid chemistries, wafers and other substrates for a broad set of applications in the semiconductor, life sciences and other high-technology industries.

Second-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the second quarter on Tuesday, August 2, 2022, at 9:00 a.m. Eastern Time. Participants should dial 888-220-8451 or +1 323-794-2588, referencing confirmation code 8913803. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. For a replay of the call, please Click Here using passcode 8913803. The on-demand playback will be available for six weeks after the conclusion of the teleconference. The call can also be accessed live and on-demand from the Investor Relations section of www.entegris.com.

Management’s slide presentation concerning the results for the second quarter will be posted on the Investor Relations section of www.entegris.com Tuesday morning before the call.

About Entegris

Entegris is the global leader in electronic materials for the semiconductor market. With approximately 8,800 employees across its global operations, Entegris offers the industry’s most comprehensive and innovative unit-driven end-to-end offering for semiconductor customers, in addition to solutions for the life sciences and other advanced manufacturing environments. Entegris’ solutions help customers improve their performance, productivity and yields to enable technologies that transform the world. It has manufacturing, customer service, and/or research facilities in the United States, Canada, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea, and Taiwan. For more information about Entegris, visit us at www.entegris.com, or follow us on LinkedIn, Twitter, Facebook, and Instagram.

Non-GAAP Information

The Company’s condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA, adjusted gross profit, adjusted segment profit, adjusted operating income, non-GAAP net income, non-GAAP adjusted operating margin and diluted non-GAAP earnings per common share, together with related measures thereof, are considered “non-GAAP financial measures” under the rules and regulations of the Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company provides supplemental non-GAAP financial measures to better understand and manage its business and believes these measures provide investors and analysts additional and meaningful information for the assessment of the Company’s ongoing results. Management also uses these non-GAAP measures to assist in the evaluation of the performance of its business segments and to make operating decisions. Management believes that the Company’s non-GAAP measures help indicate the Company’s baseline performance before certain gains, losses or other charges that may not be indicative of the Company’s business or future outlook, and that non-GAAP measures offer a more consistent view of business performance. The Company believes the non-GAAP measures aid investors’ overall understanding of the Company’s results by providing a higher degree of transparency for such items and providing a level of disclosure that will help investors generally understand how management plans, measures and evaluates the Company’s business performance. Management believes that the inclusion of non-GAAP measures provides greater consistency in its financial reporting and facilitates investors’ understanding of the Company’s historical operating trends by providing an additional basis for comparisons to prior periods. The reconciliations of GAAP gross profit to adjusted gross profit, GAAP segment profit to adjusted operating income, GAAP net income to adjusted operating income and adjusted EBITDA, GAAP net income and diluted earnings per common share to non-GAAP net income and diluted non-GAAP earnings per common share and GAAP outlook to non-GAAP outlook are included elsewhere in this release.

Cautionary Note on Forward Looking Statements

This news release contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward looking statements. These forward looking statements may include statements about the ongoing impacts of the COVID-19 pandemic and the conflict in Ukraine on the Company’s operations and markets, including supply chain issues and inflationary pressures related thereto; future period guidance or projections; the Company’s performance relative to its markets, including the drivers of such performance; market and technology trends, including the duration and drivers of any growth trends and the impact of the COVID-19 pandemic on such trends; the development of new products and the success of their introductions; the focus of the Company’s engineering, research and development projects; the Company’s ability to execute on our business strategies, including with respect to Company’s expansion of its manufacturing presence in Taiwan; the Company’s capital allocation strategy, which may be modified at any time for any reason, including share repurchases, dividends, debt repayments and potential acquisitions; the impact of the acquisitions the Company has made and commercial partnerships the Company has established, including the acquisition of CMC Materials, Inc. (“CMC Materials”); trends relating to the fluctuation of currency exchange rates; future capital and other expenditures, including estimates thereof; the Company’s expected tax rate; the impact, financial or otherwise, of any organizational changes; the impact of accounting pronouncements; quantitative and qualitative disclosures about market risk; and other matters. These forward looking statements are based on current management expectations and assumptions only as of the date of this Quarterly Report, are not guarantees of future performance and involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward looking statements. These risks and uncertainties include, but are not limited to, weakening of global and/or regional economic conditions, generally or specifically in the semiconductor industry, which could decrease the demand for the Company’s products and solutions; the level of, and obligations associated with, the Company’s indebtedness, including the debts incurred in connection with the acquisition of CMC Materials; risks related to the acquisition and integration of CMC Materials, including unanticipated difficulties or expenditures relating thereto; the ability to achieve the anticipated synergies and value-creation contemplated by the acquisition of CMC Materials and the diversion of management time on transaction-related matters; risks related to the COVID-19 pandemic on the global economy and financial markets, as well as on the Company, its customers and suppliers, which much impact its sales, gross margin, customer demand and its ability to supply its products to its customers; raw material shortages, supply and labor constraints and price increases or pricing and inflationary pressures; operational, political and legal risks of the Company’s international operations; the Company’s dependence on sole source and limited source suppliers; the Company’s ability to meet rapid demand shifts; the Company’s ability to continue technological innovation and introduce new products to meet customers’ rapidly changing requirements; substantial competition; the Company’s concentrated customer base; the Company’s ability to identify, complete and integrate acquisitions, joint ventures or other transactions; the Company’s ability to effectively implement any organizational changes; the Company’s ability to protect and enforce intellectual property rights; the ongoing conflict in Ukraine and the global response thereto; the increasing complexity of certain manufacturing processes; changes in government regulations of the countries in which the Company operates, including the imposition of tariffs, export controls and other trade laws and restrictions and changes to foreign and national security policy, especially as they relate to China; fluctuation of currency exchange rates; fluctuations in the market price of the Company’s stock; and other risk factors and additional information described in the Company’s filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 4, 2022, in Item 1A of the Company’s Quarterly Report on Form 10-Q for the period ended April 2, 2022, filed on April 26, 2022, and in the Company’s other periodic filings. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates.

