CORRECTION: Ultra Clean Holdings Updates Q3 Non-GAAP EPS From $(0.19)-$0.04 To $0.04 Vs $0.15 Est.
Portfolio Pulse from Benzinga Newsdesk
Ultra Clean Holdings, Inc. (NASDAQ:UCTT) has updated its Q3 financial results. The company now expects GAAP diluted net income per share to be approximately $(0.32) and non-GAAP diluted net income per share to be approximately $0.04. The shortfall is primarily due to a decline in Services business volume, reduced efficiencies, and an unfavorable mix of product revenue and geographic profits impacting the income tax rate.
October 23, 2023 | 12:40 pm
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Ultra Clean Holdings has revised its Q3 earnings downwards. This is likely to negatively impact the stock price in the short term.
The company has revised its Q3 earnings downwards due to a decline in Services business volume, reduced efficiencies, and an unfavorable mix of product revenue and geographic profits impacting the income tax rate. This is likely to negatively impact investor sentiment and lead to a decrease in the stock price in the short term.
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