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Technology Stocks : Brooks Automation
BRKS 96.74+1.4%Apr 13 4:00 PM EDT

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To: robert b furman who wrote (1081)7/31/2020 9:05:52 AM
From: robert b furman1 Recommendation

Recommended By
The Ox

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Brooks has announced their Q3 earnings.

This company is by far my best performer.

CEO Steven Schwartz is the consmate leader of his team backed up by the most dynamic CFO I know of.

Listening to these guys is a break in conservative leadership by example and their shift to high growth strong margins is now well on its way.

A pile of cash with a tiny debt of 52 million leaves more than enough for financing their excellent global growth and pay a dividend that has been the same for quite AWHILE.

THEY HAVE ESSENTIALLY ELIMINATED ALL DEBT AND ARE ON THE ACQUISITION MODE , WHICH THEY HAVE MASTERFULLY EXECUTED TO DATE!

JUST LOVE EARNINGS DAY FOR THESE GUYS!

BROOKS AUTOMATION REPORTS RESULTS OF ITS THIRD QUARTER OF FISCAL 2020, ENDED JUNE 30, 2020, AND ANNOUNCES QUARTERLY CASH DIVIDEND
Continued Revenue Growth and Earnings Expansion on Solid Execution Across Both Segments
CHELMSFORD, Mass., July 30, 2020 / PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the third fiscal quarter, ended June 30, 2020.

Financial Results Summary






















Quarter Ended








Dollars in millions, except per share data


June 30,


March 31,



June 30,


Change vs.






2020


2020



2019


Prior Qtr


Prior Year




Revenue


$

220


$

220



$

204


0

%

8

%



Semiconductor Solutions


$

127


$

125



$

116


2

%

9

%



Life Sciences


$

93


$

95



$

88


(2)

%

6

%





















Diluted EPS Continuing Operations


$

0.19


$

0.12



$

0.01


49

%

N/M




Diluted EPS Total


$

0.19


$

0.12



$

0.10


50

%

85

%





















Non-GAAP Diluted EPS Continuing Operations


$

0.32


$

0.25



$

0.20


26

%

60

%




Management Comments
"Despite the current environment's headwinds, we delivered a strong performance in the quarter," commented Steve Schwartz, president and CEO. "Our Life Sciences business witnessed robust demand for its sample management offerings and gene synthesis services. Due to many customer lab closures around the world, our gene sequencing business had a slow start to the quarter but has steadily increased and is now approaching pre-COVID levels. We continue to see a ramp in Semiconductor with increased demand for both automation systems and robots. The real story here is about the relentless team of Brooks employees working through the most difficult of environments without missing a beat!"

Summary of GAAP Results for Continuing Operations

Revenue for the third fiscal quarter was $220 million, up 8% year over year. Diluted EPS from continuing operations was $0.19 per share compared to $0.01 per share in the third quarter of 2019. Life Sciences revenue of $93 million grew 6% year over year and was down 2% sequentially. Year-over-year organic growth was 5%, led by consumables, instruments, and storage services. GENEWIZ revenue declined 9% sequentially but remained 1% above the third quarter 2019 revenue. Semiconductor Solutions revenue was $127 million, an increase of 9% year over year and 2% sequentially. GAAP operating income was $19 million, compared to $16 million in the third quarter of 2019. GAAP operating margin at 8.7% was 60 basis points higher year over year and 210 basis points higher sequentially.Net interest expense was $0.8 million for the quarter, a $7.1 million reduction from the third quarter of 2019.Summary of Non-GAAP Results for Continuing Operations

Diluted EPS from continuing operations for the third quarter was $0.32, up 26% from the second quarter of 2020 and up 60% over the prior year. Operating income was $30 million, an increase of 15% sequentially and year over year. Operating margin was 13.5%, up 180 basis points sequentially and 80 basis points year over year. The margin expansion was driven primarily by stronger gross margin.Gross margin was 43.5%, an increase of 130 basis points sequentially and 110 basis points year over year. Gross margin expansion in both segments, Life Sciences and Semiconductor Solutions, drove the improvement year over year, while the sequential momentum was driven by the Semiconductor business.Life Sciences operating margin was 7.1%, approximately flat year over year and lower by 150 basis points from the prior quarter. Gross margin performance of 44.6%, up 140 basis points year over year and lower by 120 basis points sequentially, was the primary driver. The Life Sciences Products business reported 40 basis points of improvement sequentially but was more than offset by the lower margins of the Life Sciences Services business.Semiconductor Solutions operating margin was 18.4%, an increase of 100 basis points from the prior year and up 510 basis points from the second quarter of 2020. Gross margin of 42.7%, up 100 basis points year over year and 320 basis points sequentially, was the primary driver of operating margin expansion. Adjusted EBITDA was $40 million, up 12% from the third quarter of 2019 and 16% sequentially.A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Cash and Liquidity

Cash flow from operations was $26 million for the quarter and on a year-to-date basis, and cash flow from operations, excluding the $92 million tax payment made in the second quarter on the gain on the sale of the Semiconductor cryogenics business, was $78 million, an increase of $19 million from the same period the prior year. The Company ended the third quarter with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $263 million. With total debt of $51 million, net cash was $212 million.Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on September 25, 2020 to stockholders of record on September 4, 2020. Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Fourth Quarter Fiscal 2020
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2020. Revenue is expected to be in the range of $229 million to $241 million and non-GAAP diluted earnings per share is expected to be in the range of $0.32 to $0.40. GAAP diluted earnings per share for the fourth fiscal quarter is expected to be in the range of $0.19 to $0.27.

Boom Baby.

I just wish my other semi company could have webcasts as healthy as this!

Bob
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