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Three months ended

 

 

July 2, 2022

July 3, 2021

April 2, 2022

Net sales

$692,489

$571,352

$649,646

Cost of sales

382,092

305,968

339,826

 

Gross profit

310,397

265,384

309,820

Selling, general and administrative expenses

90,685

72,621

87,108

Engineering, research and development expenses

49,248

41,972

46,715

Amortization of intangible assets

12,494

11,902

12,651

 

Operating income

157,970

138,889

163,346

Interest expense, net

31,343

10,643

12,864

Other expense, net

9,619

23,560

4,902

 

Income before income tax expense

117,008

104,686

145,580

Income tax expense

17,517

15,916

19,875

 

Net income

$99,491

$88,770

$125,705

 

 

 

 

 

 

 

 

Basic earnings per common share:

$0.73

$0.66

$0.93

Diluted earnings per common share:

$0.73

$0.65

$0.92

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

Basic

135,895

135,498

135,670

 

Diluted

136,454

136,533

136,552

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

 

 

Six months ended

 

 

July 2, 2022

July 3, 2021

Net sales

$1,342,135

$1,084,196

Cost of sales

721,918

583,826

 

Gross profit

620,217

500,370

Selling, general and administrative expenses

177,793

144,010

Engineering, research and development expenses

95,963

79,720

Amortization of intangible assets

25,145

23,773

 

Operating income

321,316

252,867

Interest expense, net

44,207

22,224

Other expense, net

14,521

27,890

 

Income before income tax expense

262,588

202,753

Income tax expense

37,392

29,307

 

Net income

$225,196

$173,446

 

 

 

 

 

 

Basic earnings per common share:

$1.66

$1.28

Diluted earnings per common share:

$1.65

$1.27

 

 

 

 

Weighted average shares outstanding:

 

 

 

Basic

135,783

135,283

 

Diluted

136,503

136,518

Entegris, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

 

July 2, 2022

December 31, 2021

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

Cash, cash equivalents and restricted cash

$2,743,231

$402,565

Trade accounts and notes receivable, net

381,251

347,413

Inventories, net

 

583,766

475,213

Deferred tax charges and refundable income taxes

38,907

35,312

Other current assets

129,003

52,867

Total current assets

3,876,158

1,313,370

Property, plant and equipment, net

779,631

654,098

Other assets:

 

 

 

 

Right-of-use assets

68,389

66,563

Goodwill

789,540

793,702

Intangible assets, net

308,871

335,113

Deferred tax assets and other noncurrent tax assets

26,549

17,671

Other

 

12,033

11,379

Total assets

 

$5,861,171

$3,191,896

LIABILITIES AND EQUITY

 

Current liabilities

 

 

 

Accounts payable

 

$146,441

$130,734

Accrued liabilities

 

198,171

199,131

Income tax payable

 

48,523

49,136

Total current liabilities

393,135

379,001

Long-term debt, excluding current maturities

3,408,801

937,027

Long-term lease liability

 

60,893

60,101

Other liabilities

 

85,628

101,986

Shareholders’ equity

 

1,912,714

1,713,781

Total liabilities and equity

$5,861,171

$3,191,896

Entegris, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three months ended

Six months ended

 

July 2, 2022

July 3, 2021

July 2, 2022

July 3, 2021

Operating activities:

 

 

 

 

