Ultra Clean Holdings, Inc. has recently released its 10-Q report, providing a detailed look at the company's financial performance and operations. Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. The company offers integrated outsourced solutions for major subassemblies, improved design-to-delivery cycle times, and design for manufacturability, among other services. Ultra Clean Holdings, Inc. primarily serves original equipment manufacturing customers in the semiconductor capital equipment and semiconductor integrated device manufacturing industries, as well as other industries such as display, consumer, medical, energy, industrial, and research equipment industries. The company was founded in 1991 and is headquartered in Hayward, California.
In the 10-Q report, Ultra Clean Holdings, Inc. reported its financial results for the three and six months ended June 28, 2024, compared to the same periods in the prior year. The company's total revenues for the second quarter of 2024 amounted to $516.1 million, representing a 22.4% increase from the same period in 2023. The Products segment reported revenues of $452.7 million, marking a 24.9% increase, while the Services segment reported revenues of $63.4 million, reflecting a 7.5% increase.
The company's gross profit for the second quarter of 2024 was $88.5 million, indicating a 30.0% increase from the same period in 2023. The gross margin for the Products segment was 15.2%, up from 14.2% in the prior year, while the Services segment reported a gross margin of 31.1%, compared to 28.3% in the same period in 2023. Operating profit for the second quarter of 2024 was $22.9 million, a significant increase of 81.7% from the same period in 2023.
Ultra Clean Holdings, Inc. also provided insights into its operating expenses. Research and development expenses remained consistent at $7.1 million for the second quarter of 2024, while sales and marketing expenses increased by 16.5% to $14.8 million, and general and administrative expenses rose by 22.8% to $43.7 million.
The company's provision for income taxes for the second quarter of 2024 was $8.5 million, reflecting a 2.4% increase from the same period in 2023. The effective tax rate for the quarter was 28.3%, a significant decrease from the prior year.
Today the company's shares have moved 1.5% to a price of $45.81. For more information, read the company's full 10-Q submission here.
