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Amtech Systems ASYS shares have gained 47.9% year to date (YTD), outperforming the Zacks Computer and Technology Sector and S&P 500 index’s return of 17.6% and 16.2%, respectively, YTD.
ASYS has also outperformed its Zacks Semiconductor - General industry peers, including Texas Instruments TXN, STMicroelectronics STM and Intel INTC. Shares of Texas Instruments have gained 18.8% YTD. Shares of STMicroelectronics and Intel have plunged 43.5% and 60.9% in the same time frame.
The outperformance of ASYS reflects investors’ confidence in the strong position of Amtech in its manufacturing business. Since Amtech manufactures a range of capital equipment and related consumables used in the production of semiconductors, silicon carbide and solar power technologies, the diversity strengthens investors’ confidence that the company will produce stable returns despite headwinds in some of its end markets.
ASYS Faces Mixed Demand for Its Products
Amtech develops advanced electronics systems for the automotive industry that support functions like advanced driver assistance systems, telematics and infotainment. ASYS has reported in its third-quarter 2024 earnings that it is experiencing an increased adoption of power electronic applications in hybrid and electric vehicles.
ASYS is also experiencing traction in its advanced packaging processors and high-performance computing, driven by increased utilization rates among outsourced semiconductor assembly and test companies and original equipment manufacturers.
However, ASYS is suffering from a decline in demand for its horizontal diffusion furnaces used in power electronic semiconductor applications for automotive and industrial markets. Amtech’s consumable products used in semiconductor fabrication are facing inconsistent demand.
Amtech Systems YTD Performance
Amtech’s business is cyclical in nature, and it is currently going through a contraction cycle due to an extended cyclical downturn in personal computer and smartphone demand after the subsequent rise in demand for these electronic products during the pandemic. The company is also suffering from macroeconomic challenges like high inflation and rising interest rates, which are forcing its enterprise customers to delay their orders.
These factors have negatively impacted its top line. ASYS' top line is grappling with inconsistency and decelerated growth at present. For the fourth quarter of fiscal 2024, Amtech expects revenues in the range of $22-$25 million. The Zacks Consensus Estimate for revenues is pegged at $23 million, indicating a year-over-year decline of 17%.
Conclusion
Amtech is facing mixed demand for its products across its end markets, which is affecting its top-line growth. Amtech’s Value Style Score of C suggests that the stock has a stretched valuation at this moment. The stock’s Zacks Rank #3 (Hold) suggests that investors should wait for a better entry point. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Reporter Name | Averick Robert M |
Relationship | Director, 10% Owner |
Type | Purchase |
Amount | $221,050 |
SEC Filing | Form 4 |
Robert M Averick, a 10% owner and director of AMTECH SYSTEMS, has purchased 40,000 shares of common stock over three transactions on August 9, 12, and 13, 2024, with a total purchase amount of $221,050. The weighted average prices for these shares were $5.53, $5.54, and $5.51 respectively. Following these transactions, Averick directly owns 474,000 shares and indirectly owns 2,261,500 shares of AMTECH SYSTEMS.
SEC Filing: AMTECH SYSTEMS INC [ ASYS ] - Form 4 - Aug. 13, 2024
Amtech Systems came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of a loss of $0.05 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 260%. A quarter ago, it was expected that this provider of equipment for solar panel and semiconductor makers would post a loss of $0.11 per share when it actually produced a loss of $0.01, delivering a surprise of 90.91%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Amtech, which belongs to the Zacks Semiconductor - General industry, posted revenues of $26.75 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 11.45%. This compares to year-ago revenues of $30.74 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Amtech shares have added about 25.2% since the beginning of the year versus the S&P 500's gain of 9.9%.
What's Next for Amtech?
While Amtech has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Amtech: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $31.1 million in revenues for the coming quarter and -$0.05 on $105.5 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductor - General is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Nvidia , is yet to report results for the quarter ended July 2024. The results are expected to be released on August 28.
This maker of graphics chips for gaming and artificial intelligence is expected to post quarterly earnings of $0.64 per share in its upcoming report, which represents a year-over-year change of +137%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
Nvidia's revenues are expected to be $28.24 billion, up 109% from the year-ago quarter.
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