Net income

$99,491

$88,770

$225,196

$173,446

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation

24,381

22,574

48,286

44,669

Amortization

12,494

11,902

25,145

23,773

Share-based compensation expense

10,182

7,519

19,467

14,657

Loss on extinguishment of debt and modification

23,338

23,338

Other

8,492

(8,369)

8,687

(203)

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

Trade accounts and notes receivable

(26,138)

(26,667)

(57,309)

(48,231)

Inventories

(47,465)

(30,386)

(124,941)

(69,723)

Accounts payable and accrued liabilities

49,468

13,244

27,145

(15,347)

Income taxes payable, refundable income taxes and noncurrent taxes payable

(20,308)

(22,854)

(3,548)

(26,442)

Other

313

2,784

6,570

15,033

Net cash provided by operating activities

110,910

81,855

174,698

134,970

Investing activities:

 

 

 

 

Acquisition of property and equipment

(107,692)

(41,771)

(192,097)

(85,101)

Acquisition of business, net of cash acquired

(2,250)

(2,250)

Other

18

1,123

90

Net cash used in investing activities

(107,692)

(44,003)

(190,974)

(87,261)

Financing activities:

 

 

 

 

Proceeds from revolving credit facility and long-term debt

2,527,314

451,000

2,606,314

451,000

Payments of revolving credit facility and long-term debt

(114,000)

(601,000)

(193,000)

(601,000)

Payments for debt extinguishment costs

(19,080)

(19,080)

Payments for dividends

(13,589)

(10,889)

(27,484)

(21,797)

Issuance of common stock

5,598

15,245

8,977

16,817

Taxes paid related to net share settlement of equity awards

(200)

(55)

(16,317)

(15,093)

Repurchase and retirement of common stock

(15,000)

(30,000)

Other

(10,204)

(4,800)

(11,166)

(4,801)

Net cash provided by (used in) financing activities

2,394,919

(184,579)

2,367,324

(223,954)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(7,638)

(760)

(10,382)

(3,615)

Increase (decrease) in cash, cash equivalents and restricted cash

2,390,499

(147,487)

2,340,666

(179,860)

Cash, cash equivalents and restricted cash at beginning of period

352,732

548,520

402,565

580,893

Cash, cash equivalents and restricted cash at end of period

$2,743,231

$401,033

$2,743,231

$401,033

Entegris, Inc. and Subsidiaries

Segment Information

(In thousands)

(Unaudited)

 

 

Three months ended

 

Six months ended

Net sales

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

Specialty Chemicals and Engineered Materials

$207,729

$180,366

$196,421

 

$404,150

$346,907

Microcontamination Control

274,133

227,521

266,637

 

540,770

434,620

Advanced Materials Handling

224,084

172,502

198,113

 

422,197

321,043

Inter-segment elimination

(13,457)

(9,037)

(11,525)

 

(24,982)

(18,374)

Total net sales

$692,489

$571,352

$649,646

 

$1,342,135

$1,084,196

 

Three months ended

 

Six months ended

Segment profit

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

Specialty Chemicals and Engineered Materials

$45,718

$44,945

$48,851

 

$94,569

$79,501

Microcontamination Control

100,107

78,132

98,618

 

198,725

148,698

Advanced Materials Handling

46,926

42,093

46,690

 

93,616

74,188

Total segment profit

192,751

165,170

194,159

 

386,910

302,387

Amortization of intangibles

12,494

11,902

12,651

 

25,145

23,773

Unallocated expenses

22,287

14,379

18,162

 

40,449

25,747

Total operating income

$157,970

$138,889

$163,346

 

$321,316

$252,867

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Gross Profit to Adjusted Gross Profit

(In thousands)

(Unaudited)

 

 

Three months ended

 

Six months ended

 

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

Net sales

$692,489

$571,352

$649,646

 

$1,342,135

$1,084,196

Gross profit-GAAP

$310,397

$265,384

$309,820

 

$620,217

$500,370

Adjusted gross profit

$310,397

$265,384

$309,820

 

$620,217

$500,370

 

 

 

 

 

 

 

Gross margin - as a % of net sales

44.8%

46.4%

47.7%

 

46.2%

46.2%

Adjusted gross margin - as a % of net sales

44.8%

46.4%

47.7%

 

46.2%

46.2%

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Segment Profit to Adjusted Operating Income

(In thousands)

(Unaudited)

 

 

Three months ended

 

Six months ended

Segment profit-GAAP

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

Specialty Chemicals and Engineered Materials (SCEM)

$45,718

$44,945

$48,851

 

$94,569

$79,501

Microcontamination Control (MC)

100,107

78,132

98,618

 

198,725

148,698

Advanced Materials Handling (AMH)

46,926

42,093

46,690

 

93,616

74,188

Total segment profit

192,751

165,170

194,159

 

386,910

302,387

Amortization of intangible assets

12,494

11,902

12,651

 

