Amtech Systems, Inc. (NASDAQ:ASYS) shares are trading lower in Wednesday’s after-hours session after the company reported worse-than-expected fourth-quarter sales results and issued first-quarter sales guidance below estimates.
What To Know: Amtech reported quarterly sales of $27.70 million, missing the analyst consensus estimate of $34.50 million, representing a 14.28% decrease over sales of $32.31 million the same period last year.
Unrestricted cash and cash equivalents were $13.1 million at Sept. 30, compared to $14.3 million at June 30.
Amtech anticipated first-quarter revenue to be between $21 million and $24 million, versus the $34.15 million estimate.
“We experienced continued softness in demand across several of our end markets during the fourth quarter and have taken actions to reduce fixed costs and expenses,” said Bob Daigle, CEO of Amtech.
“These actions include a reduction in force at each of our businesses, as well as a decision to exit the legacy PR Hoffman equipment business. The long-term opportunities for Amtech’s products remain strong, and the actions we are taking will allow us to significantly improve profitability as demand recovers.”
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ASYS Price Action: Shares of ASYS were down 26.54% at $4.40 in the after-hours session at the time of publication, according to Benzinga Pro.
Photo: Willfried Wende from Pixabay