25,145

23,773

Unallocated expenses

22,287

14,379

18,162

 

40,449

25,747

Total operating income

$157,970

$138,889

$163,346

 

$321,316

$252,867

 

Three months ended

 

Six months ended

Adjusted segment profit

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

SCEM segment profit

$45,718

$44,945

$48,851

 

$94,569

$79,501

Severance and restructuring costs

51

 

98

Charge for fair value write-up of acquired inventory sold

 

SCEM adjusted segment profit

$45,718

$44,996

$48,851

 

$94,569

$79,599

 

 

 

 

 

 

 

MC segment profit

$100,107

$78,132

$98,618

 

$198,725

$148,698

Severance and restructuring costs

55

 

106

MC adjusted segment profit

$100,107

$78,187

$98,618

 

$198,725

$148,804

 

 

 

 

 

 

 

AMH segment profit

$46,926

$42,093

$46,690

 

$93,616

$74,188

Severance and restructuring costs

38

 

75

AMH adjusted segment profit

$46,926

$42,131

$46,690

 

$93,616

$74,263

 

 

 

 

 

 

 

Unallocated general and administrative expenses

$22,287

$14,379

$18,162

 

$40,449

$25,747

Unallocated deal and integration costs

(12,575)

(632)

(6,254)

 

(18,829)

(2,676)

Unallocated severance and restructuring costs

(36)

 

(44)

Adjusted unallocated general and administrative expenses

$9,712

$13,711

$11,908

 

$21,620

$23,027

 

 

 

 

 

 

 

Total adjusted segment profit

$192,751

$165,314

$194,159

 

$386,910

$302,666

Adjusted amortization of intangible assets

 

Adjusted unallocated general and administrative expenses

9,712

13,711

11,908

 

21,620

23,027

Total adjusted operating income

$183,039

$151,603

$182,251

 

$365,290

$279,639

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

Three months ended

 

Six months ended

 

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

Net sales

$692,489

$571,352

$649,646

 

$1,342,135

$1,084,196

Net income

$99,491

$88,770

$125,705

 

$225,196

$173,446

Net income - as a % of net sales

14.4%

15.5%

19.3%

 

16.8%

16.0%

Adjustments to net income:

 

 

 

 

 

 

Income tax expense

17,517

15,916

19,875

 

37,392

29,307

Interest expense, net

31,343

10,643

12,864

 

44,207

22,224

Other expense, net

9,619

23,560

4,902

 

14,521

27,890

GAAP - Operating income

157,970

138,889

163,346

 

321,316

252,867

Operating margin - as a % of net sales

22.8%

24.3%

25.1%

 

23.9%

23.3%

Deal and transaction costs

2,410

5,008

 

7,418

Integration costs

10,165

632

1,246

 

11,411

2,676

Severance and restructuring costs

180

 

323

Amortization of intangible assets

12,494

11,902

12,651

 

25,145

23,773

Adjusted operating income

183,039

151,603

182,251

 

365,290

279,639

Adjusted operating margin - as a % of net sales

26.4%

26.5%

28.1%

 

27.2%

25.8%

Depreciation

24,381

22,574

23,905

 

48,286

44,669

Adjusted EBITDA

$207,420

$174,177

$206,156

 

$413,576

$324,308

Adjusted EBITDA - as a % of net sales

30.0%

30.5%

31.7%

 

30.8%

29.9%

Entegris, Inc. and Subsidiaries

Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share

(In thousands, except per share data)

(Unaudited)

 

 

Three months ended

 

Six months ended

 

July 2, 2022

July 3, 2021

April 2, 2022

 

July 2, 2022

July 3, 2021

GAAP net income

$99,491

$88,770

$125,705

 

$225,196

$173,446

Adjustments to net income:

 

 

 

 

 

 

Deal and transaction costs

2,410

5,008

 

7,418

Integration costs

10,165

632

1,246

 

11,411

2,676

Severance and restructuring costs

180

 

323

Loss on extinguishment of debt and modification

23,338

 

23,338

Interest expense, net

22,742

4,683

 

27,425

Amortization of intangible assets

12,494

11,902

12,651

 

25,145

23,773

Tax effect of adjustments to net income and discrete items1

(10,486)

(8,111)

(4,160)

 

(14,646)

(11,332)

Non-GAAP net income

$136,816

$116,711

$145,133

 

$281,949

$212,224

 

 

 

 

 

 

 

Diluted earnings per common share

$0.73

$0.65

$0.92

 

$1.65

$1.27

Effect of adjustments to net income

$0.27

$0.20

$0.14

 

$0.42

$0.28

Diluted non-GAAP earnings per common share

$1.00

$0.85

$1.06

 

$2.07

$1.55

1The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate during the respective years.

 

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